Protalix BioTherapeutics Reports Fiscal Year 2015 Financial Results and Provides Corporate Update Net Income of $58 Million Generated mainly due to the Sale of Our Share in Collaboration to Pfizer Strong Cash Position of

Protalix BioTherapeutics Reports Fiscal

Year 2015 Financial Results and Provides Corporate Update

Net Income of $58 Million Generated mainly

due to the Sale of Our Share in Collaboration to Pfizer

Strong Cash Position of $76.3 Million

Projected to Fund Operations into 2018

Special Protocol Assessment for Phase

III Clinical Trials of Fabry Disease Filed

Fabry Disease Phase III Trials Expected

to Start in First Half of 2016

Two Proof of Concept Studies in Patients

of AIR DNaseTM and Oral antiTNF Planned to Start in Mid 2016

CARMIEL, Israel, March 8, 2016 -- Protalix BioTherapeutics,

Inc. (NYSE MKT:PLX) (TASE:PLX), today reported financial results for the 2015 fiscal year.

"A number of corporate and clinical milestones were achieved

in 2015, and additional milestones are expected during 2016. Most significantly, we reported meaningful positive interim results

for PRX-102 for the treatment of Fabry disease, and are now moving forward to secure a Special Protocol Assessment (SPA) with the

U.S. Food and Drug Administration (FDA) ahead of initiating our phase III clinical trials," said Moshe Manor, Protalix's

President and Chief Executive Officer. "Over the next couple of months, we anticipate commencing the Fabry trials in addition

to two proof of concept trials; one for AIR DNaseTM in cystic fibrosis patients and another for oral antiTNF in ulcerative

colitis patients. Given the sale of our rights to ElelysoTM to Pfizer Inc., we are now well capitalized to execute on

our pipeline programs."

Financial Results for Continuing Operations for the

Fiscal Year Ended December 31, 2015

Financial Results for Discontinued Operations for

the Fiscal Year Ended December 31, 2015

On October 13, 2015, we announced

the sale to Pfizer of our share in the collaboration agreement for Elelyso, and a 6% stake in our company, for a total of $46.0

million. We treated all Elelyso-related activities sold to Pfizer as discontinued operations.

Net Income of $85.3 million from discontinued operations for

fiscal year 2015 includes a $40.0 million gain from the sale of the activity, recognition of deferred revenues in the amount of

$41.8 million and other Elelyso-related revenues and expenses.

Total net income, from both continuing and discontinued operations,

for the year ended December 31, 2015 was $58.0 million, or $0.61 per share, compared to a net loss of $29.9 million, or $0.32 per

share, for the year ended December 31, 2014.

Cash and cash equivalents as of December 31, 2015 were $76.4

million, compared to $54.8 million as of December 31, 2014. We believe the current cash position is sufficient to fund our operations

into 2018 through several important milestones as detailed below.

2015 Corporate and Clinical Highlights

At the beginning of 2015, we announced our new strategy for

accelerated growth focused on prioritizing existing and new pipeline candidates to focus on bio-better products with a clear competitive

We reported interim results from our phase I/II clinical trial

of PRX-102 for the treatment of Fabry disease demonstrating positive efficacy data across all disease parameters and positive safety

data with a low level of antibody formation for the 0.2 and 1.0 mg/kg doses. Following a successful end-of-phase II meeting

with the FDA, we announced plans to conduct two phase III clinical trials for PRX-102. We submitted a request for a Special Protocol

Assessment (SPA) to the FDA, and plan to commence both trials during the first half of 2016.

Data was presented for AIR DNase (PRX-110) at the 38th European

Cystic Fibrosis Conference demonstrating that the compound is resistant to actin, a potent inhibitor of DNase that is found in

high concentrations in the lungs of cystic fibrosis patients. We are currently in the final dosing stages of our phase I clinical

trial for PRX-110, and expect to start a proof of concept study in cystic fibrosis patients around mid year 2016.

We reported positive results from our phase I clinical trial

of OPRX-106, an orally-administered antiTNF. The trial demonstrated favorable safety profile and activity in the gut along with

activation of regulatory T cells. We expect to initiate a proof of concept clinical trial in mild to moderate ulcerative colitis

patients by mid year 2016. If successful, OPRX-106 will be the first ever oral enzyme treatment.

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(R). 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:

PRX-102, 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; PRX-110 for the treatment of Cystic Fibrosis; and others.

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 "anticipate," "believe," "estimate," "expect,"

"plan" 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 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; 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; 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 commercialization

efforts for taliglucerase alfa in Brazil; 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 release are

valid only as of the date hereof and we disclaim any obligation to update this information.

The Trout Group, LLC

Source: Protalix BioTherapeutics, Inc.

PROTALIX BIOTHERAPEUTICS, INC.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share amounts)

PROTALIX BIOTHERAPEUTICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share amounts)