Cellect Biotechnology Ltd – ADR (NASDAQ: APOP) shares are more than doubling following an announcement concerning patents in two regions.
Cellect, a developer of technology employed in the functional selection of stem cells, said it has been notified by the European Patent Office and the Israeli Intellectual Property Office regarding their intention to award patents in these regions.
These patents pertain to a cell-based product and a method of manufacturing a stem and progenitor cell population with enhanced activity by short incubation with an apoptotic ligand, the Israel-based company said.
Why It's Important For Cellect Biotech
These patents, according to the company, will create barriers to entry and allowing it to advance its business development strategies to monetize its innovation.
"These latest acknowledgments are significant as they cover the ability to activate stem cells, therefore improving stem cell products and manufacturing processes," said CEO Dr. Shai Yarkoni.
Cellect believes the combination of strong IP protection and validated business collaborations to support its business model, enabling it to attract external resources to strengthen and expand its opportunities.
Cellect's stock soared more than 130% to $5.72 per share at time of publication.