Protalix BioTherapeutics Announces Repayment of Outstanding Senior Secured Convertible Promissory Notes

Core Viewpoint - Protalix BioTherapeutics has successfully repaid all outstanding convertible notes, achieving a debt-free status and strengthening its financial position for ongoing operations [1][2]. Financial Position - The company has eliminated a total of $78.0 million in convertible notes, which had previously contributed to its financing over the last decade [2]. - The repayment was financed entirely with available cash, indicating strong financial discipline and a robust balance sheet [1][2]. Company Overview - Protalix BioTherapeutics specializes in the development and commercialization of recombinant therapeutic proteins using its proprietary ProCellEx® plant cell-based expression system [3]. - The company is notable for being the first to receive FDA approval for a protein produced through a plant cell-based expression system [3]. Product Pipeline - Protalix has licensed the worldwide rights for taliglucerase alfa, its first product for Gaucher disease, to Pfizer Inc., retaining full rights in Brazil [3]. - The company’s second product, Elfabrio®, received approval from both the FDA and the European Medicines Agency (EMA) in May 2023 [3]. - Protalix is collaborating with Chiesi Farmaceutici S.p.A. for the global development and commercialization of Elfabrio [4]. - The development pipeline includes PRX–115 for uncontrolled gout and PRX–119 for NETs-related diseases, among other proprietary therapeutic proteins [4].