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PROLOR Biotech Announces Sale of $24.4 Million of Common Stock
Date:3/18/2010

NES-ZIONA, Israel, March 18 /PRNewswire-FirstCall/ -- PROLOR Biotech, Inc., (OTC Bulletin Board: PBTH),  a company developing next generation biobetter therapeutic proteins, today announced that it has raised $24.4 million in a private placement of 10,382,975 shares of its common stock, par value $0.00001 per share, to accredited investors at a price of $2.35 per share, which represents an approximate 17% discount to the average closing price of the common stock for the 30-day period prior to closing.  The shares have not been registered and no registration rights have been granted to investors for these shares.  In addition, the shares are subject to a one-year lockup agreement.

"In a challenging market environment, we are pleased to have raised new equity from this diverse group of respected investors, and we appreciate their confidence in PROLOR's future success," commented Shai Novik, President of PROLOR.  "PROLOR is now well-capitalized, and we expect that this additional funding will enable us to accelerate our various clinical and pre-clinical development programs.  It is a testimonial to the quality and potential of the company that we have been able to close this offering of unregistered shares, without warrants or registration rights, along with a one-year lockup, at a time when most financing transactions for life sciences companies at our stage include registration rights and substantial warrant coverage."


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