The biomed firm's AMEX offering in October, reflected a disappointing valuation.
Biopharmaceutical company Protalix Biotherapeutics Inc. (AMEX:PLX) said today that Dr. Philip Frost would be stepping down as board member for personal reasons. Frost invested $15 million in the company for a 14% stake a year ago, and then merged it with a market shell he owned, and floated it at a value of $330 million on the American Stock Exchange. Most of Frost's shares are still restricted.
Protalix, which held a disappointing share offering six weeks ago, develops and produces human proteins based on its proprietary plant cell based expression system. The company's lead product, prGCD for the treatment of Gaucher Disease, is currently undergoing Phase III clinical trials. Protalix was formerly a Meytav Technological Enterprises Innovation Center Ltd. incubator company, and its CEO and president is Dr. David Aviezer. The company's other shareholders are Biocell Ltd. (TASE: BCEL), Marathon Venture Capital Fund (TASE: MARA), Pontifax Ltd., Docor International Management Ltd., Technorov Holdings (1993) Ltd., Ziff Asset Management Ltd., Atara Technology Ventures and Tamares Group.
Published by Globes [online], Israel business news - www.globes.co.il - on December 6, 2007
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