Protalix Biotherapeutics Inc (NYSEMKT:PLX) Strong Cash Position


Protalix Biotherapeutics Inc (NYSEMKT:PLX) reported that as of close of December 2016, the company has cash/cash equivalents of $63.3 million compared to $76.4 million a year earlier. The current cash is anticipated to fund the firm through its 3 clinical study read-outs and into 2019.

The details

Moshe Manor, the CEO and President of Protalix, said that recently, their EVP, Research and Development and Principal Investigators, each gave presentations at the Annual WORLD Symposium on the data generated in their phase I/II clinical study of pegunigalsidase alfa for the cure of Fabry disease, and obtained extremely positive feedback from patient advocy groups and physicians. All these participants have been involved in company’s clinical studies of pegunigalsidase alfa for Fabry disease

Looking ahead into 2017, the company expect reporting data from both the Phase 2 clinical study of alidornase alfa for Cystic Fibrosis treatment and the Phase 2 clinical study of OPRX-106 for the cure of ulcerative colitis. In 2018, if the company generate positive interim report from the pegunigalsidase Phase 2 study, they anticipate to start the filing procedure for approval with the EMA.

Yossi Maimon, the CFO and VP of Protalix, reported that following a private placement and note exchange completed in last December, they have a strong cash position of almost $63.3 million. They expect these funds will be enough to fund their operations into 2019.

The company reported positive six and 1-year interim Phase 2 data of PRX-102 for Fabry Disease last year in March and announced final results of the study in August 2016. This report was recently presented at the 13th Annual WORLD Symposium.

Protalix registered first subject in an international Phase III clinical study to support filings in the U.S. and Europe last October. The completion of enrollment is projected during 2H2017, with interim data analysis expected in 2018 to support EMA and other regulatory submission outside the United States, which constitute almost two-thirds of the market.