Protalix BioTherapeutics Reports 2018 First Quarter Results and Provides Corporate Update

Protalix BioTherapeutics Reports 2018

First Quarter Results and Provides Corporate Update

CARMIEL, Israel, May 9, 2018 -- 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 three months ended March 31, 2018 and provided a corporate update.

"We continue to execute against our upcoming milestones,

including the completion of enrollment in our phase III clinical trials of PRX-102 and exploring potential partnering opportunities

for our clinical assets," said Moshe Manor, Protalix's President and Chief Executive Officer. "We reported positive

results for OPRX-106 in the first quarter of this year, which not only demonstrate the drug's potential in the treatment

of ulcerative colitis, but also highlight the potential of our ProCellEx platform technology to deliver biologics orally."

2018 First Quarter and Recent Clinical Highlights

Financial Results for Three Months ended March 31, 2018

Conference Call and Webcast Information

The Company will host a conference

call on Wednesday, May 9, 2018, 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 8190507.

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 software.

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. Protalix has entered into an ex-United States partnership with Chiesi Farmaceutici

S.p.A. for the development and commercialization of pegunigalsidase alfa. Protalix maintains full rights to pegunigalsidase

alfa in the United States.

that 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: 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 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; risks related to our ability to maintain and manage our

relationship with Chiesi Farmaceutici and any other collaborator, distributor or partner; the risk that despite the

FDA's grant of fast track designation for pegunigalsidase alfa for the treatment of Fabry disease, we may not

experience a faster development process, review or approval compared to applications considered for approval under

conventional FDA procedures; risks related to the FDA's ability to withdraw the fast track designation at any time;

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; 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.

Solebury Trout Group

Source: Protalix BioTherapeutics,

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 and per share data)