Full Press Release Details
Receives a $25 Million Milestone Payment for U.S. Approval of ELELYSO
Israel, June 11, 2012 /GlobeNewswire /Protalix BioTherapeutics,
Inc. (NYSE-MKT:PLX, TASE:PLX), announced today that it has received
a $25 million milestone payment from Pfizer Inc. as part of the companies' global commercial agreement for ELELYSO (taliglucerase
alfa). This payment was triggered by the U.S. Food and Drug Administration's (FDA) approval of ELELYSO for the treatment
of type 1 Gaucher disease on May 1, 2012.
On November 30, 2009,
Pfizer and Protalix entered into an exclusive license and supply agreement relating to the development and commercialization of
ELELYSO. Under the terms of the agreement, Protalix granted Pfizer an exclusive, worldwide license to ELELYSO except in Israel.
Except with respect to Protalix's commercialization efforts in Israel, Pfizer and Protalix share the revenues and expenses related
to the worldwide commercialization of ELEYSO on a 60 percent/40 percent basis, respectively, with certain agreed upon limits on
the amounts of shared expenses. Protalix retained exclusive commercialization rights to the Israeli market for ELELYSO, including
all revenues and expenses.
Upon signing the license
and supply agreement in November 2009, Pfizer made an upfront payment of $60 million to Protalix and subsequently made a $5 million
payment to Protalix upon Protalix's achievement of a performance milestone.
On March 31, 2012, Protalix
had cash and cash equivalents $45.6 million. On a proforma basis, including the receipt of the $25 million milestone payment for
the approval of ELELYSO in the United States, cash and cash equivalents on March 31, 2012 would have been $70.6 million.
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 approved product manufactured by ProCellEx, ELELYSO (taliglucerase alfa), was
approved for marketing by the U.S. Food and Drug Administration on May 1, 2012 and is partnered with Pfizer for worldwide development
and commercialization, excluding Israel, where Protalix retains full rights. Marketing applications for taliglucerase alfa have
been filed in additional territories as well. Protalix's development pipeline also 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-105, a pegylated recombinant
human acetylcholinesterase in development for several therapeutic and prophylactic indications, a biodefense program and an organophosphate-based
pesticide treatment program; an orally-delivered glucocerebrosidase enzyme that is naturally encased in carrot cells, also for
the treatment of Gaucher disease; pr-antiTNF, a similar plant cell version of etanercept (Enbrel(R)) for the treatment of certain
immune diseases such as rheumatoid arthritis, juvenile idiopathic arthritis, ankylosing spondylitis, psoriatic arthritis and plaque
psoriasis; 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"
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 delays in the European Medicines Agency's (EMA) or other foreign regulatory authorities'
approval of any applications we file or refusals to approve such filings, including the filings made regarding taliglucerase alfa
for the treatment of Gaucher disease; the risk that applicable regulatory authorities may refuse to approve the marketing and sale
of a drug product even after acceptance of an application we file for the drug product; and other factors described in our filings
with the 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
Jennifer Conrad or Kari Watson
MacDougall Biomedical Communications