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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 6 – SUBSEQUENT EVENTS

On October 18, 2017, holders of the Company’s 4.5% convertible notes due 2022 converted all of the remaining $5.0 million face value of the notes in exchange for 5,882,353 shares of Common Stock. Additional shares will be issued in connection with the make-whole premium associated with the converted notes.

On October 17, 2017, Protalix Ltd. entered into an Exclusive License and Supply Agreement with Chiesi, or the Chiesi Agreement, with respect to the development and commercialization of pegunigalsidase alfa, or PRX-102. Under the terms of the Chiesi Agreement, Protalix Ltd. granted to Chiesi exclusive licensing rights for the commercialization of PRX-102 for all markets outside of the United States. Protalix Ltd. maintains the exclusive commercialization rights to PRX-102 in the United States. Protalix Ltd. is entitled to an upfront, non-refundable, non-creditable payment of $25 million from Chiesi in consideration for and as reimbursement of the costs sustained by Protalix Ltd. up to the effective date of the Chiesi Agreement and additional payments of up to $25 million to cover development costs for PRX-102, subject to a maximum of $10 million per year. Protalix Ltd. is also eligible to receive up to an additional $320 million in regulatory and commercial milestone payments. Chiesi will also make tiered payments of 15% to 35% of its net sales to Protalix Ltd., depending on the amount of annual sales, as consideration for the supply of PRX-102.

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- References

No definition available.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

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