CARMIEL, Israel, May 24, 2018 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics, Inc. (the “Company”) (NYSE American:PLX) (TASE:PLX)
announced today that $3.42 million of the aggregate principal amount of the Company’s outstanding 4.5% Convertible Senior Notes due
2018 (the “Notes”) will be exchanged for 2,613,636 shares of the Company’s common stock and $2.27 million in cash.
Additionally, the Company announced today that it has delivered the necessary funds under the indenture governing the Notes to
effectively discharge the remaining outstanding Notes. Additional details regarding the exchange can be found in the
Company’s Form 8-K to be filed with the Securities and Exchange Commission.
About Protalix BioTherapeutics, Inc.
Protalix is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins
expressed through its proprietary plant cell-based expression system, ProCellEx®. Protalix’s unique expression
system presents a proprietary method for developing recombinant proteins in a cost-effective, industrial-scale manner.
Protalix’s first product manufactured by ProCellEx, taliglucerase alfa, was approved for marketing by the U.S. Food and Drug
Administration (FDA) in May 2012 and, subsequently, by the regulatory authorities of other countries. Protalix has licensed
to Pfizer Inc. the worldwide development and commercialization rights for taliglucerase alfa, excluding Brazil, where Protalix
retains full rights. Protalix’s development pipeline includes the following product candidates: pegunigalsidase alfa, a
modified version of the recombinant human alpha-GAL-A protein for the treatment of Fabry disease; OPRX-106, an orally-delivered
anti-inflammatory treatment; alidornase alfa for the treatment of Cystic Fibrosis; and others. Protalix has entered into an
ex-United States partnership with Chiesi Farmaceutici S.p.A. for the development and commercialization of pegunigalsidase
alfa. Protalix maintains full rights to pegunigalsidase alfa in the United States.
Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and
are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. The terms “expect,”
“anticipate, “believe,” “estimate,” “project,” “plan,” “should” and “intend” and other words or phrases of similar import are
intended to identify forward-looking statements. These forward-looking statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ materially from the statements made. These
statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development
involve a high degree of risk. Factors that might cause material differences include, among others: failure or delay in the
commencement or completion of our preclinical and clinical trials which may be caused by several factors, including: slower than
expected rates of patient recruitment; unforeseen safety issues; determination of dosing issues; lack of effectiveness during
clinical trials; inability to monitor patients adequately during or after treatment; inability or unwillingness of medical
investigators and institutional review boards to follow our clinical protocols; and lack of sufficient funding to finance clinical
trials; the risk that the results of the clinical trials of our product candidates will not support our claims of superiority,
safety or efficacy, that our product candidates will not have the desired effects or will be associated with undesirable side
effects or other unexpected characteristics; risks related to the ultimate purchase by Fundação Oswaldo Cruz of
alfataliglicerase pursuant to the stated purchase intentions of the Brazilian Ministry of Health of the stated amounts,
if at all; risks related to the successful conclusion of our negotiations with the Brazilian Ministry of Health regarding
the purchase of alfataliglicerase generally; risks related to our commercialization efforts for alfataliglicerase in Brazil;
risks relating to the compliance by Fundação Oswaldo Cruz with its purchase obligations and related milestones under our
supply and technology transfer agreement; risks related to the amount and sufficiency of our cash and cash equivalents; risks
related to the amount of our future revenues, operations and expenditures; risks related to our ability to maintain and manage our
relationship with Chiesi Farmaceutici and any other collaborator, distributor or partner; the risk that despite the FDA’s grant of
fast track designation for pegunigalsidase alfa for the treatment of Fabry disease, we may not experience a faster development
process, review or approval compared to applications considered for approval under conventional FDA procedures; risks related to
the FDA’s ability to withdraw the fast track designation at any time; risks relating to our ability to make scheduled payments of
the principal of, to pay interest on or to refinance our outstanding notes or any other indebtedness; our dependence on performance
by third party providers of services and supplies, including without limitation, clinical trial services; our ability to identify
suitable product candidates and to complete preclinical studies of such product candidates; the inherent risks and uncertainties in
developing drug platforms and products of the type we are developing; the impact of development of competing therapies and/or
technologies by other companies and institutions; potential product liability risks, and risks of securing adequate levels of
product liability and other necessary insurance coverage; and other factors described in our filings with the U.S. Securities
and Exchange Commission. The statements in this press release are valid only as of the date hereof and we disclaim any
obligation to update this information, except as may be required by law.
Investor Contact
Marcy Nanus
Solebury Trout
646-378-2927
mnanus@soleburytrout.com
