Protalix BioTherapeutics Reports 2018 Second Quarter Results and Provides Corporate Update

Protalix BioTherapeutics Reports 2018

Second Quarter Results and Provides Corporate Update

CARMIEL, Israel, August 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 six-month period ended June 30, 2018 and provided a corporate update.

"This has been a fantastic quarter for the company highlighted

by the expansion of our partnership with Chiesi that resulted from the strong relationship developed over the past months,"

commented Moshe Manor, Protalix's President and Chief Executive Officer. "Additionally, we believe that the recent

draft guidelines from the U.S. Food and Drug Administration, or the FDA, released in July regarding enzyme replacement therapies

could significantly benefit the regulatory path forward for PRX-102."

2018 Second Quarter and Recent Clinical Highlights

Financial Results for the Six Months ended June 30, 2018

Conference Call and Webcast Information

The Company will host a conference

call on Thursday, August 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 9488046.

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. Protalix has partnered with Chiesi Farmaceutici S.p.A., both in the United States and outside the United States, for

the development and commercialization of pegunigalsidase alfa.

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 our ability to maintain and manage our relationship with Chiesi Farmaceutici

and any other collaborator, distributor or partner; risks related to the amount and sufficiency of our cash and cash equivalents;

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; 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; 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

Solebury Trout Group

Source: Protalix BioTherapeutics,

PROTALIX BIOTHERAPEUTICS,

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)