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<SEC-DOCUMENT>0000950123-09-004755.txt : 20090506
<SEC-HEADER>0000950123-09-004755.hdr.sgml : 20090506
<ACCEPTANCE-DATETIME>20090316165626
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-004755
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Protalix BioTherapeutics, Inc.
		CENTRAL INDEX KEY:			0001006281
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				650643773
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2 SNUNIT ST
		STREET 2:		SCIENCE PARK, POB 455
		CITY:			CARMIEL
		STATE:			L3
		ZIP:			20100
		BUSINESS PHONE:		972-4-988-9488

	MAIL ADDRESS:	
		STREET 1:		2 SNUNIT ST
		STREET 2:		SCIENCE PARK, POB 455
		CITY:			CARMIEL
		STATE:			L3
		ZIP:			20100

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORTHODONTIX INC
		DATE OF NAME CHANGE:	19980422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMBASSY ACQUISITION CORP
		DATE OF NAME CHANGE:	19960124
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<HEAD>
<TITLE>CORRESP</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y01248c1y0124806.gif" alt="(Morrison &#038; Foerster Letterhead)" width="80%">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Writer&#146;s Direct Contact</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>212.468.8163</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>JTanenbaum@mofo.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 36pt">March&nbsp;16, 2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Todd E. Hardiman<BR>
Associate Chief Accountant<BR>
Division of Corporation Finance<BR>
United States Securities and Exchange Commission<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">RE:</TD>
    <TD>&nbsp;</TD>
    <TD>Protalix BioTherapeutics, Inc.<BR>
Annual Report on Form&nbsp;10-K, filed March&nbsp;17, 2008<BR>
for the Fiscal Year Ended December&nbsp;31, 2007<BR>
File No.&nbsp;001-33357</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of our client, Protalix BioTherapeutics, Inc., a Florida corporation (the
&#147;Company&#148;), transmitted herewith are responses to the Staff&#146;s comments to the Company&#146;s Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2007 (the &#147;2007 Form 10-K&#148;). The
comments were delivered by the Staff to the Company and its counsel by way of a telephone call on
March&nbsp;5, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For ease of reference, we have noted the Staff&#146;s comments in bold faced type and the responses
in regular type.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reference to the Company&#146;s response to Comment 4 of the Company&#146;s letter dated March&nbsp;4, 2009,
the Staff requested a detailed description of its calculation of the compensation expense recorded
with respect to the options to purchase 387,542 shares of common stock issued to a nonemployee on
December&nbsp;31, 2006 for the second quarter of 2007. The Staff noted that the description should
include an explanation of the $140,000 effect of the remeasurement of such options disclosed in the
Company&#146;s Current Report on Form 8-K dated February&nbsp;26, 2009.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RESPONSE: </B>Reference is made to the Company&#146;s response to Comment 4 of its letter dated March&nbsp;4,
2009. In the response, the Company described its accounting treatment of the options
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to purchase 387,542 shares of common stock issued to a nonemployee on December&nbsp;31, 2006 (the
&#147;Referenced Options&#148;). As discussed in that response, the Company remeasures each individual
tranche of options for which the applicable vesting/service period crosses interim periods (such as
the Referenced Options) at the end of each period until the final vesting date of the tranche. The
Company calculates the proportionate compensation expense for outstanding options issued to
nonemployees by dividing the number of months in the calculation period (generally a quarter) by
the number of months in the vesting period of the tranche and multiplying the result by the portion
of the option that vests during the vesting period of the tranche. For purposes of determining the
fair value of the options using the Black-Scholes option-pricing model, the Company uses the
closing sale price of its common stock on the NYSE Alternext US on the calculation date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the restated financial statements for the first quarter of 2007, the Company
calculated the compensation expense of the Referenced Options by multiplying the fair value of the
options (based on the Black-Scholes option-pricing model) on March&nbsp;31, 2007, by the number achieved
by (A)&nbsp;dividing three over 14; the number of months in the first quarter of 2007 over the number of
months in the vesting period and (B)&nbsp;multiplying the result by 40%, the portion of the option that
was to vest during the vesting period. The result of this calculation for March&nbsp;31, 2007 was
approximately $744,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the restated financial statements for the second quarter of 2007, the Company
calculated the compensation expense of the Referenced Options by multiplying the fair value of the
options (based on the Black-Scholes option-pricing model) on June&nbsp;30, 2007, by the number achieved
by (A)&nbsp;dividing six over 14; the cumulative number of months in the first two quarters of 2007 over
the number of months in the vesting period and (B)&nbsp;multiplying the result by 40%, the portion of
the option that was to vest during the vesting period. The result of this calculation for June&nbsp;30,
2007 was approximately $1,362,000. The Company then subtracted the compensation expense recorded
for the Referenced Options in the first quarter yielding a total compensation expense in connection
with the Referenced Options for the second quarter of 2007 equal to approximately $618,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in the Company&#146;s response letter dated March&nbsp;4, 2009, when preparing the financial
statements for the second quarter of 2007 as originally reported, the Company did not remeasure the
compensation expense in connection with options held by nonemployees. Rather, the Company
calculated the compensation expense by multiplying the fair value of the options (based on the
Black-Scholes option-pricing model) on June&nbsp;30, 2007, by the quotient of the total number of
Referenced Options divided by 11, which is the total number of fiscal quarters during the full
