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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of Earliest Event Reported):
February 16, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Protalix BioTherapeutics, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in
its charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Florida</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">001-33357</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">65-0643773</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Identification No.)</B></P></TD></TR>
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    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">2 Snunit Street</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">20100</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Science Park, POB 455</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Carmiel, Israel</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center"><B>(Zip Code)</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including
area code +972-4-988-9488</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former name or former address, if changed
since last report.) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Item 1.01. Entry into a Material Definitive
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">On February 16, 2012,
Protalix BioTherapeutics, Inc. (the &ldquo;Company&rdquo;) entered into an underwriting agreement with Jefferies &amp;
Company, Inc., as representative of the several underwriters named therein, relating to the sale of 4.5 million shares of
the Company&rsquo;s Common Stock, par value $0.001 per share, at a price to the public of $5.25 per share. Under the terms of
the Underwriting Agreement, the Company also granted the underwriters a 30-day option to purchase up to an additional
675,000 shares of Common Stock to cover over-allotments, if any. The foregoing description of the underwriting agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the underwriting agreement,
which is filed as Exhibit 1.1 hereto and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8.01. Other Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On February 16, 2012, the Company issued a press release
announcing the pricing of the public offering described in Item 1.01. A copy of the press release is attached hereto as Exhibit
99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On February 16, 2012, Morrison &amp; Foerster LLP issued
its opinion, a copy of which is filed as an exhibit to this report, with respect to the legality of the issuance and sale by us
of the shares of our common stock to be sold pursuant to the prospectus and the related prospectus supplement we filed with the
U.S. Securities and Exchange Commission on February 16, 2012. A copy of the opinion is attached hereto as Exhibit 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Item 9.01. Financial Statements and
Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>(d) &#9;Exhibits </B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD>Underwriting Agreement, dated February 16, 2012, by and between Protalix BioTherapeutics, Inc. and Jefferies &amp; Company,
Inc.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>Opinion of Morrison &amp; Foerster LLP, dated February 16, 2012</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">99.1</TD><TD>Press Release, dated February 16, 2012</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Pursuant to the requirements of
the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0">PROTALIX BIOTHERAPEUTICS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; width: 48%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 32%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">Date: February 16, 2012</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none; border-bottom: Black 1pt solid">/s/ David Aviezer</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Name: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0">David Aviezer, Ph.D.</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Title:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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{"company-data": {"conformed-name": "Protalix BioTherapeutics, Inc.", "cik": "0001006281", "assigned-sic": "2836", "irs-number": "650643773", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33357", "film-number": "12620090"}, "business-address": {"street1": "2 SNUNIT ST", "street2": "SCIENCE PARK, POB 455", "city": "CARMIEL", "state": "L3", "zip": "20100", "phone": "972-4-988-9488"}, "mail-address": {"street1": "2 SNUNIT ST", "street2": "SCIENCE PARK, POB 455", "city": "CARMIEL", "state": "L3", "zip": "20100"}, "former-company": [{"former-conformed-name": "ORTHODONTIX INC", "date-changed": "19980422"}, {"former-conformed-name": "EMBASSY ACQUISITION CORP", "date-changed": "19960124"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 16, 2012
Protalix BioTherapeutics, Inc.
(Exact name of registrant as specified in
its charter)
Florida
001-33357
65-0643773
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2 Snunit Street
20100
Science Park, POB 455
Carmiel, Israel
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code +972-4-988-9488
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive
Agreement
On February 16, 2012,
Protalix BioTherapeutics, Inc. (the "Company") entered into an underwriting agreement with Jefferies &
Company, Inc., as representative of the several underwriters named therein, relating to the sale of 4.5 million shares of
the Company's Common Stock, par value $0.001 per share, at a price to the public of $5.25 per share. Under the terms of
the Underwriting Agreement, the Company also granted the underwriters a 30-day option to purchase up to an additional
675,000 shares of Common Stock to cover over-allotments, if any. The foregoing description of the underwriting agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the underwriting agreement,
which is filed as Exhibit 1.1 hereto and incorporated herein by reference.
Item 8.01. Other Events
On February 16, 2012, the Company issued a press release
announcing the pricing of the public offering described in Item 1.01. A copy of the press release is attached hereto as Exhibit
99.1.
On February 16, 2012, Morrison & Foerster LLP issued
its opinion, a copy of which is filed as an exhibit to this report, with respect to the legality of the issuance and sale by us
of the shares of our common stock to be sold pursuant to the prospectus and the related prospectus supplement we filed with the
U.S. Securities and Exchange Commission on February 16, 2012. A copy of the opinion is attached hereto as Exhibit 5.1.
Item 9.01. Financial Statements and
Exhibits
(d) 	Exhibits
1.1
Underwriting Agreement, dated February 16, 2012, by and between Protalix BioTherapeutics, Inc. and Jefferies & Company,
Inc.
5.1
Opinion of Morrison & Foerster LLP, dated February 16, 2012
99.1
Press Release, dated February 16, 2012
2
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PROTALIX BIOTHERAPEUTICS, INC.
Date: February 16, 2012
By:
/s/ David Aviezer
Name:
David Aviezer, Ph.D.
Title:
President and Chief Executive Officer
3