BioCentury
ARTICLE | Financial News

Protalix raises $60 million note deal

September 13, 2013 12:25 AM UTC

Protalix BioTherapeutics Inc. (NYSE-M:PLX; Tel Aviv:PLX) raised $60 million in a note deal with institutional investors late Thursday. The 4.5% convertible notes mature on Sept. 15, 2018, and initially convert at $5.76, which is a 4% premium to Protalix's close of $5.56 on Wednesday, before the company proposed the note deal.

Protalix is using its ProCellEx plant cell-based protein expression system to create recombinant proteins that are equivalent to or superior to already marketed recombinant proteins. The company's first approved product is Elelyso taliglucerase alfa, a cell-expressed recombinant form of human glucocerebrosidase (GCase) that partner Pfizer Inc. (NYSE:PFE) markets in the U.S. to treat adults with Gaucher's disease. ...