Protalix BioTherapeutics Announces Repayment of Outstanding Senior Secured Convertible Promissory Notes
Protalix BioTherapeutics (NYSE American: PLX) has announced the full repayment of its 7.50% Senior Secured Convertible Promissory Notes, marking a significant milestone for the company. The repayment was financed entirely with available cash, resulting in Protalix becoming debt-free with no outstanding notes. This move has eliminated the potential equity overhang presented by the notes and strengthened the company's balance sheet.
CEO Dror Bashan highlighted that the company's financial discipline has led to a strong financial position, providing sufficient runway for planned ongoing operations. Protalix, a biopharmaceutical company specializing in recombinant therapeutic proteins produced by its proprietary ProCellEx® plant cell-based protein expression system, had previously relied on convertible notes for financing, with the total outstanding principal amount reaching $78.0 million at its peak.
Protalix BioTherapeutics (NYSE American: PLX) ha annunciato il rimborso completo delle sue Note Convertibili Garantite Senior al 7,50%, segnando un traguardo significativo per l'azienda. Il rimborso è stato finanziato interamente con liquidità disponibile, portando Protalix a diventare senza debiti con nessuna nota in sospeso. Questa mossa ha eliminato il potenziale sovraccarico di capitale rappresentato dalle note e ha rafforzato il bilancio dell'azienda.
Il CEO Dror Bashan ha sottolineato che la disciplina finanziaria dell'azienda ha comportato una posizione finanziaria solida, fornendo un adeguato margine per le operazioni pianificate in corso. Protalix, un'azienda biofarmaceutica specializzata in proteine terapeutiche ricombinanti prodotte dal suo sistema di espressione proteica vegetale ProCellEx®, aveva precedentemente fatto affidamento su note convertibili per il finanziamento, con l'importo totale del capitale in sospeso che ha raggiunto i 78,0 milioni di dollari al suo picco.
Protalix BioTherapeutics (NYSE American: PLX) ha anunciado el reembolso completo de sus Notas Promisorias Convertibles Garantizadas al 7.50%, marcando un hito significativo para la empresa. El reembolso fue financiado completamente con efectivo disponible, lo que llevó a Protalix a estar libre de deudas sin notas pendientes. Este movimiento ha eliminado la posible sobrecarga de capital presentada por las notas y ha fortalecido el balance de la compañía.
El CEO Dror Bashan destacó que la disciplina financiera de la empresa ha llevado a una posición financiera sólida, proporcionando el margen suficiente para las operaciones continuas planificadas. Protalix, una empresa biofarmacéutica especializada en proteínas terapéuticas recombinantes producidas por su sistema de expresión proteica basado en células vegetales ProCellEx®, había dependido anteriormente de las notas convertibles para financiarse, alcanzando un monto total de capital pendiente de $78.0 millones en su punto máximo.
프로탈릭스 바이오테라퓨틱스(Protalix BioTherapeutics)(NYSE American: PLX)는 7.50%의 Senior Secured Convertible Promissory Notes를 전액 상환했다고 발표했으며, 이는 회사에 중요한 이정표가 됩니다. 상환은 사용 가능한 현금으로 전액 조달되었으며, 이로 인해 프로탈릭스는 부채가 없는 상태가 되어 미지급적인 노트를 모두 없앴습니다. 이 조치는 노트에서 나타나는 잠재적인 자본 과부하를 제거하고 회사의 재무 상태를 강화했습니다.
CEO 드로르 바샨(Dror Bashan)은 회사의 재정 규율이 강력한 재무적 위치를 가져왔다고 강조하며, 계획된 계속 운영을 위한 충분한 여유를 제공하고 있다고 밝혔습니다. 프로탈릭스는 자체 특허의 ProCellEx® 식물 세포 기반 단백질 발현 시스템을 통해 생산된 재조합 치료 단백질을 전문으로 하는 생물 제약 회사로, 과거에는 금융을 위해 전환 가능한 노트에 의존해 있었으며, 총 미지급 원금은 절정 시 $78.0 백만에 달했습니다.
Protalix BioTherapeutics (NYSE American: PLX) a annoncé le remboursement complet de ses Obligations Convertibles Garanties Senior à 7,50 %, marquant un jalon significatif pour l'entreprise. Le remboursement a été entièrement financé par des liquidités disponibles, ce qui a permis à Protalix de devenir sans dette et de ne plus avoir de billets en circulation. Ce mouvement a éliminé le potentiel de surcroît de capitaux représenté par les billets, renforçant ainsi le bilan de l'entreprise.
Le CEO Dror Bashan a souligné que la discipline financière de l'entreprise a conduit à une position financière solide, offrant une marge suffisante pour les opérations continues prévues. Protalix, une entreprise biopharmaceutique spécialisée dans les protéines thérapeutiques recombinantes produites par son système d'expression de protéines à base de cellules végétales ProCellEx®, avait auparavant compté sur des obligations convertibles pour se financer, le montant total du capital restant dû atteignant 78,0 millions de dollars à son apogée.
