Pontifax Invests in Israeli Protein Expression Company - Protalix Biotherapeutics Ltd.

14-Apr-2005

Protalix Biotherapeutics Ltd. ("Protalix") has announced that it has signed the final agreements with the Pontifax VC fund ("Pontifax"), which will invest in the Company. Pontifax shall invest $1 million in consideration for Series B preferred shares, and was granted an option to invest an additional $1.3 million in the company. Additional financial details were not disclosed. The main use of the investment proceeds will be the continuation of the company's lead product clinical development, as well expansion of its proprietary pipeline and manufacturing capabilities.

Protalix has developed and patented a unique plant cell culture platform and bioreactor system which provides an efficient, easily scaleable and cost-effective system for the expression of human therapeutic proteins. The company's lead program is the development of Glucocerebrosidase, as a proprietary enzyme replacement therapy for the treatment of Gaucher Disease, a genetic metabolic disorder. Gaucher disease is the most prevalent lysosomal storage disorder. The drug is slated to begin clinical trials during 2005. Additional proprietary protein programs are ongoing.

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