Protalix BioTherapeutics Plans To Offer $60 Mln Of Convertible Notes

(RTTNews) - Protalix BioTherapeutics, Inc. (PLX) said Wednesday that it plans to offer and sell $60 million principal amount of its convertible notes due 2018 through a private offering.

The company expects to grant the initial purchaser an option to purchase up to an additional $9 million principal amount of notes, exercisable for 30 days after the pricing date of the notes offering.

The company said it plans to use the net proceeds from the offering to fund clinical trials for its product candidates, to fund its research and development activities, to enhance its manufacturing capacity and for working capital and general corporate purposes.