CARMIEL, Israel, Jan. 14 /PRNewswire-FirstCall/ -- Protalix BioTherapeutics, Inc. (Amex: PLX), announced today that it has signed a lease agreement for the expansion of its manufacturing and research facility. The expanded space, located in the Company's facility in Carmiel, Israel, will provide the Company with approximately three times its current manufacturing space in anticipation of the potential commercialization of the Company's lead product candidate, prGCD, a therapeutic protein for the treatment of Gaucher disease.
The term of the lease agreement is 7.5 years with options to extend the life of the lease for up to 15 additional years. The Company intends to use the expanded facility for the manufacture of prGCD. The Company expects the facility to continue enjoying the Approved Enterprise status originally granted to the facility by the Investment Center of the Israeli Ministry of Industry, Trade and Labor. Under Israel's Law for the Encouragement of Capital Investments, 1959, the income from an Approved Enterprise will be exempt from taxation in Israel for a period of 10 years, commencing with the year in which taxable income is first generated from the Approved Enterprise.
Commenting on the expansion of the manufacturing facility, Yossi
Maimon, the Company's Chief Financial Officer, said, "In light of the
progress we have made to date in our prGCD program, we determined that we
should commence the expansion of our current facility. Our expanded
facility will provide us with the space and capacity required to bring
prGCD to market and meet the anticipated demand for the drug following its
anticipated approval by the United States Food and Drug Administration,
while continuing to advance the research of the additiona
|SOURCE Protalix BioTherapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved