Protalix has developed and patented a unique plant cell culture platform and bioreactor system that provides an efficient, easily scaleable and cost-effective system for the expression of human therapeutic proteins. The company’s lead program is the development of glucocerebrosidase, as a proprietary enzyme replacement therapy for the treatment of Gaucher disease. The drug is slated to begin phase III clinical trials this autumn.
In addition to enzymes, Protalix has produced several other classes of biological molecules, including antibodies, hormones, peptide-based veterinary vaccines, and beta interferon, demonstrating that the technology can be extended to these types of therapeutics.
Under the terms of the agreement, each ordinary share of Protalix will be converted into approximately 594.5 shares of common stock of Orthodontix. The merger is subject to customary closing conditions, but is expected to close in the fourth quarter of 2006.
Following the merger, Orthodontix will change its name to Protalix Biotherapeutics, and intends to apply for listing on a major stock exchange.