Cellect Biotechnology Reports Fourth Quarter and Full Year 2020 Financial and Operating Results Tel Aviv, Israel

Cellect Biotechnology

Reports Fourth Quarter and Full Year 2020 Financial and Operating Results

Tel Aviv, Israel March 28, 2021 -

Cellect Biotechnology Ltd. (NASDAQ: "APOP"), a developer of innovative technology that enables the functional selection

of stem cells, today reported financial and operating results for the fourth quarter and full year ended December 31, 2020 and

provided a corporate update.

On March 24, the Company announced a strategic

merger agreement with privately held Quoin Pharmaceuticals, a U.S. based specialty pharmaceutical company focused on rare and

orphan diseases. Under the terms of the merger agreement,

Quoin has secured $25 million in committed funding from a highly regarded, institutional healthcare investor. Current Cellect

shareholders will retain approximately 25% of the combined shares before investment. The merger is expected to close by the end

of the second quarter of 2021. Cellect has also signed an agreement to sell its wholly-owned subsidiary company, Cellect Biotherapeutics,

to EnCellX, Inc. - a newly founded biotechnology company based in San-Diego, CA. - to continue the development of Cellect's

with our plans to seek strategic alternatives to maximize shareholder value, we also remained focus on advancing our clinical

interests in the U.S. " commented Dr. Shai Yarkoni, Chief Executive Officer. "We have signed a compelling business

proposition with Quoin and a privately-held U.S. biotechnology company that allows our current shareholders to benefit from Quoin's

promising technology and the fruits of continued progress of our clinical programs as they reach critical inflections points through

the issuance of contingent value rights to our shareholders in connection with the sale of Cellect Biotherapeutics ."

Quarter and Full Year 2020 Financial Results:

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 December 31, 2020 (U.S. $1 = NIS 3.215).

Cellect Biotechnology Ltd.

Biotechnology (APOP) has developed a breakthrough technology for the selection of stem cells from any given tissue that aims to

improve a variety of cell-based therapies.

Company's technology is expected to provide researchers, clinicians and pharmaceutical companies with the tools to rapidly isolate

specific cells in quantity and quality, allowing cell-based treatments and procedures in a wide variety of applications in regenerative

medicine. The Company's current clinical trial is aimed at bone marrow transplantations in cancer treatment.

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. 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: the Company's history of losses and needs for additional

capital to fund its operations and its inability to obtain additional capital on acceptable terms, or at all; the Company's ability

to continue as a going concern; or maintain its current operations; uncertainties involving any strategic transaction the Company

may decide to enter into as the result of its current efforts to explore new strategic alternatives; uncertainties of cash flows

and inability to meet working capital needs; the Company's ability to obtain regulatory approvals; the Company's ability to obtain

favorable pre-clinical and clinical trial results; the Company's technology may not be validated and its methods may not be accepted

by the scientific community; difficulties enrolling patients in the Company's clinical trials; the ability to timely source adequate

supply of FasL; risks resulting from unforeseen side effects; the Company's ability to establish and maintain strategic partnerships

and other corporate collaborations; the scope of protection the Company is able to establish and maintain for intellectual property

rights and its ability to operate its business without infringing the intellectual property rights of others; competitive companies,

technologies and the Company's industry; unforeseen scientific difficulties may develop with the Company's technology; and the

Company's ability to retain or attract key employees whose knowledge is essential to the development of its products. 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, 2020 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 periodic filings with the SEC.

Leibovitz, Chief Financial Officer

Statement of Operation