Market Hates Protalix (PLX) 10-Q
Protalix Biotherapeutics (AMEX:PLX) has had a good run.
A little over a month ago, the ompany said preclinical data on pr-antiTNF, a biosimilar version of etanercept (Enbrel). Produced using the company’s proprietary ProCellEx technology, pr-antiTNF is a plant cell expressed recombinant fusion protein made from the soluble form of the human TNF receptor (TNFR), fused to the Fc component of a human antibody IgG1 domain. Pr-antiTNF has an identical amino acid sequence to Enbrel.
In vitro and preclinical animal studies have demonstrated that pr-antiTNF exhibits similar activity to Enbrel. Specifically, pr-antiTNF binds TNF alpha thereby inhibiting it from binding to cellular surface TNF receptors and protects L929 cells from TNF-induced apoptosis in a dose-dependent manner. In a proof-of-concept in vivo study using an established arthritis animal model, pr-antiTNF administered intraperitoneally significantly improved the clinical arthritis parameters associated with this accepted arthritis mouse model including joint inflammation, swelling and tissue degradation.
Shortly after that Canaccord Adams upped its rating on the company.
Today, Protalix released its 10-Q and the stock took a nose dive. It is going to be a contest to see what the market didn”t like.
Douglas A. McIntyre
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