Protalix BioTherapeutics Signs Clinical Development Agreement With Pfizer for ELELYSO(TM) (taliglucerase alfa)

Protalix BioTherapeutics Signs Clinical Development Agreement With Pfizer for
ELELYSO(TM) (taliglucerase alfa)

CARMIEL, Israel, Dec. 6, 2012 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics,
Inc. (NYSE-MKT:PLX) (TASE:PLX), announced today that it has entered into a
Clinical Development Agreement with Pfizer Inc. under which Protalix will
continue to manage, administer and sponsor current, ongoing clinical trials
relating to ELELYSO^TM (taliglucerase alfa). Protalix is currently sponsoring
adult and pediatric extension studies of ELELYSO. New clinical trials for
ELELYSO will be conducted and sponsored by Pfizer.

Under the terms of the agreement, Protalix is eligible to receive a milestone
payment of $8.3 million upon the achievement of certain near-term clinical
development milestones.

This agreement helps to maintain the continuity of the ongoing clinical trials
for Gaucher patients and physicians and reinforces the companies' mutual
commitment to the Gaucher community.

On November 30, 2009, Pfizer and Protalix entered into an agreement to develop
and commercialize taliglucerase alfa, an enzyme replacement therapy for the
treatment of Gaucher disease. Under the terms of the agreement, Pfizer
received exclusive worldwide licensing rights for the commercialization of
taliglucerase alfa, while Protalix retained the exclusive commercialization
rights in Israel.

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, Elelyso™ (taliglucerase alfa), was approved
for marketing by the U.S. Food and Drug Administration in May 2012, and by the
Israeli Ministry of Health in September 2012.Protalix is partnered with
Pfizer Inc. for worldwide development and commercialization, excluding Israel,
where Protalix retains full rights.Marketing applications for taliglucerase
alfa have been filed in additional territories as well.Protalix's development
pipeline also includes the following product candidates: PRX-102, a modified
version of the recombinant human alpha-GAL-A protein for the treatment of
Fabry disease; PRX-105, a pegylated recombinant human acetylcholinesterase in
development for several therapeutic and prophylactic indications, a biodefense
program and an organophosphate-based pesticide treatment program; an
orally-delivered glucocerebrosidase enzyme that is naturally encased in carrot
cells, also for the treatment of Gaucher disease; pr-antiTNF, a similar plant
cell version of etanercept (Enbrel^®) for the treatment of certain immune
diseases such as rheumatoid arthritis, juvenile idiopathic arthritis,
ankylosing spondylitis, psoriatic arthritis and plaque psoriasis; and others.

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 "anticipate," "believe," "estimate," "expect," "plan" 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:
risks and uncertainties related to our ability to perform under the clinical
development agreement and, accordingly, to earn the milestone payment set
forth therein; risks related to Pfizer's performance of its obligations under
the clinical development agreement; the inherent risks and uncertainties in
developing drug platforms and products of the type we are developing; other
factors described in our filings with the U.S. Securities and Exchange
Commission.The statements in this release are valid only as of the date
hereof and we disclaim any obligation to update this information.

CONTACT: Investor Contact
         Tricia Swanson
         The Trout Group, LLC
         646-378-2953
         tswanson@troutgroup.com
        
         Media Contact
         Kari Watson
         MacDougall Biomedical Communications
         781-235-3060
         kwatson@macbiocom.com
 
Press spacebar to pause and continue. Press esc to stop.