Protalix BioTherapeutics Reports Full Year 2014 Financial Results and Provides Corporate Update

Protalix BioTherapeutics Reports Full

Year 2014 Financial Results

and Provides Corporate Update

CARMIEL, Israel, March 12, 2015 -- Protalix

BioTherapeutics, Inc. (NYSE MKT:PLX) (TASE:PLX), today reported financial results for the year ended December 31, 2014 and

provided an update on recent corporate developments.

for the Year Ended December 31, 2014

Corporate Update and Operation Highlights

"We continue to work closely with Pfizer, the Gaucher

community and payors to increase ELELYSO market share across all territories. While this growth has been slower than anticipated,

the number of patients on drug continues to increase steadily year over year," said Moshe Manor, Protalix's President

and Chief Executive Officer. "On the clinical development front, we are very excited about the potential of PRX-102 to treat

Fabry disease. This sentiment was echoed by the physician community at the WORLD annual meeting last month, where the positive

interim results from the first dosing cohort were presented. In 2015, we look forward to announcing additional interim and full

results from the PRX-102 phase I/II clinical trial and commencing proof of concept studies for oral antiTNF and AIR DNase."

About Protalix BioTherapeutics,

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, by Israel's Ministry of Health in September

2012, by the Brazilian National Health Surveillance Agency (ANVISA) in March 2013, by the Mexican Federal

Commission for the Protection against Sanitary Risk (COFEPRIS) in April 2013, by the Australian Therapeutic Goods

Administration (TGA) in May 2014 and by the regulatory authorities of other countries. Marketing applications

for taliglucerase alfa have been filed in additional territories as well. Protalix has partnered with Pfizer Inc.

for the worldwide development and commercialization of taliglucerase alfa, excluding Israel and 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; PRX-112, an

orally-delivered glucocerebrosidase enzyme that is produced and encapsulated within carrot cells, also for the treatment of

Gaucher disease; PRX-106, an orally-delivered anti-inflammatory treatment;

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

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:

risks relating to the compliance by Funda o Oswaldo Cruz with its purchase obligations under our supply and technology

transfer; risks related to the commercialization efforts for taliglucerase alfa in the United States, Israel, Brazil, Canada, Australia

and other countries; failure or delay in the commencement or completion of our preclinical and clinical trials which may be caused

by several factors, including: unforeseen safety issues; determination of dosing issues; lack of effectiveness during clinical

trials; slower than expected rates of patient recruitment; 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; 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 BioTherapuetics

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 shares and per share amounts)