Protalix Q2 2021 Earnings Report
Key Takeaways
Protalix BioTherapeutics reported financial results for the second quarter ended June 30, 2021. The company is working closely with the FDA to address issues raised in the Complete Response Letter for PRX-102. They strengthened their balance sheet through agreements with note holders, reducing debt and extending maturity.
Received Complete Response Letter from the FDA for PRX-102 for Fabry disease treatment.
Submitted a Type A meeting request to the FDA to discuss the CRL for PRX-102, scheduled for September 9, 2021.
Entered into agreements to exchange $54.65 million of convertible notes due 2021 for new notes due 2024 and cash.
Chiesi made a $10.0 million payment to Protalix in exchange for a $25.0 million reduction in a longer-term regulatory milestone payment.
Protalix
Protalix
Forward Guidance
Protalix is focused on addressing the FDA's concerns regarding PRX-102 and advancing its pipeline. They anticipate a productive finish to 2021.