TEL AVIV, Israel, Aug. 21, 2017 /PRNewswire/ -- Cellect Biotechnology Ltd. (NASDAQ: APOP, TASE: APOP), a developer of innovative technology which enables the functional selection of stem cells, today provided a corporate update and announced financial results for the second quarter ended June 30, 2017.

"We are very pleased with our accomplishments in the first half of 2017," said Dr. Shai Yarkoni, Chief Executive Officer. "As planned, 2017 is turning into a transformative year for Cellect Biotechnology. Cellect initiated its Phase I/II study on cancer patients undergoing matched related allogeneic HSCT transplantation and reported positive results in the first patient followed by the approval to recruit two more patients. Further, Cellect held a pre-IND meeting with the FDA that was very positive and Cellect is moving ahead with its plan to submit an IND".

Important progress was achieved with the company's IP portfolio the major patent covering the composition of matter and use of the ApotainerTm was issued in US and Russia, the collaboration with Entegris was further consolidated by receiving a BIRDF non-equity grant, and the development of the Apotainer was accelerated.

In addition, world renowned leaders joined the Company (i.e KOLs from Harvard Medical school, executives from Pfizer and Merck) and the Company teamed up with Boston based Locust-Walk business development group for planning and launching a business development campaign before the end of the year.

During the second quarter, the Company made the following announcements -

Recent Corporate Highlights:

Second Quarter 2017 Financial Results:

Balance Sheet Highlights:

* For the convenience of the reader, the amounts above have been translated from NIS into U.S. dollars, at the representative rate of exchange on June 30, 2017 (U.S. $1 = NIS 3.496).

The Company's consolidated financial results for the three and six months ended June 30, 2017 are presented in accordance with International Financial Reporting Standards.

About Cellect Biotechnology Ltd.

The Company is developing an innovative technology which enables the functional selection of stem cells based on their sensitivity to apoptosis. This functional-based selection is a breakthrough technology in the ability to isolate stem cells from any given tissue, and may improve a variety of stem cells applications.

The Company's first planned product line is expected to include unique containers for cell selection in an apoptosis-inducing microenvironment. Cellect's first planned commercial product candidate is a medical kit designed for the cancer treatment bone marrow transplantations market, as well as other markets which require cell selection. The Company plans that in the future its technology will be integrated in many production procedures of stem cell-based products.

The Company's securities are currently traded on both the NASDAQ Capital Market and the Tel Aviv Stock Exchange (NASDAQ: "APOP", "APOPW", TASE: "APOP").

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 our anticipated performance in 2017, the expected characteristics of our first product line, our beliefs about the future integration of our technology into the production procedures of stem cell-based products and the potential of our technology and its proposed uses. 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 Annual Report on Form 20-F for the fiscal year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, http://www.sec.gov and in the Company's periodic filings with the SEC and the Tel-Aviv Stock Exchange.

Cellect Biotechnology Ltd

Consolidated Statement of Operation

Convenience

translation

Six months

ended

Six months ended

Three months ended

June 30,

June 30,

June 30,

2017

2017

2016

2017

2016

Unaudited

Unaudited

U.S. dollars

NIS

(In thousands, except share and per

share data)

Research and development expenses

1,495

5,227

3,679

2,405

1,848

General and administrative expenses

1,729

6,046

3,547

3,497

1,617

Other income

-

-

(280)

-

(280)

Operating loss

3,224

11,273

6,946

5,902

3,185

Financial expenses (income) due to warrants exercisable into shares

1,519

5,312

-

(1,461)

-

Other financial expenses (income), net

135

468

23

161

(5)

Total comprehensive loss

4,878

17,053

6,969

4,602

3,180

Loss per share:

Basic and diluted loss per share

0.045

0.158

0.088

0.042

0.039

Weighted average number of shares outstanding used to compute basic and diluted loss per share

108,034,218

108,034,218

79,113,097

108,462,728

81,456,571

Cellect Biotechnology Ltd

Consolidated Balance Sheet Data

ASSETS

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