Shares in Cellect Biotechnology Ltd (NASDAQ:APOP) soared almost 50% higher in New York as it told investors it had treated the first blood cancer patient in its recently started phase I/II trial of its stem cell technology ApoGraft.
The firm's technology means it can select stem cells from any given tissue for any clinical indication.
This trial in Israel is intended to assess the Cellect ApoGraft process which is designed to prevent Graft-versus-Host Disease (GvHD) - a common complication associated with stem cell transplant in which the transplanted immune cells attack the recipient's cells.
It will test stem cells transplanted from a matched donor related to the patient.
GvHD is a life-threatening condition occurring in up to 50% of stem cell transplants.
Cellect chief executive Shai Yarkoni said: "Enrolling our first cancer patient to be treated using our groundbreaking method is a critical milestone for millions of patients worldwide.
"ApoGraft has been proven to be effective in assisting successful stem cells transplants and preventing GvHD during our animal studies. I am excited with prospects of Cellect becoming a key contributor to the fast-growing market for stem cells based products enabling 21st century regenerative medicine."