– ISRAEL, Karmiel – Protalix BioTherapeutics, Inc., a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx plant cell-based protein expression system, today announced that it has successfully secured securities purchase agreements, or the Purchase Agreements, to raise $43.7 million through a private equity investment in the Company. Participating in the financing were a number of leading Israeli and U.S.-based investors including Psagot Investment House, More Investment House, Highbridge Capital, UBS O’Connor, Rosalind Capital, and Alrov Properties, among others. Rosario Capital and Houlihan Lokey served as financial advisors in the private placement.
Net proceeds from the financing will be used to advance the Company’s clinical programs and commercialization of PRX-102 for the treatment of Fabry disease, as well as to further develop its early-stage pipeline of therapeutics, and for general corporate purposes.
Pursuant to the Purchase Agreements, the Company, in a private placement in reliance on the exemption from the registration requirements of the U.S Securities Act of 1933, agreed to issue and sell to the purchasers an aggregate of approximately 17.6 million unregistered shares of the Company’s common stock at a price per share of $2.485. The Company expects to generate gross proceeds equal to approximately $43.7 million in the private placement. Each share to be issued will be accompanied by a warrant to purchase one share of its common stock, or the Warrant Shares, at an exercise price equal to $2.36. The financing is further described in the Form 8-K to be filed on March 12, 2020 and in the Securities Purchase Agreement to be attached to the Form 8-K.
“Today’s significant financing from some of the leading investors in Israel and the U.S. underlines Protalix’s commitment to bringing important treatment to the Fabry patient community,” said Dror Bashan, Protalix’s President and CEO. “Our ability to secure this transaction under some of the most challenging market conditions in over a decade is a strong indication of the deep interest in our technology and platform, and serves as validation that our years of work with the Fabry community remains of significant, continued importance to these patients.”
“This additional influx of capital will help to progress our multiple ongoing clinical trials toward completion,” said Eyal Rubin, Protalix’s CFO. “We want to thank all the participants in this financing for their confidence in our company. This will further reinforce our strong foundation as we look to another truly transformational year for Protalix.”
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 was the first company to gain U.S. Food and Drug Administration approval of a protein produced through plant cell-based in a suspension expression system. Protalix’s unique expression system represents a new method for developing recombinant proteins in an industrial-scale manner.
Protalix’s first product manufactured by ProCellEx, taliglucerase alfa, was approved for marketing by the 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 consists of proprietary, potentially clinically superior versions of recombinant therapeutic proteins that target established pharmaceutical markets, including the following product candidates: pegunigalsidase alfa, a modified version of the recombinant human α‑Galactosidase‑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 partnered with Chiesi Farmaceutici S.p.A., both in the United States and outside the United States, for the development and commercialization of pegunigalsidase alfa.
For more information: http://protalix.com
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