Protalix BioTherapeutics (NYSE American: PLX) hat die vollständige Rückzahlung seiner 7,50% Senior Secured Convertible Promissory Notes angekündigt, was einen bedeutenden Meilenstein für das Unternehmen darstellt. Die Rückzahlung wurde vollständig mit verfügbaren Mitteln finanziert, was dazu führte, dass Protalix schuldenfrei wurde und keine ausstehenden Noten mehr hat. Dieser Schritt hat das potenzielle Eigenkapital, das durch die Noten verursacht wurde, beseitigt und die Bilanz des Unternehmens gestärkt.
CEO Dror Bashan hob hervor, dass die finanzielle Disziplin des Unternehmens zu einer starken finanziellen Position geführt hat, die ausreichend Spielraum für die geplanten laufenden Operationen bietet. Protalix, ein biopharmazeutisches Unternehmen, das sich auf rekombinante therapeutische Proteine spezialisiert hat, die durch sein proprietäres ProCellEx® Pflanzenzell-basiertes Protein-Expressionssystem produziert werden, hatte früher auf wandelbare Anleihen zur Finanzierung zurückgegriffen, wobei der insgesamt ausstehende Nennbetrag zu seinem Höhepunkt 78,0 Millionen Dollar betrug.
- Company has become debt-free by repaying all outstanding convertible notes
- Elimination of potential equity overhang from convertible notes
- Strong balance sheet sufficient to support planned ongoing operations
- Repayment financed entirely with available cash, indicating good liquidity
- None.
Insights
Protalix's full repayment of its
The debt-free status strengthens Protalix's balance sheet, potentially improving its financial flexibility and reducing interest expenses. This could lead to improved profitability and cash flow in the future. However, investors should monitor the company's cash burn rate and revenue growth to ensure long-term sustainability without debt financing.
Overall, this development is positive for Protalix, as it reduces financial risk and may enhance the company's attractiveness to investors and potential partners in the biopharmaceutical industry.
Protalix's debt clearance is a positive indicator for its ProCellEx® platform's potential. As a biopharmaceutical company focused on recombinant therapeutic proteins, maintaining a strong financial position is important for ongoing R&D and commercialization efforts.
The debt-free status could provide Protalix with more flexibility to invest in its pipeline and potentially accelerate the development of new therapies. This financial stability may also make the company more attractive for potential partnerships or collaborations within the industry.
However, it's important to note that while the improved balance sheet is beneficial, the true value driver for Protalix will be the success of its product pipeline and the commercial performance of any approved therapies. Investors should closely monitor clinical trial results and regulatory milestones for a comprehensive assessment of the company's prospects.
Company is debt-free with no outstanding notes
Balance sheet provides sufficient runway for ongoing operations
CARMIEL,
"Repayment of our convertible notes is a significant milestone for our company as we are now debt-free and have eliminated the potential equity overhang presented by the notes," said Dror Bashan, Protalix's President and Chief Executive Officer. "Over the last decade, our company has been financed in part through the issuance of convertible notes, the total outstanding principal amount of which reached
About Protalix BioTherapeutics, Inc.
Protalix is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx. It is the first company to gain U.S. Food and Drug Administration (FDA) approval of a protein produced through plant cell-based in suspension expression system. This unique expression system represents a new method for developing recombinant proteins in an industrial-scale manner. Protalix has licensed to Pfizer Inc. the worldwide development and commercialization rights to taliglucerase alfa for the treatment of Gaucher disease, Protalix's first product manufactured through ProCellEx, excluding in
Protalix has partnered with Chiesi Farmaceutici S.p.A. for the global development and commercialization of Elfabrio. Protalix's development pipeline consists of proprietary versions of recombinant therapeutic proteins that target established pharmaceutical markets, including the following product candidates: PRX–115, a plant cell-expressed recombinant PEGylated uricase for the treatment of uncontrolled gout; PRX–119, a plant cell-expressed long action DNase I for the treatment of NETs-related diseases; and others.
Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. The terms "expect," "anticipate," "believe," "estimate," "project," "may," "plan," "will," "would," "should" and "intend," and other words or phrases of similar import are intended to identify forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk and the final results of a clinical trial may be different than the preliminary findings for the clinical trial. Factors that might cause material differences include, among others: risks related to the commercialization of Elfabrio® (pegunigalsidase alfa-iwxj), our approved product for the treatment of adult patients with Fabry disease; risks relating to Elfabrio's market acceptance, competition, reimbursement and regulatory actions, including as a result of the boxed warning contained in the FDA approval received for the product; the possible disruption of our operations due to the war declared by
Investor Contact
Mike Moyer, Managing Director
LifeSci Advisors
+1-617-308-4306
mmoyer@lifesciadvisors.com
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SOURCE Protalix BioTherapeutics, Inc.
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