On January 9, 2017, Protalix Biotherapeutics Inc (NYSEMKT:PLX) published a comprehensive assessment of its 2016 accomplishments and released outlook for 2017 full of catalysts and milestones. There could be notable upside ahead as the firm reaches important commercial and clinical milestones. The biotechnology stock expects this year to be an extremely vital inflection year for it.
Protalix hinted of prospective important associations and collaboration deals that would help move forward major drug candidates. It even hinted announcements for fresh drug candidates, hence expanding the pipeline. The company reiterated that with $63 million in cash and $42 million in 2017 revenues, largely from medicine sales to Brazil, it is adequately funded through 2019.
Protalix is a clinical as well as commercial biotech firm focused on the advancement and commercialization of clinically premium versions of recombinant treatment proteins for the cure of genetic disorders. The firm already has a FDA approved medication for Gaucher’s disease, and owns others for cystic fibrosis, ulcerative colitis and Fabry disease, in different stages of development.
It uses its proprietary ProCellEx platform to advance and manufacture these innovative molecules. This platform is utilized to genetically engineer crop-based molecules to avoid adverse effects and overcome limitations of the prevailing FDA approved drugs.
Fast forward to today, and investors can note that PLX’s stock price has gone up considerably since the start of the year. The existing price might be just additional step on a potential steady up move for the stock in coming period.
The biotech stocks’ upside potential and progress are being noticed as shown by last week’s report that Knight Therapeutics, a Canadian specialty pharmaceutical company, had bought 6.2 million common shares of Protalix priced at US$0.57 per share.Knight now has almost 5% of the due common shares of company. PLX’s shares were bought by Abir Therapeutics, Knight’s subsidiary.