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Protalix BioTherapeutics Announces Pricing Of $60 Million Offering Of Convertible Notes

CARMIEL, Israel, Sept. 12, 2013 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics, Inc. (NYSE MKT:PLX) (TASE:PLX) announced the pricing of $60 million principal amount of its 4.50% Convertible Notes due 2018 (the "Notes") through a private offering. The Company has granted the initial purchaser an option to purchase up to an additional $9 million principal amount of the Notes on the same terms and conditions, to cover over-allotments, if any, exercisable for 30 days after the pricing date of the Notes. The offering is expected to close on September 18, 2013, subject to satisfaction of customary closing conditions.

The Notes will be unsecured, unsubordinated obligations of the Company. Interest on the Notes will be paid semi-annually at a rate of 4.50% per annum, and the Notes will mature on September 15, 2018, unless earlier repurchased, converted or redeemed. Holders may require the Company to repurchase their Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the Notes at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the repurchase date. The Company may not redeem the Notes prior to September 19, 2016.

The Notes may be converted at the option of holders into shares of the Company's common stock at any time prior to the close of business on the business day immediately preceding the stated maturity date of the Notes. The initial conversion rate will be 173.6593 shares of common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $5.76 per share of common stock, subject to adjustment in certain circumstances. This initial conversion price represents a premium of approximately 22.0% relative to the last reported sale price of the Company's common stock on the NYSE MKT of $4.72 per share on September 12, 2013.

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