Potential for R/S always brings down the price, and actual R/S will likely bring it down further. So even mentioning as per the PR details it looks like it's likely to happen pre-mid 2020. This capital structure change must be part of the recommendation from that top tier finance company.
I'd expect some Bright Interim efficacy data soon by end 2019 though, and would be nice to add to Full Bright data end Dec 2019 to prop up the price a bit at least prior to the impeding R/S.
Other 2 key things to be gleaned from the presentation is that OPRX-106, they state 'in discussions with potential partners', and that for Alidornase, "Protalix has changed its strategic direction regarding the molecule and will pursue other indications with unmet medical needs". Which seems a shame as the data looks good, but it's true that their focus should be on PRX-102 and OPRX-106.
PRX-102 still expected to file for BLA under Accelerated Approval in early 2020, which would be after Bridge full data in late this December of which those patients will be part of the submission. From Dror's last call it was also mentioned that there was/is a pre-BLA meeting with the FDA in Q42019. Given the high frequency of interaction with the FDA on PRX-102 this year, 1Q and 2Q had 2 Type-C meetings with the FDA, it should be very clear what PLX has to offer and what the FDA is looking for for Accelerated Approval.
So let's see what feedback we get at the November 8th Earnings and see if management can clarify their Capital restructuring plans. I find it interesting that while the R/S is just an accounting trick, I'm curious why they want to reduce the number of shares they can issue? Maybe someone more accounting and capital structure savvy can explain this? Perhaps to do with removing the Listing Deficiency?
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