Protalix Biotherapeutics Inc (PLX), a biopharmaceutical company, experienced a decline of 9.48% in its share price on Friday after it fell to $1.34. In the premarket, PLX stock is changing hands at $1.38, a surge of 2.99%.
Exchange of notes
On the 13th of August, the company announced to have entered into an agreement which was relevant to the exchange of an aggregate of $54.65 million amount of the company’s 7.50% senior secured convertible notes, due to in 2021, for an aggregate $28.75 million amount of 7.50% senior secured convertible notes, due in 2024, with a cash amount of $25.90 million as well as accrued and unpaid interest. The company expects that after the closing to exchange, the existing notes having an aggregate principal amount of $3.27 million would remain outstanding. The interest on exchange notes would be payable at a rate of 7.50% per year semi-annually.
Meeting with FDA
On 2nd August, Protalix Biotherapeutics announced to have submitted a type-A meeting request to US Federal Drug Administration (FDA). The company requested the meeting to discuss the complete response letter issued by FDA about Biological License Application for its medicine pegunigalsidase alfa (PRX-102). According to the company, medicine aids in the treatment of Fabry disease. The type-A meeting usually occurs within 30 days of the FDA’s receipt of a meeting request.
Investigations against PLX stock
In recent months, different law firms have started investigations against Protalix on behalf of claims of Protalix investors. The investigations have started after, on the 2nd of June, Protalix provided an update about the clinical development of PRX-102. The company said that two of the participants had discontinued the treatment after Treatment-Emergent Adverse Events (TEAE’s). After this news broke, the PLX stock fell 17.44%.
PLX Stock Q1 financial results
In mid of May, the company released financial results for the first quarter of the fiscal year 2021. According to the details, the company recorded revenue of $4.5 million through the sales of goods during the quarter, which is a decrease of 10% when compared with the equivalent period of 2020. The cost of goods sold during the quarter stood at $4.8 million, which was an increase of 41% when compared with the statistics of an equivalent period of 2020. The net financial expenses stood at $1.8 million, a decrease of 40% when compared with the equivalent period of 2020. The net loss was $5.5 million, as compared to a net income of $1.7 million during the equivalent period of 2020. The company also announced that during the quarter, it had gained positive topline results from the phase III Bright clinical study, which was conducted to check the efficacy of PRX–102.
What lies ahead?
According to analysts, the company is expected to record revenue of $38.39 million during the next fiscal year. This and other alike figures reveal that although, a recent quarter hasn’t proved to be meaningful for the company, yet the future time holds something great in store for it. The earning per share during next year could increase by some 109.30%. This indicates the bloom in near future for PLX stock. So, potential investors should keep a close watch on PLX stock.
