Protalix BioTherapeutics Announces Closing of $69 Million Offering of Convertible Notes

Protalix BioTherapeutics Announces Closing of $69 Million Offering of
Convertible Notes

CARMIEL, Israel, Sept. 18, 2013 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics,
Inc. (NYSE MKT:PLX) (TASE:PLX) announced the closing of its offering of $69
million principal amount of its 4.50% Convertible Notes due 2018 (the "Notes")
through a private offering, including $9 million aggregate principal amount of
Notes related to the initial purchaser's over-allotment option, which was
exercised in full.

The Notes are the unsecured, unsubordinated obligations of the Company.
Interest on the Notes is payable semi-annually at a rate of 4.50% per annum,
and the Notes will mature on September 15, 2018, unless earlier repurchased,
converted or redeemed. Holders may require the Company to repurchase their
Notes upon the occurrence of certain events that constitute a fundamental
change under the indenture governing the Notes at a purchase price equal to
the principal amount thereof plus accrued and unpaid interest to, but
excluding, the repurchase date.The Company may redeem the Notes at its
discretion on and after September 19, 2016, subject to certain conditions.

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
initial conversion rate is 173.6593 shares of common stock per $1,000
principal amount of Notes, which is equivalent to an initial conversion price
of approximately $5.76 per share of common stock, subject to adjustment in
certain circumstances.This initial conversion rate represents a premium of
approximately 22.0% relative to the last reported sale price of the Company's
common stock on the NYSE MKT of $4.72 per share on September 12, 2013.

Net proceeds received by the Company from the offering of the Notes were
approximately $66.8 million, after deducting the initial purchaser's discount
and estimated offering expenses payable by the Company. 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 was 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 has been 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, have not been 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 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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