Protalix BioTherapeutics Announces Proposed $60 Million Offering of Convertible Notes

Protalix BioTherapeutics Announces Proposed $60 Million Offering of
Convertible Notes

CARMIEL, Israel, Sept. 11, 2013 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics,
Inc. (NYSE MKT:PLX) (TASE:PLX) announced today that it intends, subject to
market conditions, to offer and sell $60 million principal amount of its
convertible notes due 2018 (the "notes") through a private offering. The
Company expects to grant the initial purchaser an option to purchase up to an
additional $9 million principal amount of notes, exercisable for 30 days after
the pricing date of the notes offering. The offering is subject to market
conditions, and there can be no assurance as to whether or when the offering
may be completed, or as to the actual size or terms of the offering.

The notes will be unsecured, unsubordinated obligations of the Company, and
interest will be payable semi-annually. The interest rate, initial conversion
rate and other terms and conditions of the notes will be determined by the
Company and the initial purchaser of the notes at the time of pricing of the
notes. The notes may be converted at the option of holders into shares of the
Company's common stock at any time prior to the close of business on the
business day immediately preceding the stated maturity date of the notes.

The Company intends to use the net proceeds from this offering to fund
clinical trials for its product candidates, to fund its research and
development activities, to enhance its manufacturing capacity and for working
capital and general corporate purposes.

The offering is being made to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the "Securities Act"). This
announcement is neither an offer to sell nor a solicitation of an offer to buy
any of these securities and shall not constitute an offer, solicitation, or
sale in any jurisdiction in which such offer, solicitation, or sale is
unlawful. Any offer of the securities will be made only by means of a private
offering memorandum. The notes and the shares of common stock issuable upon
conversion of the notes, if any, will not be registered under the Securities
Act or any state securities laws, and unless so registered, may not be offered
or sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state laws.

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, by
Israel's Ministry of Health in September 2012, by the Brazilian National
Health Surveillance Agency (ANVISA) in March 2013, by the Mexican Federal
Commission for the Protection against Sanitary Risk (COFEPRIS) in April 2013,
and by the regulatory authorities of other countries. Marketing applications
for taliglucerase alfa have been filed in additional territories as well.
Protalix has partnered with Pfizer Inc. for the worldwide development and
commercialization of taliglucerase alfa, excluding Israel and Brazil, where
Protalix retains full rights. 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 produced and encapsulated within 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; PRX-110 for
the treatment of Cystic Fibrosis; PRX-107 for the treatment of emphysema due
to hereditary alpha1-antitrypsin deficiency; 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. Drug discovery and development involve a high
degree of risk. Factors that might cause material differences include, among
others: risks relating to our ability to complete the proposed offering in a
timely manner, if at all; risks relating to the sufficiency of the funds
raised in the proposed offering, if any; risks relating to our use of the net
proceeds from the proposed offering; risks related to the commercial sales of
taliglucerase alfa in jurisdictions where it has been granted marketing
approval; failure or delay in the commencement or completion of our
preclinical studies and clinical trials which may be caused by several
factors, including: unforeseen safety issues; determination of dosing issues;
lack of effectiveness during clinical trials; slower than expected rates of
patient recruitment; 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 the clinical trials; the risk that the results
of our clinical trials will not support the applicable claims of safety or
efficacy, that our product candidates will not have the desired effects or
will include undesirable side effects or other unexpected characteristics; our
dependence on performance by third-party providers of services and supplies,
including without limitation, clinical trial services; delays in our
preparation and filing of applications for regulatory approval; delays in the
approval or potential rejection of any applications we file with the FDA, or
other health regulatory authorities; 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; risks related
to the potential infringement of a third party's patents or other intellectual
property rights; the uncertainty of obtaining patents covering our products
and processes and in successfully enforcing our intellectual property rights
against third parties; risks of securing adequate levels of product liability
and clinical trial insurance coverage; and other factors described in our
filings with the U.S. Securities and Exchange Commission. These
forward-looking statements are based on current information that may change
and you are cautioned not to place undue reliance on these forward-looking
statements. The statements in this release are valid only as of the date
hereof and we disclaim any obligation to update this information. All
forward-looking statements are qualified in their entirety by this cautionary
statement.

CONTACT: Investor Contact
        
         Marcy Nanus
         The Trout Group, LLC
         646-378-2927
         mnanus@troutgroup.com
 
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