Benzinga | Feb 12, 2021 05:54AM EST

Protalix BioTherapeutics Raises $35M Via Equity At 21% Discount

* Protalix BioTherapeutics Inc (NYSE: PLX) prices the previously announced underwritten public offering of 7.6 million shares at $4.60 per share, a discount of around 21% on the last close of $5.79 on Thursday.

* Underwriters have an option to purchase up to an additional 1.1 million shares. The offering is expected to close on February 17.

* Protalix intends to use the net proceeds of around $32.9 million to fund clinical trials for its product candidates, R&D activities, working capital, and general corporate purposes.

* BofA Securities is acting as the book-running manager, and Oppenheimer & Co. is acting as the co-manager for the offering.

* Yesterday, Protalix announced an out-licensing pact with SarcoMed U.S.A. to use alidornase alfa in respiratory diseases.

* Price Action: PLX stock is 18% down at $4.75 in premarket trading on the last check Friday.