Protalix BioTherapeutics Reports Positive Third Quarter 2024 Financial Results and Business Update

Protalix BioTherapeutics, Inc. (NYSE: PLX), a biopharmaceutical company specializing in the development, production, and commercialization of recombinant therapeutic proteins, recently disclosed its financial outcomes for the fiscal quarter concluding on September 30, 2024. The company also provided a notable business and clinical update alongside the quarterly results.

In a press release dated November 14, 2024, Protalix BioTherapeutics stated that all eight cohorts of its phase I first-in-human study of PRX-115, the recombinant uricase candidate crafted for treating uncontrolled gout, have been successfully finalized. Dror Bashan, the President and Chief Executive Officer of Protalix, expressed satisfaction with the preliminary results from the study, illustrating the potential of PRX-115 as a promising treatment for individuals battling gout. Encouraging findings from the study are being presented at the ACR Convergence 2024, emphasizing the effectiveness of PRX-115 in reducing uric-acid levels in patients with gout.

Financially, significant revenue growth was noted in the quarterly results, with revenues generated from selling goods amounting to $17.8 million during the quarter ended September 30, 2024, a notable increase compared to $10.2 million recorded in the same period in 2023. This surge was primarily attributed to increased sales to key partners. Moreover, the company also reported an increase in net income for the quarter, with approximately $3.2 million recorded, marking a stark contrast to a net loss of $1.9 million during the corresponding period in 2023.

Protalix BioTherapeutics further highlighted important corporate developments, including the full repayment of outstanding convertible notes in September 2024, solely funded through available cash. Additionally, strategic partnerships continued to play a crucial role in advancing the company’s pipeline developments, underscoring its commitment to innovation and growth.

Investors and stakeholders keen on delving deeper into Protalix BioTherapeutics’ third-quarter achievements and future prospects can access additional details through the company’s online platforms and are encouraged to participate in the conference call scheduled for November 14, 2024, at 8:30 a.m. EST. The call will be focused on reviewing the financial outcomes and providing insights into the business’s overall performance and strategies moving forward.

The company’s meticulous efforts towards advancing therapeutic solutions and enhancing its financial standing underscore its commitment to sustainable growth and innovation within the biopharmaceutical landscape.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Protalix BioTherapeutics’s 8K filing here.

Protalix BioTherapeutics Company Profile

Protalix BioTherapeutics, Inc, a biopharmaceutical company, engages in the development, production, and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx plant cell-based protein expression system in the United States, Australia, Canada, Israel, Brazil, Russia, Turkey, and internationally.