Thanks Kayaher for posting the Zacks updates to this website. As always, thanks Spideyboy for detailed reviews. For what they are worth, here some of my thoughts about PLX developments:
1. I think the Protalix/Cheisi relationship is ideal for both parties. I believe talk of a takeover of PLX is ill-advised. The Chiesi/Protalix partnership is shareholder protection from a big pharma unwanted takeover. I like that for I hope long-term holders realize the {probable} full potential here.
2. Some seem to be disappointed by the PLX price performance since the EMA announcement. I think there are three reasons for that: a generally lousy stock market; the fact that it was almost immediately known that the EMA final decision is still two months away; and the fact that PLX is in the midst of a not very well understood ATM financing with H. C. Wainwright. As we get closer to May, I do not expect the price action to be this muted.
3. In reviewing the 10K; I note that the "net operating loss carryforwards (NOLs) are $247.4 million, mush larger than I previously thought. That means a lot of non-taxed US accounting-based earnings in the future. There will be some Israeli based taxes and repayment of Research and Development grants from the Israel government that will be charged against earning but nothing that will materially affect the above noted NOLs.
4. Also in reviewing the 10K, i noted that the ATM financing is already well along; probably rewarding Instituational Investors that have supported PLX for years. At 12/31/2022 only $11.3 million of the $20 million ATM/Wainwright deal remained available. This sale of stock in the latter half of 2022 increased the shares outstanding to 57.4 million. (From 52 million the prior quarter). PLX also stated that in January and February of 2023 they sold 3.6 million shares, raising another $5.5 million. That leaves about $5.6 million dollars of the ATM remining. I don't know anything specific, but I would not be surprised that a good portion of that is purchased by Wainwright for future sales to the public at much higher prices.
5. What is the marketing name for PRX-102? It has been suggested that it is ELFABRIO. Elfabrio is a trademarked name held by Chiesi. But it a broad-based trademark that covers a broad array of disease categories, seemingly not unique to Fabry disease. We may have to wait until May to learn of the true marketing name for PRX-102.
Al in all, I think longer term holders will be well rewarded as shareholders of PLX.
AI
