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.