Protalix BioTherapeutics Reports 2017 First Quarter Results and Provides Corporate Update Positive Results from Phase II Trial in CF Program with Number of Potential Strategic Alternatives for Further Development First E

Protalix BioTherapeutics Reports 2017

First Quarter Results and Provides Corporate Update

from Phase II Trial in CF Program with Number of Potential Strategic Alternatives for Further Development

Monthly Dosing Trial in Fabry Patients to Commence Next Quarter

in the Commercialization of alfataliglicerase in Brazil

CARMIEL, Israel, May 10, 2017 -- GlobeNewswire /Protalix BioTherapeutics,

Inc. (NYSE MKT:PLX, TASE:PLX), a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic

proteins expressed through its proprietary plant cell-based expression system, ProCellEx , today announced its financial results

for the three months ended March 31, 2017 and provided a corporate update.

"This quarter we remained focused on driving our lead clinical

asset pegunigalsidase alfa through clinical development including FDA clearance of our IND for the first ever once monthly dose

of pegunigalsidase alfa. This will further differentiate pegunigalsidase and its potential superiority to currently available therapies.

We also announced very strong, positive results for alidornase alfa from our Phase II study in Cystic Fibrosis," said Moshe

Manor, President and CEO of Protalix. "Additionally, in the first quarter we recorded increased revenue from sales of alfataliglicerase

in Brazil and we anticipate revenues will further increase significantly throughout the year."

2017 First Quarter and Recent Clinical and Corporate Highlights

Pegunigalsidase alfa (PRX-102) for Fabry Disease

Alidornase alfa (PRX-110) for Cystic Fibrosis

Oral anti-TNF (OPRX-106) for Ulcerative Colitis

Alfataliglicerase for Gaucher Disease

Three Months ended March 31, 2017 Financial Results

Conference Call and Webcast Information

The Company will host a conference

call on Wednesday, May 10, 2017, at 8:30 am ET to review the clinical, corporate and financial highlights.

To participate in the conference call, please dial the following

numbers prior to the start of the call: United States: +1-844-358-6760; International: +1-478-219-0004. Conference ID number

The conference call will also be broadcast live and available

for replay for two weeks on the Company's website, www.protalix.com, in the Events Calendar of the Investors section. Please

access the Company's website at least 15 minutes ahead of the conference to register, download, and install any necessary audio

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 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 includes the following product candidates: pegunigalsidase alfa, a modified version of the

recombinant human alpha-GAL-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.

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 "expect," "anticipate,

"believe," "estimate," "project," "plan," "should" and "intend"

and other words or phrases of similar import are intended to identify forward-looking statements. These forward-looking statements

are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially

from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes.

Drug discovery and development involve a high degree of risk. Factors that might cause material differences include, among

others: risks related to the ultimate purchase by Funda o Oswaldo Cruz of alfataliglicerase pursuant to

the stated purchase intentions of the Brazilian Ministry of Health of the stated amounts, if at all; risks related to

the successful conclusion of our negotiations with the Brazilian Ministry of Health regarding the purchase of alfataliglicerase

generally; risks related to our commercialization efforts for alfataliglicerase in Brazil; risks relating to the compliance

by Funda o Oswaldo Cruz with its purchase obligations and related milestones under our supply and technology

transfer agreement; risks related to the amount and sufficiency of our cash and cash equivalents; risks related to the amount of

our future revenues, operations and expenditures; failure or delay in the commencement or completion of our preclinical and clinical

trials which may be caused by several factors, including: slower than expected rates of patient recruitment; unforeseen safety

issues; determination of dosing issues; lack of effectiveness during clinical trials; 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 clinical trials; the risk that the results of the clinical trials of our product

candidates will not support our claims of superiority, safety or efficacy, that our product candidates will not have the desired

effects or will be associated with undesirable side effects or other unexpected characteristics; risks relating to our ability

to make scheduled payments of the principal of, to pay interest on or to refinance our outstanding notes or any other indebtedness;

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, and other risks relating to the review

process; our ability to identify suitable product candidates and to complete preclinical studies of such product candidates; 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, and risks of

securing adequate levels of product liability and other necessary insurance coverage; and other factors described in our filings

with the U.S. Securities and Exchange Commission. The statements in this press release are valid only as of the date

hereof and we disclaim any obligation to update this information, except as may be required by law.

The Trout Group, LLC

BioTherapeutics, Inc.

PROTALIX BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

PROTALIX BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share