- Nano cap Protalix BioTherapeutics (NYSEMKT:PLX) jumps 38% premarket on robust volume in response to its ex-U.S. license and collaboration agreement with Chiesi Farmaceutici S.p.A. for PRX-102 for the treatment of Fabry disease.
- Under the terms of the agreement, Protalix will receive $25M upfront, up to $25M for development costs (capped at $10M/yr), up to $320M in milestones and tiered royalties from 15 - 35% on net sales.
- Chiesi receives exclusive rights to PLX-102 for all markets outside of the U.S.
- PRX-102 is chemically modified version of a recombinant therapeutic enzyme called alpha-galactosidase A.
- Fabry disease is an inherited disorder caused by mutations in the gene that codes for alpha-galactosidase A. It is characterized by the buildup of Gb3 in the body's cells.
- Previously: Protalix Bio's PRX-102 shows encouraging effect in Fabry models compared to enzyme replacement therapies; shares ahead 7% premarket (April 18)
- Now read: Protalix BioTherapeutics (PLX) Presents At Rodman & Renshaw 19th Annual Global Investment Conference - Slideshow
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