TEL AVIV, Israel, Feb. 14, 2017 (GLOBE NEWSWIRE) -- Cellect Biotechnology Ltd. (Nasdaq:APOP) (TASE:APOP), a developer of stem cells isolation technology, announced today that it will file a petition with the Israeli court and Company shareholders to voluntarily delist Cellect from the Tel-Aviv Stock Exchange (TASE) in accordance with section 350 to the Israeli Company Law. Should the petition be approved, all shareholders will retain their pro-rated holdings, as trading will migrate to the NASDAQ Stock Exchange in the US.
Company Chairman, Mr. Nuriel Chirich Kasbian commented, “Cellect is a leader in the Stem Cells therapeutic area with multi-billion dollar market potential for our transformative, patented technology and products. In order to maximize the value of the Company for all stakeholders, we believe being solely listed on NASDAQ in the US is most appropriate for Cellect at this time. Based on our experience, it is clear to us that the US market better understands our vision and will demonstrate a stronger appreciation for the attractive long-term investment opportunity Cellect represents.”
The key factors driving Cellect’s voluntary request for delisting from TASE include:
- Investors globally have demonstrated a stronger appreciation for life sciences companies listed solely on NASDAQ as opposed to companies with similar profiles listed on TASE or with dual listings on TASE and NASDAQ.
- Cellect expects higher trading liquidity over time with a sole listing on NASDAQ vs. remaining dual listed.
Dr. Shai Yarkoni, Cellect CEO commented, “We are proud to be an Israeli company with innovative technology in a field that has the potential to transform medicine. It is our duty to ensure that our shares are traded on an exchange where our technology and business can be appropriately valued by investors. To date, Cellect has successfully executed on its development and business goals, as planned, and we look forward to achieving further progress with our ongoing clinical trial and securing additional value-creating partnerships for the Company’s technology. Cellect remains focused on creating long-term shareholder value, and we are confident that a sole listing on NASDAQ is an important step toward accomplishing this objective.”
About Cellect Biotechnology Ltd.
Cellect Biotechnology is traded on both the NASDAQ and Tel Aviv Stock Exchange (NASDAQ:APOP) (NASDAQ:APOPW) (TASE:APOP). The Company has developed a breakthrough technology for the isolation of stem cells from any given tissue that aims to improve a variety of stem cells applications.
The Company’s technology is expected to provide pharma companies, medical research centers and hospitals with the tools to rapidly isolate stem cells for in quantity and quality that will allow stem cells related treatments and procedures. Cellect’s technology is applicable to a wide variety of stem cells related treatments in regenerative medicine and that current clinical trials are aimed at the cancer treatment of bone marrow transplantations.
Forward Looking Statements
This press release contains forward-looking statements about the Company’s expectations, beliefs and intentions. Forward-looking statements can be identified by the use of forward-looking words such as “believe”, “expect”, “intend”, “plan”, “may”, “should”, “could”, “might”, “seek”, “target”, “will”, “project”, “forecast”, “continue” or “anticipate” or their negatives or variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical matters. For example, forward-looking statements are used in this press release when we discuss the anticipated petition to be filed in the Israeli courts seeking to delist Cellect’s ordinary shares from the TASE, the long term attractive investment opportunity represented by Cellect, the expectation of increased liquidity as a result of a sole listing on Nasdaq and Cellect’s future progress with respect to its ongoing clinical trial and securing additional value-creating partnerships for its technology. These forward-looking statements and their implications are based on the current expectations of the management of the Company only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; we may encounter delays or obstacles in launching and/or successfully completing our clinical trials; our products may not be approved by regulatory agencies, our technology may not be validated as we progress further and our methods may not be accepted by the scientific community; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties may develop with our process; our products may wind up being more expensive than we anticipate; results in the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate with the results of human clinical trials; our patents may not be sufficient; our products may harm recipients; changes in legislation; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in Cellect Biotechnology Ltd.'s final prospectus dated July 29, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov. and in the Company’s period filings with the SEC and the Tel-Aviv Stock Exchange.
Source:Cellect Biotechnology Ltd.