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Protalix BioTherapeutics Announces Closing Of $69 Million Offering Of Convertible Notes

CARMIEL, Israel, Sept. 18, 2013 (GLOBE NEWSWIRE) -- Protalix BioTherapeutics, Inc. (NYSE MKT:PLX) (TASE:PLX) announced the closing of its offering of $69 million principal amount of its 4.50% Convertible Notes due 2018 (the "Notes") through a private offering, including $9 million aggregate principal amount of Notes related to the initial purchaser's over-allotment option, which was exercised in full.

The Notes are the unsecured, unsubordinated obligations of the Company. Interest on the Notes is payable 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 redeem the Notes at its discretion on and after September 19, 2016, subject to certain conditions.

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 is 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 rate 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.

Net proceeds received by the Company from the offering of the Notes were approximately $66.8 million, after deducting the initial purchaser's discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to fund clinical trials for its product candidates, to fund its research and development activities, to enhance its manufacturing capacity and for working capital and general corporate purposes.

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