Cellect Biotechnology Reports Second Quarter 2021 Financial and Operating Results Strategic Merger Transaction Remains on Track to Close During the 2021 Third Quarter Tel Aviv, Israel

Biotechnology Reports Second Quarter 2021 Financial and Operating Results

Merger Transaction Remains on Track to Close During the 2021 Third Quarter

Aviv, Israel August 24, 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 second quarter ended June 30,

2021, and provided an update on the proposed strategic merger with privately-held Quoin Pharmaceuticals and recent clinical news

August 12, the Securities and Exchange Commission (SEC) declared effective the Company's Form F-4 in connection with the proposed

strategic merger with Quoin Pharmaceuticals. Quoin is a specialty pharmaceutical company focused on rare and orphan diseases. Quoin's

leadership team is made up of industry veterans, with extensive relevant executive experience and proven records of recent success in

the pharmaceutical industry. Additional information regarding the proposed strategic merger can be found in the proxy statement that

was been filed with the SEC.

Company has scheduled a Special General Meeting of Shareholders on September 19, 2021, to vote on the proposed strategic merger, and

all shareholders and American Depositary Share (the "ADSs") holders of Cellect Biotechnology Ltd. as of close of business

on August 19, 2021, are entitled to vote at the special meeting.

Quarter and Recent Clinical Highlights

am pleased with the team's laser-like focus as we are executing a dual track effort to complete the transaction with Quoin and

ensure the seamless transition of our intellectual property (IP) and clinical program to privately-held EnCellX, a U.S. based company

that will aim to develop and commercialize our technology," commented Dr. Shai Yarkoni, Chief Executive Officer. "We achieved

important milestones during the quarter, including the F4 filing as it gets us one step closer to completing the transaction with Quoin.

Additionally, the positive top line data we reported from the Israel study validated our technology and is generating momentum as we

launch our U.S. clinical program.

Separately, Yaron Ben-Oz, CPA, will be joining the Company as Chief Financial Officer, effective September

1, 2021. Mr. Ben-Oz has over 20 years of financial executive positions in public and private companies and was previously at EY Israel.

In June, the Company disclosed that Eyal Leibovitz, the current CFO, planned to leave on August 31, 2021. Following the closing of the

strategic merger with Quoin, Mr. Ben-Oz will continue serving as the CFO of Cellect Biopharmaceuticals Ltd. the post-merger subsidiary

Second Quarter Financial Results:

Cellect Biotechnology Ltd.

Biotechnology (APOP) is developing 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 products are 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 lead product is currently in FDA approved 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

Cellect Biotechnology

Consolidated Statement