Protalix Biotherapeutics Inc (NYSEMKT:PLX) has announced that it would be releasing its financial results for the 1Q2017, as well as a corporate update, on May 10, 2017. The company has also stated that it would hold a conference call, on the same day. A replay of the call would be made available on Protalix’s website, for a period of 2-weeks, following the release.
The announcement comes shortly after the released its pre-clinical results from the PRX-102, in Fabry mice. The study is being led by Prof. Raphael Schiffmann, the director of the Institute of Metabolic Diseases, at the Baylor Research Institute, in Dallas, Texas. The company revealed that the treatment indicated a slowdown in the progression of small fiber neuropathy. The results were also compared with those from currently approved enzyme based treatment options, as well as from untreated Fabry mice. PLX administered 1 mg/kg of PRX-102, to the Fabry mice, as compared to approved clinical doses of other drugs. Infusions were administered on a bi-weekly basis, for a period of 3-months.
The study results showed that PRX-102 was able to achieve a 53% reduction in the number of lba 1 spots, which is considered to be a marker for inflammation in the peripheral sensory nerves system. Dr. Yoseph Shaaltiel, the executive VP of the company, claimed that the results suggested that repeated infusions of the drug prevents activation and proliferation of the disease. He further stated that this change was not observed in the group being treated with other therapies.
Unfortunately for PLX, its investors have grown cautious of the stock, following poor results from the phase-3 clinical trials of its drug candidate alidornase alfa. The drug was developed as a treatment for cystic fibrosis, but the patients only saw their conditions worsen, upon administration of the drug. Although Protalix has claimed that the FDA has given the drug a positive review, the stock has kept declining ever since.
Protalix Biotherapeutics Inc (NYSEMKT:PLX) recorded a trade volume of 2.12 million, only to decline by 3.23% in the stock market, during the May 1 trading session, to close at $0.9 per share.