Protalix BioTherapeutics Reports 2017 Second Quarter Results and Provides Corporate Update Cystic Fibrosis Foundation Approves Letter of Application Enabling Protalix to Apply for Grant Funding Debt Refinancing and Finan

Protalix BioTherapeutics Reports 2017

Second Quarter Results and Provides Corporate Update

Foundation Approves Letter of Application Enabling Protalix to Apply for Grant Funding

and Financing Significantly improves Financial Position

CARMIEL, Israel, August 9, 2017 -- GlobeNewswire /Protalix BioTherapeutics,

Inc. (NYSE American: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 six months ended June 30, 2017 and provided a corporate update.

"Substantial progress was made across all three of our

clinical assets in the second quarter, including active enrollment in all Fabry trials, nearing the end of enrollment for our PRX-106

trial and progress with our interactions with the CF Foundation," said Moshe Manor, Protalix's President and Chief

Executive Officer. "Recently, we executed a $10 million debt financing to counter balance a similar amount of cash paid out

to settle conversions of our 7.50% convertible notes. In addition, we refinanced $9 million principal amount of our 4.50% convertible

notes due September 2018 into $8.55 million of new 4.50% convertible notes due February 2022. These transactions solidify our cash

position into 2019."

2017 First Half and Recent Clinical and Corporate Highlights

General Corporate Highlight

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

Financial Results for Six Months ended June 30, 2017

Conference Call and Webcast Information

The Company will host a conference

call on Wednesday, August 9, 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 our ability to enter into transactions regarding the matters discussed herein; 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.

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