Protalix BioTherapeutics Announces First Quarter Financial Results | Financial Buzz

Protalix BioTherapeutics Announces First Quarter Financial Results

Protalix BioTherapeutics (NYSE: PLX) (TASE: PLX) has reported financial results for the first quarter and a business update on corporate and clinical developments.  More will be discussed by the company’s management on a conference call and live webcast that aired at 8:30 am Eastern Daylight Time (EDT).

“The first quarter of 2020 has most certainly been transformational for Protalix, despite the COVID-19 pandemic that affected the global markets,” said Dror Bashan, Protalix’s President and Chief Executive Officer. “I am proud to say that despite the pandemic, Protalix was able to keep the company running smoothly and adapt quickly to the changing environment.”

“During the quarter, we were able to close a $43.7 million private placement,” he continued. “Furthermore, the topline results from the completion of our Phase III BRIDGE study and the subsequent BLA submission for PRX–102 announced in May prove that Protalix has actually gained momentum by leaning into this unprecedented challenge. I am convinced now more than ever that our team is positioned for long-term success and look forward to continuing our momentum through the rest of this year and into 2021.”

Revenues from selling goods of USD 5 Million in the first quarter was an increase of USD 1.5 Million or 43% compared USD 3.5 Million for the same period in 2019.  R&D services generated USD 16.6 Million in revenue, a USD 9.7 Million increase or 140% compared to the same period last year.