Proceeds for clinical trials, research and development, manufacturing
By Marisa Wong
Madison, Wis., Feb. 23 - Protalix Bio Therapeutics, Inc. announced that it closed a public offering of common stock on Wednesday, raising $27.17 million.
The company sold 5,175,000 shares of its common stock at $5.25 per share. The total number of shares includes the full exercise of the over-allotment option by the underwriters for 675,000 shares. The price per share reflects a 6.25% discount to the closing share price on Feb. 21, which was $5.60.
Protalix said net proceeds totaled $25.4 million.
Jefferies & Co., Inc. was the bookrunner, and Canaccord Genuity Inc. and Oppenheimer & Co. were co-managers.
Proceeds will be used to fund clinical trials for the company's product candidates, to fund research and development activities, to enhance the company's manufacturing capacity, for working capital and for general corporate purposes.
Protalix is a Carmiel, Israel-based biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell based expression system, ProCellEx.
| Issuer: | Protalix Bio Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $27,168,750
|
| Shares: | 5,175,000 (including 675,000 from greenshoe exercise)
|
| Price: | $5.25
|
| Warrants: | No
|
| Bookrunner: | Jefferies & Co., Inc., with Canaccord Genuity Inc. and Oppenheimer & Co. as co-managers
|
| Announcement date: | Feb. 16
|
| Settlement date: | Feb. 22
|
| Stock symbol: | NYSE Amex: PLX
|
| Stock price: | $5.41 at close Feb. 22
|
| Market capitalization: | $489.23 million
|
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