Protalix BioTherapeutics, Inc. announced its financial results for the fiscal year ended December 31, 2024, highlighting a record year in revenues from selling goods, with a 31% increase compared to 2023, reaching $53.0 million. This growth was primarily driven by increased sales to Chiesi, Brazil, and Pfizer.
The company also reported promising results from its Phase I clinical trial of PRX-115, a potential treatment for uncontrolled gout, showing potential for effective uric acid-lowering with flexible dosing. Protalix completed the repayment of its debt and the expiration of outstanding warrants, strengthening its balance sheet.
Additionally, Protalix and Chiesi Global Rare Diseases announced the EMA's validation of the Variation Submission for pegunigalsidase alfa, aiming for a less frequent dosing regimen for Fabry disease patients. The company's cash, cash equivalents, and short-term bank deposits totaled approximately $34.8 million at the end of 2024, with a net income of approximately $2.9 million, or $0.04 per share.