Protalix BioTherapeutics, Inc.
) recently completed a private placement of its convertible notes
worth $69 million. The offering saw full exercise of
over-allotment option of $9 million granted to the initial
The convertible notes will mature on Sep 15, 2018 and carry an
annual interest rate of 4.5% to be paid semi-annually. The Notes
carry an initial conversion rate of 173.6593 shares of common
stock per $1,000 principal amount of Notes which is around $5.76
Net proceeds were around $66.8 million. The offering was made
to qualified institutional buyers.
Protalix intends to use the funds for the development of its
pipeline, enhancement of manufacturing capacity and general
Protalix is dedicated to develop and commercialize
proprietary, biobetter or biosimilar versions of recombinant
therapeutic proteins using its proprietary ProCellEx protein
Protalix has one approved product, Elelyso/Uplyso, for the
treatment of Gaucher disease in its portfolio. Protalix has a
worldwide commercialization partnership (except Brazil and
) for the product.
We note that Protalix has several candidates in its pipeline
which include PRX-102 (phase I/II - Fabry disease) and PRX-112
(phase I - Gaucher disease).
Furthermore, the company revealed three new compounds, PRX-106
(immune mediated disorders), PRX-110 (cystic fibrosis) and
PRX-107 (emphysema) in Jun 2013.
Protalix carries a Zacks Rank #4 (Sell). Currently, companies
which look attractive include
Gilead Sciences Inc.
Jazz Pharmaceuticals Public Limited Company
) with a Zacks Rank #1 (Strong Buy) and a Zacks Rank #2 (Buy),
GILEAD SCIENCES (GILD): Free Stock Analysis
JAZZ PHARMACEUT (JAZZ): Free Stock Analysis
PFIZER INC (PFE): Free Stock Analysis Report
PROTALIX BIOTHR (PLX): Free Stock Analysis
To read this article on Zacks.com click here.