vesting period of the Referenced Options. The result of this calculation for June&nbsp;30, 2007 was
approximately $722,000 which was increased to $758,000 to adjust for an error in calculation made
in the originally reported financial statements for the first quarter of 2007. The difference
between the originally reported calculation and the restated calculation, which is approximately
$140,000, was primarily caused by the remeasurement of the first quarter&#146;s compensation expenses as
of the end of the second quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company notes that the remeasurements described in this response are consistent with the
straight-line attribution accounting treatment described in the Company&#146;s response letter dated
December&nbsp;23, 2008. The measurements and the subsequent remeasurements focus on the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">portion of the options in question that will vest on the next vesting date, not on the entire
unvested portion of such options. In the application of graded attribution, however, the
measurements are based on all of the unvested options. Had the Company applied graded attribution
to the Referenced Options, the difference in compensation expense that would have been recorded is
immaterial.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff requested that the Company describe the accounting treatment of the 60% of the options
to purchase 387,542 shares of common stock issued to a nonemployee on December&nbsp;31, 2006 that vest
after March&nbsp;1, 2008.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RESPONSE: </B>The remaining 60% of the Referenced Options vest in four tranches of 15% on each of the
following dates: June&nbsp;30, 2008; December&nbsp;31, 2008; June&nbsp;30, 2009; and September&nbsp;30, 2009. After the
first vesting period of the Referenced Options, for each subsequent quarter, the Company applied a
final measurement to the tranches of options that reached a vesting date during each of the
quarters of 2008 following the first vesting period of March&nbsp;1, 2008, and with an interim
measurement for the remaining unvested tranches of options in the relevant quarter. For example,
the Company calculated the final measurement of the compensation expense for the Referenced Options
for the quarter ended March&nbsp;31, 2008 by multiplying the fair value of the options (using the
Black-Scholes option-pricing model) on March&nbsp;1, 2008, by 40%, the portion of the option that were
vested as of that date. The Company then subtracted the compensation expense recorded for the
Referenced Options during 2007. In addition, the compensation expense recorded as of March&nbsp;31, 2008
included an interim measurement for the month of March&nbsp;2008 of the proportionate value of the
second tranche of the Referenced Options. The interim measurement was calculated by (A)&nbsp;dividing 1
over 4; the number of months of the second tranche of the Referenced Options that coincided with
the first quarter of 2008 over the number of months in the vesting period of the second tranche and
(B)&nbsp;multiplying the result by 15%, the portion of the Referenced Options were to vest during the
second vesting period. Interim measurements were remeasured until the Company was able to apply a
final measurement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff requested that the Company describe the forfeiture rate it applied in calculating the
fair value of the options issued to nonemployees.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RESPONSE: </B>The Company did not apply a forfeiture rate adjustment to the Referenced Options in the
calculation of the compensation expense thereof. The Company expects to continue to engage the
consultant for the entire vesting period of the Referenced Options. In addition, in light of the
flexibility afforded to the consultant with respect to the terms of his engagement by the Company,
and based upon the Company&#146;s relationship with the consultant, the Company believes that it is
unlikely that the consultant will cease providing services to the Company prior to the end of the
last vesting period of the Referenced Options. The Company notes that the application of any
commonly accepted forfeiture rate adjustment to the Referenced Options, would not result in a
material change to the compensation expense recorded by the Company for the Referenced Options.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff requested that the Company confirm the accounting treatment of the other 1,753,027
options issued to nonemployees and confirm that the compensation expense recorded for such options
is not subject to remeasurement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RESPONSE: </B>The Company confirms that the compensation expenses recorded for the 1,753,027 options
described in Exhibit&nbsp;B to the Company&#146;s response letter dated October&nbsp;16, 2008 involved final
measurements for each of the quarters of 2007 and 2008 as such options vested at the end of each
quarter and were not subject to any remeasurement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Staff requested that the Company confirm that it will not reference the use of the
simplified method to estimate the contractual term of outstanding options in future filings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RESPONSE: </B>The Company confirms that that it will not reference the use of the simplified method to
estimate the contractual term of outstanding options in future filings. The Company notes, however,
that it may use the simplified method in the future in connection with the grant of options that
meet the criteria of Footnote 7 of SAB 107A.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please call the undersigned at the telephone number set forth above or Joseph Magnas at
212-336-4170 with any question or comment you may have regarding the responses set forth herein. In
addition, please send all written correspondence directly to the undersigned and Joseph Magnas of
Morrison &#038; Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104, telecopy
212-468-7900, with copies to David Aviezer, Ph.D., the Company&#146;s President and Chief Executive
Officer, at 2 Snunit Street, Science Park, P.O.B. 455, Carmiel 20100, Israel, telecopy
&#043;972-4-988-9489.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">/s/ James R. Tanenbaum&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-top: 36pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>David Aviezer, Ph.D.<BR>
Yossi Maimon</TD>
</TR>
</TABLE>
</DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
