Eli Hurvitz steps down from Protalix

Hurvitz's departure severs Protalix's last tie with Teva.

Eli Hurvitz today announced his resignation as chairman of Protalix Biotherapeutics Inc. (AMEX:PLX), following his resignation as chairman of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA). Protalix appointed director Zeev Bronfeld as interim chairman.

Hurvitz's resignation is not expected to have a major effect on Protalix in the short term. The company's highly esteemed president and CEO, Dr. David Aviezer is responsible for its day-to-day activity. On the marketing side, Pfizer Inc. (NYSE: PFE; LSE: PFZ) is handling the challenge of marketing the company's treatment for Gaucher's disease under the cooperation agreement signed six months ago.

Hurvitz's departure severs Protalix's last tie with Teva, which never actually invested in the company. The companies had the same chairman and a joint drug development agreement, Protalix's first with a large drug company.

Protalix's share price rose 1% at the opening on the American Stock Exchange to $7.19, giving a market cap of $580 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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