Protalix BioTherapeutics Reports First Quarter 2020 Financial Results and Business Update Conference call and live webcast scheduled for Monday, June 1 st , 2020 at 8:30 am

Protalix BioTherapeutics Reports First

Financial Results and Business Update

Conference call and live webcast scheduled

for Monday, June 1st, 2020 at 8:30 am EDT

CARMIEL, Israel, June 1, 2020 /PRNewswire/Protalix

BioTherapeutics, Inc. (NYSE American:PLX) (TASE:PLX), a biopharmaceutical company focused on the development, production and commercialization

of recombinant therapeutic proteins produced by its proprietary ProCellEx plant cell-based protein expression system,

today reported financial results for the first quarter ended March 31, 2020, and provided a business update on recent corporate

and clinical developments. The Company's management will discuss the financial results and provide a clinical, corporate

and financial highlights on a conference call and live webcast scheduled for Monday, June 1, 2020 at 8:30 am Eastern Daylight

"The first quarter of 2020 has most certainly been transformational

for Protalix, despite the COVID-19 pandemic that affected the global markets," said Dror Bashan, Protalix's President

and Chief Executive Officer. "I am proud to say that despite the pandemic, Protalix was able to keep the company running

smoothly and adapt quickly to the changing environment."

"During the quarter, we were able to close a $43.7 million

private placement," he continued. "Furthermore, the topline results from the completion of our Phase III BRIDGE study

and the subsequent BLA submission for PRX-102 announced in May prove that Protalix has actually gained momentum by leaning into

this unprecedented challenge. I am convinced now more than ever that our team is positioned for long-term success and look forward

to continuing our momentum through the rest of this year and into 2021."

Conference Call and Webcast Information

The Company will host a conference call on Monday, June 1,

2020, at 8:30 am, Eastern Daylight Time, 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:

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

First Quarter 2020 and Recent Business Highlights

Clinical and Regulatory Advancements

Corporate & Financial Developments

For the three months ended March 31, 2020, compared

to the three months ended March 31, 2019

About Protalix 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 was the first company to gain U.S. Food and Drug Administration (FDA) approval of a protein

produced through plant cell-based in suspension expression system. Protalix's unique expression system represents a new method

for developing recombinant proteins in an industrial-scale manner.

Protalix's first product manufactured by ProCellEx, taliglucerase

alfa, was approved for marketing by the 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 consists of proprietary

versions of recombinant therapeutic proteins that target established pharmaceutical markets, including the following product candidates:

pegunigalsidase alfa, a modified version of the recombinant human -Galactosidase-A protein for the proposed 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.

Forward-Looking Statements

To the extent 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 and the final results of a clinical trial may be different than the preliminary findings for the clinical trial. Factors

that might cause material differences include, among others: risks that the FDA will not accept an application for accelerated

approval of PRX-102 with the data generated to date or will request additional data or other

conditions of our submission of any application for accelerated approval of PRX-102 and, if

approved, whether PRX-102 will be commercially successful; 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; and inability or unwillingness of medical investigators and

institutional review boards to follow our clinical protocols; risks associated with the novel coronavirus disease (COVID-19)

outbreak, which may adversely impact our business, preclinical studies and clinical trials; risks related to any transactions we

may effect in the public or private equity markets to raise capital to finance future research and development activities, general

and administrative expenses and working capital; the risk that the results of the clinical trials of our product candidates will

not support our claims of 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 BioManguinhos 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 BioManguinhos

alfataliglicerase generally; risks related to our commercialization efforts for BioManguinhos 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; the risk

that despite the FDA's grant of fast track designation for PRX-102, 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 by law.

Chuck Padala, Managing Director

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 per share data)