Protalix BioTherapeutics Reports Third Quarter 2019 Results and Provides Corporate Update

Protalix BioTherapeutics Reports Third

Quarter 2019 Results

and Provides Corporate Update

CARMIEL, Israel, November 7, 2019 -- 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 announced its third quarter 2019 financial results and provided a corporate update.

"This has been a consequential

quarter for Protalix during which we continued to make solid progress on our goals to move our Fabry program toward commercialization

and to pursue strategic partnerships and alliances, and we commenced efforts to improve our capital structure," said Dror

Bashan, Protalix's President and Chief Executive Officer. "During the third quarter, we completed enrollment in our

pivotal, head-to-head BALANCE study evaluating PRX-102 compared to Fabrazyme . We also recently reported positive

12-month interim data from our switch-over Phase III BRIDGE study comparing PRX-102 to another standard-of-care treatment,

"With three, now fully enrolled

Phase III clinical trials of PRX-102, we have a robust and thorough clinical program for the treatment of Fabry disease,"

concluded Mr. Bashan. "Our management, scientific and clinical teams are all fully committed to bringing this important treatment

to the Fabry patient community."

Third Quarter 2019 and Recent Clinical

and Corporate Highlights

Financial Results for the Nine Months Ended September 30,

- A reverse stock split at a ratio of not less than

1-for-10 and not greater than 1-for-20, with the exact ratio to be set within that range at the discretion of the Board of Directors

before the day prior to the Special Meeting of Stockholders without further approval or authorization of the stockholders; and

to reduce the total number of shares of the Company's common stock that the Company is authorized to issue from 350 million

to 120 million shares.

Conference Call and Webcast Information

The Company will host a conference call on Thursday, November

7, 2019, at 8:30 am, Eastern Standard 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:

Domestic (USA): 888-224-1005

International: 323-994-2093

Conference ID: 1931108

Webcast: http://bit.ly/2BSCaiY

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

About Protalix BioTherapeutics,

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. Our pipeline consists of proprietary,

potentially clinically superior versions of recombinant therapeutic proteins that target established pharmaceutical markets.

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

includes the following product candidates: pegunigalsidase alfa, a modified version of the recombinant human alpha-GAL-A protein

for the treatment of Fabry disease, in phase III clinical trials (BALANCE, BRIDGE and BRIGHT studies); and OPRX-106, an orally

delivered anti-inflammatory treatment, and alidornase alfa, both in phase II clinical trials. 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 related to our ability to identify

and complete strategic alternatives on attractive terms or at all within the time period required to regain compliance with the

continued listing standards of the NYSE American; risks related to our ability to continue as a going concern absent a refinancing

or restructuring; risks related to any transactions we may effect in the public or private equity markets to raise capital to finance

future research and development, general and administrative expenses and working capital activities; failure or delay in the commencement

or completion of our preclinical and clinical trials which may be caused by several factors, including: 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; 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; 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 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 the amount of our future revenues 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; 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)

BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS