

<!-- EDGAR Online I-Metrix Xcelerate Instance Document, based on XBRL 2.1  http://www.edgar-online.com/ -->
<!-- Version:  6.13.8 -->
<!-- Round: 1 -->
<!-- Creation date: 2012-02-25T02:22:53Z -->
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  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 7 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;SHARE
CAPITAL&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Rights of the Company&amp;#x2019;s Common Stock&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company&amp;#x2019;s common stock is listed on the NYSE Amex and,
since September 6, 2010, on the Tel Aviv Stock Exchange. Each share
of Common Stock is entitled to one vote. The holders of shares of
Common Stock are also entitled to receive dividends whenever funds
are legally available, when and if declared by the Board of
Directors. Since its inception, the Company has not declared any
dividends.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Stock based compensation&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 14, 2006, the Board of Directors adopted the Protalix
BioTherapeutics, Inc. 2006 Stock Incentive Plan (the
&amp;#x201C;Plan&amp;#x201D;). The grant of options to Israeli employees
under the Plan is subject to the terms stipulated by
Sections&amp;#xA0;102 and 102A of the Israeli Income Tax Ordinance.
Each option grant is subject to the track chosen by the Company,
either Section 102 or Section 102A of the Israeli Income Tax
Ordinance, and pursuant to the terms thereof, the Company is not
allowed to claim, as an expense for tax purposes, the amounts
credited to employees as a benefit, including amounts recorded as
salary benefits in the Company&amp;#x2019;s accounts, in respect of
options granted to employees under the Plan, with the exception of
the work-income benefit component, if any, determined on the grant
date. For Israeli non-employees, the share option plan is subject
to Section 3(i) of the Israeli Income Tax Ordinance.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, 47,920 shares of Common Stock remain
available for grant under the Plan.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
For purposes of determining the fair value of the options granted
to employees and non-employees, the Company&amp;#x2019;s management uses
the fair value of the Common Stock.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
From January 1, 2009 through December 31, 2011, the Company granted
options to certain employees and non-employees as follows:&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;Options granted to employees:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;a)&lt;/td&gt;
&lt;td&gt;Below is a table summarizing all of the option grants to
employees for each of the three years in the period ended December
31, 2011:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 80%; FONT: 8pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Year&amp;#xA0;of&lt;br /&gt;
Grant&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;No.&amp;#xA0;of&amp;#xA0;options&lt;br /&gt;
granted&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Exercise&lt;br /&gt;
price&amp;#xA0;range&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;Vesting&amp;#xA0;period&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Fair&amp;#xA0;value&lt;br /&gt;
at&amp;#xA0;grant&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Expiration&lt;br /&gt;
Period&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left" colspan="2"&gt;2009*&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;504,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;2.65&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;Upon achievement of certain
milestones*&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,068&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;10 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;120,400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;2.65&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;4 years&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;212&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;10 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,016,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;6.90&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;3 years commencing upon achievement
of a certain milestone&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;5,673&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;10 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" colspan="2"&gt;
2010&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;428,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" nowrap="nowrap"&gt;
$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt" nowrap="nowrap"&gt;
6.32-$9.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"&gt;4 years&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;2,147&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;10 years&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 10%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%; FONT-SIZE: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; WIDTH: 35%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,068,400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
* The milestone was achieved as of December 31, 2009 and the
options vested in full.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Set forth below are grants made by the Company to employees
(including related parties) during the three-year period ended
December 31, 2011 (such grants appear in the table above):&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;1.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;In February, 2009, the
Company&amp;#x2019;s Board of Directors approved the grant of options to
purchase 624,400 shares of Common Stock to the Company&amp;#x2019;s
Chief Executive Officer and certain officers and employees of the
Company with an exercise price equal to $2.65 per share. The
options vest as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;(i) 504,000 of the options vest
immediately upon the achievement of certain clinical and
operational performance milestones, which milestones must be
achieved within one year of the date of grant or the options will
be forfeited. The options expire within a period of 10 years from
the date of grant. The vesting conditions of these options were
satisfied prior to December 31, 2009. Accordingly, these options
were fully vested at December 31, 2009 and the Company recognized
all of the expenses for these options during 2009.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;(ii) 120,400 of the options vest
as follows: 25% within one year from the date of grant, with the
remainder vesting in 12 equal quarterly tranches over 36 months.
The options expire within a period of 10 years from the date of
grant. The Company&amp;#x2019;s management assumed the simplified method
to reflect the expected life regarding these options. The Company
used the simplified method in 2009 as the Company did not have
sufficient historical exercise data to provide a reasonable basis
upon which to estimate expected term due to the limited period of
time its equity shares have been publicly traded.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;2.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;In February 2010, the
Company&amp;#x2019;s Board of Directors approved the grant of options to
purchase 1,016,000 shares of Common Stock, in the aggregate, to the
Company&amp;#x2019;s Chief Executive Officer and certain officers and
employees of the Company with an exercise price equal to $6.90 per
share. The options vest quarterly over a three-year period
commencing upon the FDA&amp;#x2019;s approval of taliglucerase alfa, if
at all. The Company treated the awards as performance-based awards
and, given that the performance condition is outside the Company&apos;s
control, concluded that the performance condition was not probable
until the performance condition actually occurs. As a result, no
share-based compensation expense was recognized as of December 31,
2011.&amp;#xA0;&amp;#xA0;The Company will start recording these expenses
following the FDA&amp;#x2019;s marketing approval of taliglucerase alfa,
if at all.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;3.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="COLOR: black; FONT-WEIGHT: normal"&gt;In February
2010, the Company&amp;#x2019;s Board of Directors approved the grant of
options to purchase 160,000&amp;#xA0;shares of Common Stock with an
exercise price equal to $6.81 per share to a new executive officer
of the Company. The options expire on the tenth anniversary of the
date of grant, unless terminated earlier. The first 25% of the
options vest on the first anniversary of the date of grant and the
remaining 75% vest in 12 equal tranches on a quarterly basis for
three years thereafter.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;4.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;In September&amp;#xA0;2010, the
Company&amp;#x2019;s Board of Directors approved the grant of options to
purchase 160,000 shares of Common Stock to a new executive officer
of the Company with an exercise price equal to $7.55 per share and
options to purchase 40,000 shares of Common Stock to a new employee
of the Company with an exercise price equal to $6.32 per share. The
options vest over a four-year period, with the first 25% vesting on
the first anniversary of the applicable date of the grant and the
remaining 75% vesting in equal tranches on a quarterly basis for a
three-year period thereafter. &lt;font style="COLOR: black"&gt;The
options expire on the tenth anniversary of the date of grant,
unless terminated earlier.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;5.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;In November&amp;#xA0;2010, the
Company&amp;#x2019;s Board of Directors approved the grant of options to
purchase 68,000 shares of Common Stock to a new officer of the
Company with an exercise price equal to $9.66 per share. The
options vest over a four-year period, with the first 25% vesting on
the first anniversary of the applicable date of the grant and the
remaining 75% vesting in equal tranches on a quarterly basis for a
three-year period thereafter. &lt;font style="COLOR: black"&gt;The
options expire on the tenth anniversary of the date of grant,
unless terminated earlier.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1.25in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;6.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;In September 2010, the
Company&amp;#x2019;s Board of Directors modified the terms of the
options previously granted to an executive in 2001, by extending
the life of the options until 2016. At the date of modification,
all of the options were fully vested. The Company concluded that
there was no incremental increase in the value of the awards and
therefore no accounting charges need to be recorded in connection
with the modifications.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;b)&lt;/td&gt;
&lt;td&gt;The fair value of options granted during the years ended
December 31, 2009 and 2010 were $1,280 and $7,820 respectively. The
fair value of each option granted is estimated on the date of grant
using the Black-Scholes option-pricing model, with the following
weighted average assumptions:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 58%; PADDING-RIGHT: 0px"&gt;
Dividend yield&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 18%"&gt;
0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;
&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 18%"&gt;
0%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px"&gt;
Expected volatility&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
75%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
75%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px"&gt;
Risk-free interest rate&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2.74%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3.23%&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px"&gt;
Expected life &amp;#x2013; in years&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
9.2&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
8.8&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The expected volatility is based on the historical volatility of
the Common Stock and those of comparable companies. The risk-free
interest rate assumption is based on observed interest rates
appropriate for the expected term of the stock options granted in
dollar terms. The Company&amp;#x2019;s management uses the contractual
term or its expectations, based on historical incidence of option
exercises, as applicable (during 2009 - using the simplified
method), of each option as its expected life. The pre-vesting
forfeiture rate of approximately 6.3% is estimated based on
pre-vesting forfeiture experience.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The total unrecognized compensation cost of employee stock options
at December 31, 2011 is $6,218 (net of forfeiture rate) out of
which $5,639 is expected to be recognized over a three-year period
commencing upon the FDA&amp;#x2019;s approval of taliglucerase alfa, if
at all. The remaining compensation cost of $579 is expected to be
recognized over a weighted average period of 0.9 years.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The total cash received from employees as a result of employee
stock option exercises for the years ended December 31, 2009, 2010
and 2011 was $293, $501 and $277, respectively. The Company did not
realize any tax benefit in connection with these exercises.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
During 2011, the Company issued 181,685 shares of Common Stock in
connection with the exercise of 182,093 options by certain
employees of the Company. The Company received cash proceeds equal
to $268 in connection with such exercises. Of such options, 2,132
options were exercised on a &amp;#x201C;net-exercise&amp;#x201D; basis.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;Options granted to consultants, directors, and other service
providers:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;As of December 31, 2011, the
Company has recognized and recorded all compensation costs related
to outstanding options for consultants, directors and other
services providers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
No cash was received from consultants as a result of consultant
stock option exercises for the years ended December 31, 2009, 2010,
and $0.2 was received in 2011. The Company did not realize any tax
benefits in connection with these exercises.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
During 2009, the Company issued 3,853,441 shares of Common Stock in
connection with the exercise of 3,866,093 options by certain
consultants, directors, and other service providers of the Company.
The Company did not receive cash proceeds in connection with such
exercises as all of such options were exercised on a
&amp;#x201C;net-exercise&amp;#x201D; basis.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
During 2011, the Company issued 200,000 shares of Common Stock in
connection with the exercise of 200,000 options by certain
consultant of the Company. The Company received cash proceeds equal
to $0.2 in connection with such exercise.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;3.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;A summary of share option
plans, and related information, under all of the Company&amp;#x2019;s
equity incentive plans for the years ended December&amp;#xA0;31, 2009,
2010 and 2011 are as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;a.&lt;/td&gt;
&lt;td&gt;Options granted to employees:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="22"&gt;Year ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 22%"&gt;
Outstanding at beginning of year&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;5,890,641&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;2.118&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;5,366,729&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;2.476&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;6,367,979&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 10%"&gt;3.576&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Changes during the year:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 16.2pt"&gt;Granted&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;624,400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.650&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,444,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;7.076&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 16.2pt"&gt;Forfeited and
Expired&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,400&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.650&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;13,441&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3.551&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;44,856&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.207&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 16.2pt"&gt;
Exercised (*)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,146,912&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
0.733&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
429,309&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1.602&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
182,093&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1.652&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Outstanding at end of year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
5,366,729&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2.476&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6,367,979&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3.576&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6,141,030&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3.563&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Exercisable at end of year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,680,382&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1.785&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4,267,850&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2.183&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4,647,834&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2.581&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.2in; MARGIN: 0px 0px 0px 84.95pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN-TOP: 0px; TEXT-INDENT: 0in; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 1in"&gt;
(*) The total intrinsic value of options exercised during the years
ended December 31, 2009, 2010 and 2011, was $7,258, $3,050 and
$1,252, respectively.&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;b.&lt;/td&gt;
&lt;td&gt;Options granted to consultants, directors, and other service
providers:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="22"&gt;Year ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
Number&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;
exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;options&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;price&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 22%"&gt;
Outstanding at beginning of year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
5,304,785&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
1.285&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
1,438,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
4.697&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
1,438,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 10%"&gt;
4.697&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Changes during the year-Exercised (*)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
3,866,093&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
0.016&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
200,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
0.001&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Outstanding at end of year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,438,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.697&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,438,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.697&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,238,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
5.385&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Exercisable at end of year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,407,234&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.674&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,421,734&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4.653&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,235,567&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
5.385&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 63.8pt"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 14pt"&gt;(*)&lt;/td&gt;
&lt;td&gt;The total intrinsic value of options exercised during the years
ended December 31, 2009, 2010 and 2011, was $41,281, $0 and $1,886,
respectively.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -14pt; MARGIN: 0px 0px 0px 77.8pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;c.&lt;/td&gt;
&lt;td&gt;The following tables summarize information concerning
outstanding and exercisable options as of December 31, 2011:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="16" nowrap="nowrap"&gt;December 31, 2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="9" nowrap="nowrap"&gt;Options outstanding&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap"&gt;Options exercisable&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Number of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Number of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Weighted&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;options&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;options&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;average&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;outstanding&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
remaining&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;exercisable&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;remaining&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;Exercise&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;at end of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
contractual&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;at end of&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;contractual&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold" nowrap="nowrap"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;prices&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" nowrap="nowrap"&gt;life&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;year&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"&gt;life&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;0.001&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;719,207&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;3.54&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;719,207&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 15%"&gt;3.54&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;0.120&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;987,356&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.30&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;987,356&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.30&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;0.399&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;26,673&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3.35&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;26,673&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3.35&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;0.972&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,325,988&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4.47&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,325,988&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4.47&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.350&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;160,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.82&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;120,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.82&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2.650&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;604,956&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;7.15&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;573,550&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;7.15&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3.020&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;50,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.10&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;46,875&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.10&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;5.000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,720,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.10&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,559,210&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.10&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.810&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;160,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.10&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;70,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.10&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;6.900&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,010,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.15&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;7.550&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;160,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.66&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;50,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.66&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;9.660&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;68,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.84&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;17,000&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;8.84&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;16.700&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
387,542&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;5.00&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
387,542&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"&gt;5.00&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
7,379,722&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
5,883,401&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The aggregate intrinsic value of the total outstanding and of total
vested and exercisable options as of December 31, 2011 is $15,551
and $15,371, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -49.5pt; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 0.25in"&gt;d.&lt;/td&gt;
&lt;td style="TEXT-ALIGN: justify"&gt;The following table illustrates the
effect of share-based compensation on the statement of
operations:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 65%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;Year ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -12.6pt; PADDING-LEFT: 12.6pt; WIDTH: 49%"&gt;
Research and development expenses&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 14%"&gt;1,489&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 14%"&gt;630&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 14%"&gt;422&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -12.6pt; PADDING-LEFT: 12.6pt"&gt;
General and administrative expenses&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,194&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
652&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
464&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2,683&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,282&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
886&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;c.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Public Offering&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On March 23,&amp;#xA0;2011, the Company issued and sold 4,000,000
shares of Common Stock in an underwritten public offering at a
price to the public of $5.50 per share. The net proceeds to the
Company were approximately $20,590&amp;#xA0;(net of underwriting
commissions and issuance costs of $1,410).&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In February 2012, the Company issued and sold 5,175,000 shares of
Common Stock. See Note 11b.&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:CommitmentsDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 6 -&lt;/b&gt;&lt;/font&gt;
&lt;b&gt;COMMITMENTS&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Royalty commitments&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;The Company is obligated to
pay royalties to the OCS on proceeds from the sale of products
developed from research and development activities that were
funded, partially, by grants from the OCS. At the time the grants
were received, successful development of the related projects was
not assured.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In the case of failure of a project that was partly financed as
described above, the Company is not obligated to pay any such
royalties or repay funding received from the OCS.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the terms of the funding arrangements with the OCS, royalties
of 3% to 6% are payable on the sale of products developed from
projects funded by the OCS, which payments shall not exceed, in the
aggregate, 100% of the amount of the grant received (dollar
linked), plus, commencing upon January&amp;#xA0;1, 2001, interest at
annual rate based on LIBOR. In addition, if the Company receives
approval to manufacture products developed with government grants
outside the State of Israel, it will be required to pay an
increased total amount of royalties (possibly up to 300% of the
grant amounts plus interest), depending on the manufacturing volume
that is performed outside the State of Israel, and, possibly, an
increased royalty rate.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Royalty expenses to the OCS are included in the statement of
operations as a component of the cost of revenues and were
approximately $1,950, $769 and $158 during the years ended
December&amp;#xA0;31, 2009, 2010 and 2011, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
At December&amp;#xA0;31, 2011, the maximum royalty amount payable by
the Company under these funding arrangements is approximately
$19,820 (without interest, assuming 100% of the funds are
payable).&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;The Company is a party to
certain research and license agreements. Under the &lt;font style="COLOR: black"&gt;agreements, the Company is obligated&lt;/font&gt; to pay
royalties at varying rates from its future revenues. The aggregate
royalties payable under all of the agreements is equal to a
percentages of net sales of licensed products in the teens. Royalty
expenses under the agreements are included in the statement of
operations as a component of the cost of revenues and were
approximately $1,625, $115 and $19 during the years ended
December&amp;#xA0;31, 2009, 2010 and 2011, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under each agreement, the Company is also obligated to pay
milestone, licensing and other payments to the counterparties of
the agreement. The payments under the agreements are for varying
amounts and are subject to varying conditions. If all of the
contingencies with respect to milestone payments under the research
and license agreements are met, the aggregate milestone payments
payable would be approximately $950 and would be payable, if at
all, as the Company&amp;#x2019;s projects progress over the course of a
number of years. In addition, milestone payments of $70 and $100
were paid in respect of the said agreements during the years ended
December 31,2009 and 2010, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
None of the agreements has a fixed termination date. Subject to
earlier termination for other reasons, each agreement terminates
after a certain number of years following the first commercial sale
of any licensed product under the agreement or after a certain
number of years without the initiation of commercial sales of any
product under the agreement.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Subcontracting Agreements&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has entered into sub-contracting agreements with
several clinical providers and consultants in Israel, the United
States and certain other countries in connection with its primary
product development process and with expenditure of the
company&amp;#x2019;s manufacturing facilities. As of December 31, 2011,
total commitments under said agreements were approximately
$821.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;c.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Lease Agreements&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company is a party to a number of lease agreements for its
facilities, the latest of which expires in 2017. The Company has
the option to extend certain of such agreements on three occasions
for additional five-year periods, for a total of 15 additional
years. Under the leases, the aggregate monthly rental payments are
approximately $75. As of December 31, 2011, the Company provided
bank guarantees of approximately $208, in the aggregate, to secure
the fulfillment of its obligations under the lease agreements. The
future minimum lease payments required in each of the next five
years under the operating leases for such premises are
approximately as follows: 2012 - $901, 2013 - $890, 2014 - $883,
2015 &amp;#x2013; $883 and 2016 &amp;#x2013; $638. Lease expenses totaled
$780, $891 and $994 for the years ended December 31, 2009, 2010 and
2011, respectively.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;d.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Vehicle Lease and Maintenance Agreements&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In July 2004, the Company entered into several three-year lease and
maintenance agreements for vehicles which are regularly amended as
new vehicles are leased. The current monthly lease fees aggregate
approximately $46. The minimum expected lease payments for the
years ending December 31, 2012, 2013 and 2014 are $514, $267 and
$70, respectively.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;e.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Teva Agreement&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On September 14, 2006, the Company entered into an agreement (the
&amp;#x201C;Teva Agreement&amp;#x201D;) with Teva Pharmaceutical Industries
Ltd. (&amp;#x201C;Teva&amp;#x201D;) under which the Company agreed to
collaborate on the research and development of two proteins to be
identified by Teva and the Company, using ProCellEx. The Teva
Agreement also identifies additional matters for collaboration
between Teva and the Company. Subsequently, two proteins were
identified to be researched and developed under the agreement but
in 2009, both of the projects were terminated for commercial
reasons. Other elements of the Company&amp;#x2019;s collaboration with
Teva are currently ongoing.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;f.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Yissum Agreement&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: left; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On August 8, 2007, the Company signed an agreement with the Yissum
Research and Development Company, the technology transfer arm of
the Hebrew University of Jerusalem, Israel, and the Boyce Thompson
Institute for Plant Research, at Cornell University, Ithaca, New
York, to develop a proprietary plant cell-based
acetylcholinesterase (AChE) and its molecular variants for the use
in several therapeutic and prophylactic indications, including a
biodefense program and organophosphate-based pesticide treatment.
Pursuant to the agreement, the Company has received an exclusive
worldwide right and license to certain technology, including
patents and additional patent applications relating to AChE (the
&amp;#x201C;Licensed Technology&amp;#x201D;), for all therapeutic and
prophylactic indications. In consideration for the license, the
Company is required to make certain milestone payments equal to up
to $700, in the aggregate, upon its achievement of clinical
milestones and royalties from sales derived from any drugs
developed by the Company with the Licensed Technology. The
agreement does not terminate until either party to the agreement
elect to terminate the agreement, subject to certain terms and
conditions set forth therein.&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsDisclosureTextBlock>
  <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 1 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;SIGNIFICANT
ACCOUNTING POLICIES&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;General&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;Operation&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Protalix BioTherapeutics, Inc. (collectively with its subsidiaries,
&amp;#x201C;The Company&amp;#x201D;), and its wholly-owned subsidiary,
Protalix Ltd. (the &amp;#x201C;Israeli Subsidiary&amp;#x201D; or
&amp;#x201C;Protalix Ltd.&amp;#x201D;), are biopharmaceutical companies
focused on the development and commercialization of recombinant
therapeutic proteins based on the Company&amp;#x2019;s proprietary
ProCellEx&lt;sup&gt;&amp;#xAE;&lt;/sup&gt; protein expression system
(&amp;#x201C;ProCellEx&amp;#x201D;). In September 2009, Protalix Ltd. formed
another wholly-owned subsidiary under the laws of the Netherlands
in connection with the European Medicines Agency ("EMA")
application process in Europe. The Company&amp;#x2019;s two subsidiaries
are referred to collectively herein as the
&amp;#x201C;Subsidiaries.&amp;#x201D; The Company&amp;#x2019;s lead product
development candidate is taliglucerase alfa for the treatment of
Gaucher disease which the Company is developing using ProCellEx. In
addition to taliglucerase alfa, the Company is developing certain
other products using ProCellEx.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In September 2009, the Company successfully completed its phase III
pivotal trial of taliglucerase alfa. In July 2010, the U.S. Food
and Drug Administration (&amp;#x201C;FDA&amp;#x201D;) notified the Company
that it had accepted for review the Company&amp;#x2019;s new drug
application ("NDA") for taliglucerase alfa for the treatment of
Gaucher disease and that it granted to taliglucerase alfa a
Prescription Drug User Fee Act (PDUFA) action date of February 25,
2011. &lt;font style="FONT-FAMILY: Times New Roman, Times, Serif"&gt;On
February 25, 2011, the FDA issued a Complete Response Letter
("CRL") indicating that the FDA&amp;#x2019;s review of the taliglucerase
alfa NDA was complete but questions remain that precluded the
approval of the NDA in its then current form. In August 2011, the
Company submitted a revised NDA in response to the CRL. During the
same month, the FDA notified the Company that it had accepted the
revised NDA for review, had deemed the resubmission a class 2, or
6-month, response and established February 1, 2012 as the new PDUFA
date. In December 2011, the FDA notified the Company that it had
decided to extend the PDUFA date to May 1, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In the fourth quarter of 2010, Pfizer Inc. ("Pfizer"), the
Company&apos;s commercialization partner, filed, with the Company&apos;s
cooperation, a Marketing Authorization Application ("MAA") for
taliglucerase alfa with the EMA. As part of its ongoing review of
the MAA, the EMA delivered a list of outstanding points to be
addressed by the applicant. Among the topics currently in
discussion, is the orphan drug designation and exclusivity granted
by the EMA/European Commission to VPRIV, Shire plc&apos;s ("Shire")
Gaucher disease treatment, which could prevent the marketing
authorization of taliglucerase alfa in the European Union for a
10-year market exclusivity period commencing as of the August 2010
marketing authorization of VPRIV in the European Union. As part of
the MAA procedure, Pfizer, with the Company&apos;s cooperation, is
challenging VPRIV&apos;s orphan market protection with respect to
taliglucerase alfa pursuant to the EU orphan drug regulation. The
EU orphan drug regulation provides for the possibility of such a
challenge, and for an exception to this exclusivity to be granted,
based on a number of factors, including contribution to patient
care, clinical, supply, capacity and others.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Following the submission of the taliglucerase alfa MAA to the EMA,
a good manufacturing practices, or GMP, audit of the Company&apos;s
manufacturing facility was performed and it was found compliant
with EMA GMP in December 2011.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In January 2010, the EMA&apos;s Committee for Orphan Medicinal Products,
after reviewing all relevant clinical data, recommended that the
European Commission grant orphan drug designation to taliglucerase
alfa for the treatment of Gaucher disease and in March 2010, the
European Commission granted orphan designation to taliglucerase
alfa. In September 2009, the FDA&amp;#x2019;s Office of Orphan Product
Development granted &lt;font style="FONT-FAMILY: Times New Roman, Times, Serif"&gt;taliglucerase
alfa&lt;/font&gt; Orphan Drug Status.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On November&amp;#xA0;30, 2009, Protalix Ltd. and Pfizer entered into an
Exclusive License and Supply Agreement (the &amp;#x201C;Pfizer
Agreement&amp;#x201D;) pursuant to which Protalix Ltd. granted Pfizer an
exclusive, worldwide license to develop and commercialize
taliglucerase alfa, except in Israel. Under the terms and
conditions of the Pfizer Agreement, Protalix Ltd. retained the
right to commercialize taliglucerase alfa in Israel. See Note
2.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Although taliglucerase alfa has not yet been approved for
commercial sale, patients are being treated with taliglucerase
alfa, both in the framework of the Company&apos;s clinical trials and
related studies and in compassionate use programs, special access
agreements, named patient provisions and other programs designed to
ensure that treatments are available to Gaucher patients in light
of recent shortages of approved treatments. In July 2009, following
a request by the FDA, the Company submitted a treatment protocol to
the FDA in order to address an expected shortage of the current
enzyme replacement therapy approved for Gaucher disease. The
treatment protocol was approved by the FDA in August 2009, and the
Company is continuing to treat patients in the United States under
this protocol. On July 13, 2010, the Company announced that the
French regulatory authority had granted an Autorisation Temporaire
d&apos;Utilisation (ATU), or Temporary Authorization for Use, for
taliglucerase alfa for the treatment of Gaucher disease. An ATU is
the regulatory mechanism used by the French Health Products and
Safety Agency to make non-approved drugs available to patients in
France when a genuine public health need exists. This ATU allows
Gaucher disease patients in France to receive treatment with
taliglucerase alfa before marketing authorization for the product
is granted in the European Union. Payment for taliglucerase alfa
has been secured through government allocations to hospitals. In
addition to the United States and France, taliglucerase alfa is
currently being provided to Gaucher disease patients under special
access agreements or Named Patient provisions in Brazil and in
other countries.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On August 10, 2010, Pfizer entered into a short-term supply
agreement with the Ministry of Health of Brazil pursuant to which
the Company and Pfizer have provided taliglucerase alfa to the
Ministry of Health of Brazil for the treatment of Gaucher disease
patients. During the remainder of 2010 and the first quarter of
2011, the Company and Pfizer completed the supply of products
deliverable under the short-term supply agreement. During 2011,
Pfizer recorded an allowance for sales returns in connection with
the supply agreement because the Brazilian Ministry of Health
requested that Pfizer consider the replacement of certain vials
that might expire during 2012. Revenue, net of allowance for sales
returns, generated from the Brazilian Ministry of Health was
recorded by Pfizer, and the Company recorded its share of such
revenues in accordance with the terms and conditions of the Pfizer
Agreement.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;Liquidity and Financial Resources&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Successful completion of the Company&amp;#x2019;s development programs
and its transition to normal operations is dependent upon obtaining
necessary regulatory approvals from the FDA prior to selling its
products within the United States, and foreign regulatory approvals
must be obtained to sell its products internationally. Each FDA and
EMA approval triggers a $25,000 milestone payment from Pfizer,
pursuant to the Pfizer Agreement. There can be no assurance that
the Company will receive regulatory approval of any of its product
candidates, and a substantial amount of time may pass before the
Company achieves a level of revenues adequate to support its
operations, if at all. The Company also expects to incur
substantial expenditures in connection with the regulatory approval
process for each of its product candidates during their respective
developmental periods. Obtaining marketing approval will be
directly dependent on the Company&amp;#x2019;s ability to implement the
necessary regulatory steps required to obtain marketing approval in
the United States and in other countries. The Company cannot
predict the outcome of these activities.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Based on its current cash resources and commitments, and cash
received in a public underwritten offering on February 2012 (see
note 11b), the Company believes it will be able to maintain its
current planned development activities and the corresponding level
of expenditures for at least the next 12 months, although no
assurance can be given that it will not need additional funds prior
to such time. If there are unexpected increases in general and
administrative expenses or research and development expenses, the
Company may need to seek additional financing during the next 12
months.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Basis of presentation&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company&amp;#x2019;s financial statements have been prepared in
accordance with generally accepted accounting principles in the
United States (&amp;#x201C;U.S. GAAP&amp;#x201D;).&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;c.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Use of estimates in the preparation of financial
statements&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results may differ
from those estimates.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;d.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Functional currency&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The dollar is the currency of the primary economic environment in
which the operations of the Company and its Subsidiaries are
conducted. The Company&amp;#x2019;s revenues are derived in dollars.
Most of the Company&amp;#x2019;s expenses and capital expenditures are
incurred in dollars, and the major source of the Company&amp;#x2019;s
financing has been provided in dollars.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Transactions and balances originally denominated in dollars are
presented at their original amounts. Balances in non-dollar
currencies are translated into dollars using historical and current
exchange rates for non-monetary and monetary balances,
respectively. For non-dollar transactions and other items (stated
below) reflected in the statements of operations, the following
exchange rates are used: (i) for transactions &amp;#x2013; exchange
rates at the transaction dates or average rates; and (ii) for other
items (derived from non-monetary balance sheet items such as
depreciation and amortization, etc.) &amp;#x2013; historical exchange
rates. Currency transaction gains and losses are carried to
financial income or expenses, as appropriate.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;e.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Cash equivalents&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company considers all short-term, highly liquid investments,
which include short-term bank deposits with original maturities of
three months or less from the date of purchase, that are not
restricted as to withdrawal or use and are readily convertible to
known amounts of cash, to be cash equivalents.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;f.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Inventories&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Inventories are valued at the lower of cost or market. Cost of raw
and packaging materials and purchased products is determined using
the &amp;#x201C;moving average&amp;#x201D; basis.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Manufacturing costs for product candidates are expensed as research
and development expenses. The Company considers regulatory approval
of product candidates to be uncertain, and product manufactured
prior to regulatory approval may not be sold unless regulatory
approval is obtained. As such, the manufacturing costs for product
candidates incurred prior to regulatory approval are not
capitalized as inventory. Inventories for which there are orders or
are probable to be sold even without the regulatory approval, are
capitalized.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Cost of finished products that are capitalized is determined as
follows: the value of the raw and packaging materials component is
determined primarily on a using the &amp;#x201C;moving average&amp;#x201D;
basis; the value of the labor and overhead component is determined
on an average basis over the production period.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;g.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Property and equipment&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Property and equipment are
stated at cost, net of accumulated depreciation and
amortization.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;The Company&amp;#x2019;s assets
are depreciated by the straight-line method on the basis of their
estimated useful lives as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="PADDING-LEFT: 81.1pt; WIDTH: 83%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 2%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 15%"&gt;
Years&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Laboratory equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center"&gt;5&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="VERTICAL-ALIGN: top"&gt;Furniture&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"&gt;10-15&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="VERTICAL-ALIGN: top"&gt;Computer equipment&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"&gt;3&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Leasehold improvements are amortized by the straight-line method
over the expected lease term, which is shorter than the estimated
useful life of the improvements.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;h.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Impairment in value of long-lived assets:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company tests long-lived assets for impairment if an indication
of impairment exists. If the sum of expected future cash flows of
definite life assets (undiscounted and without interest charges) is
less than the carrying amount of such assets, the Company
recognizes an impairment loss, and writes down the assets to their
estimated fair values, calculated based on expected future
discounted cash flows.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;i.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Income taxes&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1.25in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Deferred income
taxes&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Deferred taxes are determined utilizing the assets and liabilities
method based on the estimated future tax effects of the differences
between the financial accounting and tax bases of assets and
liabilities under the applicable tax laws. Deferred tax balances
are computed using the tax rates expected to be in effect when
those differences reverse. A valuation allowance in respect of
deferred tax assets is provided if, based upon the weight of
available evidence, it is more likely than not that some or all of
the deferred tax assets will not be realized. The Company has
provided a full valuation allowance with respect to its deferred
tax assets.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The guidance prohibits the recognition of deferred tax liabilities
or assets that arise from differences between the financial
reporting and tax bases of assets and liabilities that are measured
from the local currency into dollars using historical exchange
rates, and that result from changes in exchange rates or indexing
for tax purposes. Consequently, the above mentioned differences
with respect to Protalix Ltd. were not reflected in the computation
of deferred tax assets and liabilities.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1.25in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Uncertainty in income
taxes&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Tax benefits recognized in the financial statements are those that
the Company&amp;#x2019;s management deems at least more likely than not
to be sustained, based on technical merits. The amount of benefits
recorded for these tax benefits is measured as the largest benefit
the Company&amp;#x2019;s management deems more likely than not to be
sustained.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;j.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Revenue Recognition&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognizes revenue when the earnings process is
complete, which is when revenue is realized or realizable and
earned, there is persuasive evidence a revenue arrangement exists,
delivery of goods or services has occurred, the sales price is
fixed or determinable and collectability is reasonably assured.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1.25in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Revenues from the license and
supply agreement with Pfizer&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognizes revenue and milestone payments received
pursuant to the Pfizer Agreement in accordance with guidance
regarding revenue recognition and accounting for revenue
arrangements with multiple deliverables. As the arrangement with
Pfizer requires the Company&amp;#x2019;s continued involvement with
respect to the proposed commercialization of taliglucerase alfa,
the non-refundable, up-front license payment the Company received
from Pfizer was deferred and recognized over the related
performance period. The Company estimated the performance period of
14 years (commencing upon the date of the Company&apos;s receipt of the
up-front license payment payable by Pfizer under the Pfizer
Agreement) based on the date the last relevant patent expires. See
Note 2. The Company adjusts the performance periods, if
appropriate, based on the applicable facts and circumstances.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1.25in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Revenues from selling
products to Pfizer&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company recognizes revenues from products sold to Pfizer upon
delivery, when the sales price is fixed or determinable and
collectability is reasonably assured.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1.25in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;3.&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Company&amp;#x2019;s share in the
collaboration agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;Under the terms and conditions of
the Pfizer Agreement, the Company is entitled to 40% of the profits
or loss from sales of taliglucerase alfa, and related expenses
incurred, except with respect to sales in Israel, where the Company
retained exclusive marketing rights. Since Pfizer bears most of the
risks and rewards relating to the agreement, the Company&amp;#x2019;s
share in the profits and loss in the agreement is recognized on a
net basis. The Company recognizes its share of net profit or loss
from the Pfizer Agreement based on reports it receives from Pfizer
summarizing the results of the collaborative activities under the
agreement for the applicable period. Under the terms of the Pfizer
Agreement, for its subsidiaries operating outside the United
States, financial information is included based on the fiscal year
ending November 30, while financial information for the U.S. entity
is included based on the fiscal year ending December 31.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;k.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Research and development costs&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Research and development costs are expensed as incurred and consist
primarily of personnel, subcontractors and consultants (mainly in
connection with clinical trials), facilities, equipment and
supplies for research and development activities. Grants received
by the Israeli Subsidiary from the Office of the Chief Scientist of
Israel&amp;#x2019;s Ministry of Industry, Trade and Labor (the
&amp;#x201C;OCS&amp;#x201D;) are recognized when the grant becomes
receivable, provided there is reasonable assurance that the Company
or the Subsidiary will comply with the conditions attached to the
grant and there is reasonable assurance the grant will be received.
The grant is deducted from the research and development expenses as
the applicable costs are incurred.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Reimbursements received from Pfizer are recognized when the
reimbursements become receivable, provided there is reasonable
assurance that the Company will comply with the conditions attached
to the reimbursements and there is reasonable assurance the
reimbursements will be received. The reimbursements are deducted
from the research and development expenses as the applicable costs
are incurred.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In connection with purchases of assets, amounts assigned to
intangible assets to be used in a particular research and
development project that have no alternative future use are charged
to research and development costs at the purchase date.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Nonrefundable advance payments for goods or services that will be
used or rendered for future research and development activities are
deferred and amortized over the period that the goods are consumed
or the related services are performed.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;l.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Comprehensive loss&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has no other comprehensive loss components other than
net loss for the reported periods.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;m.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Concentration of credit risks and trade receivable&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Financial instruments that potentially subject the Company to
concentration of credit risk consist principally of bank deposits.
The Company deposits these instruments with highly rated financial
institutions, mainly in Israeli banks, and, as a matter of policy,
limits the amounts of credit exposure to any one financial
institution. The Company has not experienced any credit losses in
these accounts and does not believe it is exposed to any
significant credit risk on these instruments.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="COLOR: black"&gt;The Company&apos;s trade&lt;/font&gt; receivable
&lt;font style="COLOR: black"&gt;represents amounts to be received from
Pfizer, as the Company currently receives all of its revenues from
Pfizer. The Company does not require Pfizer to post collateral with
respect to the receivables. The Company performs periodic credit
evaluations of Pfizer&amp;#x2019;s financial condition and believes
there is no significant risk with respect to Pfizer&amp;#x2019;s payment
of the receivables.&lt;/font&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;n.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Share-based compensation&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company accounts for employee&amp;#x2019;s share-based payment
awards classified as equity awards using the grant-date fair value
method. The fair value of share-based payment transactions is
recognized as an expense over the requisite service period, net of
estimated forfeitures. The Company estimates forfeitures based on
historical experience and anticipated future conditions.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company elected to recognize compensation cost for an award
with only service conditions that has a graded vesting schedule
using the accelerated method based on the multiple-option award
approach.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
When stock options are granted as consideration for services
provided by consultants and other non-employees, the grant is
accounted for based on the fair value of the consideration received
or the fair value of the stock options issued, whichever is more
reliably measurable. The fair value of the options granted is
measured on a final basis at the end of the related service period
and is recognized over the related service period using the
straight-line method.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;o.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Net Loss per share&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Basic and diluted loss per share (&amp;#x201C;LPS&amp;#x201D;) are computed
by dividing net loss by the weighted average number of shares of
the Company&apos;s Common Stock, par value $0.001 per share (the "Common
Stock") outstanding for each period.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Diluted LPS does not include options to purchase 10,660,447,
7,761,168 and 7,469,088 shares of Common Stock for the fiscal years
ended December 31, 2009, 2010 and 2011, respectively, because the
effect would be anti-dilutive.&lt;/p&gt;
&lt;/div&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-5868000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
  <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-3891000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:Revenues contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">8386000</us-gaap:Revenues>
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1410000</us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts>
  <us-gaap:PensionAndOtherPostretirementBenefitContributions contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">14000</us-gaap:PensionAndOtherPostretirementBenefitContributions>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-23570000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:ReimbursementRevenue contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">6775000</us-gaap:ReimbursementRevenue>
  <us-gaap:ShareBasedCompensation contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">886000</us-gaap:ShareBasedCompensation>
  <us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">6147000</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
  <us-gaap:PaymentsForProceedsFromOtherInvestingActivities contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">165000</us-gaap:PaymentsForProceedsFromOtherInvestingActivities>
  <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-8000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
  <us-gaap:SubsequentEventsTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 11 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;SUBSEQUENT
EVENTS&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -20.7pt; MARGIN: 0px 0px 0px 56.7pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 36pt"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 20.7pt"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;During January and February
2012, the Company issued a total of 10,239 shares of Common Stock
in connection with the exercise of options to purchase 10,239
shares of Common Stock by certain employees of the Company. The
Company received aggregate cash proceeds equal to approximately $5
in connection with the exercise of such options.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -20.7pt; MARGIN: 0px 0px 0px 56.7pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 36pt"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 20.7pt"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;On February 22,&amp;#xA0;2012,
the Company issued and sold 5,175,000 shares of Common Stock in an
underwritten public offering at a price to the public of $5.25 per
share. The net proceeds to the Company were approximately
$25,389&amp;#xA0;(net of underwriting commissions and issuance costs of
$1,567). The offering included the exercise by the underwriters of
an over-allotment option to purchase 675,000 shares of Common
Stock.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
  <us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">299000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
  <us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 5 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;LIABILITY
FOR EMPLOYEE RIGHTS UPON RETIREMENT&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary is required to make a severance payment upon
dismissal of an employee, or upon termination of employment in
certain circumstances. The severance pay liability to the employees
(based upon length of service and the latest monthly salary - one
month&amp;#x2019;s salary for each year employed) is recorded on the
Company&amp;#x2019;s balance sheets under &amp;#x201C;Liability for employee
rights upon retirement.&amp;#x201D; The liability is recorded as if it
were payable at each balance sheet date on an undiscounted
basis.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The liability is funded in part from the purchase of insurance
policies or by the establishment of pension funds with dedicated
deposits in the funds. The amounts used to fund these liabilities
are included in the Company&amp;#x2019;s balance sheets under
&amp;#x201C;Funds in respect of employee rights upon retirement.&amp;#x201D;
These policies are the Company&amp;#x2019;s assets. However, under labor
agreements and subject to certain limitations, any policy may be
transferred to the ownership of the individual employee for whose
benefit the funds were deposited. In the years ended December 31,
2009, 2010 and 2011, the Company deposited $79, $174 and $181,
respectively, with insurance companies in connection with its
severance payment obligations.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In accordance with the current employment agreements with certain
employees, the Company makes regular deposits with certain
insurance companies for accounts controlled by each applicable
employee in order to secure the employee&amp;#x2019;s rights upon
retirement. The Company is fully relieved from any severance pay
liability with respect to each such employee after it makes the
payments on behalf of the employee. The liability accrued in
respect of these employees and the amounts funded, as of the
respective agreement dates, are not reflected in the
Company&amp;#x2019;s balance sheets, as the amounts funded are not under
the control and management of the Company and the pension or
severance pay risks have been irrevocably transferred to the
applicable insurance companies (the &amp;#x201C;Contribution
Plans&amp;#x201D;).&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The amounts of severance pay expenses were $488, $1,118 and $816
for the years ended December 31, 2009, 2010 and 2011, respectively,
of which $335, $531 and $641 in the years ended December 31, 2009,
2010 and 2011, respectively, were in respect of a Contribution
Plan. Gain on amounts funded in respect of employee rights upon
retirement totaled $81, $26 and $14 for the years ended December
31, 2009, 2010 and 2011, respectively.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company expects to contribute approximately $779 in the year
ending December 31, 2012 to insurance companies in connection with
its severance liabilities for its operations for that year, $607 of
which will be contributed to one or more Contribution Plans.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
During the five-year period following December 31, 2011, the
Company expects to pay future benefits to one employee upon the
employee&apos;s normal retirement age. The Company anticipates that the
benefits payable will be immaterial.&lt;/p&gt;
&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
  <us-gaap:NetIncomeLoss contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-36529000</us-gaap:NetIncomeLoss>
  <us-gaap:ResearchAndDevelopmentExpense contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">37818000</us-gaap:ResearchAndDevelopmentExpense>
  <us-gaap:ForeignCurrencyTransactionGainLossUnrealized contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-350000</us-gaap:ForeignCurrencyTransactionGainLossUnrealized>
  <us-gaap:CostOfRevenue contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">1525000</us-gaap:CostOfRevenue>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">20590000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">5705000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
  <us-gaap:OperatingIncomeLoss contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-36531000</us-gaap:OperatingIncomeLoss>
  <us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">2000</us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>
  <us-gaap:InventoryDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 4 -&lt;/b&gt;&lt;/font&gt;
&lt;b&gt;INVENTORIES&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Inventory at
December&amp;#xA0;31, 2010 and 2011 consisted of the
following:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 58%"&gt;Raw materials&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 18%"&gt;553&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 18%"&gt;279&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Finished
goods&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
636&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;Total
inventory&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,189&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
279&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;During the year ended
December 31, 2010 and 2011, &lt;font style="COLOR: black"&gt;the Company
recorded a $2,692&lt;/font&gt; and $363, respectively, write-down of
inventory under cost of revenues. See Note 9d.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:InventoryDisclosureTextBlock>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 3 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;PROPERTY
AND EQUIPMENT&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Composition of property and
equipment grouped by major classifications is as
follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 60%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1in" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in; WIDTH: 58%"&gt;
Laboratory equipment&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 18%"&gt;11,478&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 18%"&gt;13,079&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Furniture and computer equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,306&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,522&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Leasehold improvements&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;11,221&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;13,705&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
Equipment under construction&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,038&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,113&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 14.55pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;25,043&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;29,419&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 16.2pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 16.2pt"&gt;
Less &amp;#x2013; accumulated depreciation and amortization&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(7,589&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(11,148&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.1in"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
17,454&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
18,271&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px 0px 0px 4.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="FONT-WEIGHT: normal"&gt;Depreciation and amortization
in respect of property and equipment totaled $1,990, $3,133 and
$3,631 for the years ended December 31, 2009, 2010 and 2011,
respectively, out of which the Company recorded a total write down
of $0, $43 and $10, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-8899000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-388000</us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 8 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;TAXES ON
INCOME&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;a.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;The Company&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Protalix BioTherapeutics, Inc. is taxed according to U.S. tax laws.
The Company&apos;s income is, or will be, taxed in the United States at
the rate of up to 39%.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;b.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Protalix Ltd.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary is taxed according to Israeli tax laws:&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;Measurement of results for tax purposes&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Since 2008, the Company has measured the results of the Israeli
Subsidiary for tax purposes in nominal terms in NIS. Pursuant to
the Israel Income Tax Law (Adjustments for Inflation), 1985 (the
&amp;#x201C;Adjustments Law&amp;#x201D;), the Subsidiary&amp;#x2019;s results for
tax purposes have been measured through 2007 on a real basis, based
on changes in the Israel consumer price index.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;Tax rates&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The income of the Israeli Subsidiary, other than income from
&amp;#x201C;Approved Enterprises,&amp;#x201D; is taxed in Israel at the
regular rate. See 3 below. According to the provisions of the Law
for Amending the Israel Income Tax Ordinance, 2005, corporate tax
rates will be gradually lowered, resulting in a corporate tax rate
for 2009 and thereafter: 2009 &amp;#x2013; 26% and for 2010 and
thereafter &amp;#x2013; 25%.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On July 14, 2009, the Israel Economic Efficiency Law (Legislation
Amendments for Applying the Economic Plan for 2009 and 2010), 2009,
became effective, stipulating, among other things, an additional
gradual decrease in tax rates in 2011 and thereafter, as follows:
2011 &amp;#x2013; 24%, 2012 &amp;#x2013; 23%, 2013 &amp;#x2013; 22%, 2014 &amp;#x2013;
21%, 2015 &amp;#x2013; 20% and 2016 and thereafter &amp;#x2013; 18%.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On December 5, 2011, the "Tax Burden Distribution Law" (hereinafter
- the 2011 amendment) was officially published, discontinuing a
previously approved gradual decrease in corporate tax provided in
the 2009 amendment, and setting the corporate tax rate in Israel
for 2012 and thereafter to 25%.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Capital gain is subject to capital gain tax according to corporate
tax rate in the year of selling the assets.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;3.&lt;/td&gt;
&lt;td&gt;The Law for the Encouragement of Capital Investments, 1959 (the
&amp;#x201C;Encouragement of Capital Investments Law&amp;#x201D;)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the Encouragement of Capital Investments Law, including
Amendment No. 60 to the Encouragement of Capital Investments Law as
published in April 2005, by virtue of the &amp;#x201C;Approved
Enterprise&amp;#x201D; or &amp;#x201C;Benefited Enterprise&amp;#x201D; status the
Israeli Subsidiary is entitled to various tax benefits as
follows:&lt;/p&gt;
&lt;p style="TEXT-INDENT: -37.1pt; MARGIN: 0px 0px 0px 1.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;a.&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Reduced tax rates&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Income derived from the Approved Enterprise during a 10-year period
commencing upon the year in which the enterprise first realizes
taxable income is tax exempt, provided that the maximum period to
which it is restricted by the Encouragement of Capital Investments
Law has not elapsed.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary has an &amp;#x201C;Approved Enterprise&amp;#x201D;
plan since 2004 and &amp;#x201C;Benefited Enterprise&amp;#x201D; plan since
2009. The period of benefits in respect of the main enterprise of
the Company has not yet commenced. The period during which the
Company is entitled to benefits in connection with the Benefited
Enterprise expires in 2021.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
If the Israeli Subsidiary subsequently pays a dividend out of
income derived from the &amp;#x201C;Approved Enterprise&amp;#x201D; or
&amp;#x201C;Benefited Enterprise&amp;#x201D; during the tax exemption period,
it will be subject to a tax on the amount distributed, including
any company tax on these amounts, at the rate which would have been
applicable had such income not been exempted.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In addition to the corporate taxes in Israel, the Company might be
subject to a withholding tax on the U.S. revenue source portion of
the payments made to the Company for its share of Pfizer&amp;#x2019;s
net profits under the Pfizer Agreement. The withholding tax rate is
currently 15%.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;b.&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Accelerated depreciation&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary is entitled to claim accelerated
depreciation, as provided by Israeli law, in the first five years
of operation of each asset, in respect of buildings, machinery and
equipment used by the Approved Enterprise and the Benefited
Enterprise.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;c.&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Conditions for entitlement to the benefits&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary&amp;#x2019;s entitlement to the benefits
described above is subject to its fulfilling the conditions
stipulated by the law, rules and regulations published thereunder,
and the instruments of approval for the specific investment in an
approved enterprise. If there is any failure by the Israeli
Subsidiary to comply with these conditions, the benefits may be
cancelled and the Subsidiary may be required to refund the amount
of the benefits, in whole or in part, with interest. The Company
received a final implementation approval with respect to its
&amp;#x201C;Approved Enterprise&amp;#x201D; from the Investment Center.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 1in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;d.&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Amendment of the Law for the Encouragement of Capital
Investments, 1959&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Encouragement of Capital Investments Law was amended as part of
the Economic Policy Law for the years 2011-2012, which was passed
by the Israeli Knesset on December 29, 2010 (the &amp;#x201C;Capital
Investments Law Amendment&amp;#x201D;).&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Capital Investments Law Amendment sets alternative benefit
tracks to those currently in effect under the provisions of the
Encouragement of Capital Investments Law.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The benefits granted to the Benefited Enterprises will be unlimited
in time, unlike the benefits granted to special Benefited
enterprises, which will be limited for a 10-year period. The
benefits shall be granted to companies that will qualify under
criteria set in the law; for the most part, those criteria are
similar to the criteria that were set in the Encouragement of
Capital Investments Law prior to its amendment.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1.25in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the transitional provisions of the Encouragement of Capital
Investments Law, the Company is entitled to take advantage of the
tax benefits available under the Encouragement of Capital
Investments Law prior to its amendment until the end of the
benefits period, as defined in the Encouragement of Capital
Investments Law. The Company will be allowed to set the &amp;#x201C;year
of election&amp;#x201D; no later than tax year 2012, provided that the
minimum qualifying investment was made not later than the end of
2010. On each year during the benefits period, the Company will be
able to elect that the Capital Investments Amendment apply to the
Company, thereby making the tax rates described above available to
the Company. An election to have the Capital Investments Amendment
apply is irrecoverable.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;4.&lt;/td&gt;
&lt;td&gt;The Law for the Encouragement of Industry (Taxation),
1969:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Israeli Subsidiary is an &amp;#x201C;industrial company,&amp;#x201D; as
defined under the Law for the Encouragement of Industry (Taxation),
1969 (the &amp;#x201C;Law for the Encouragement of Industry&amp;#x201D;). As
such, the Israeli Subsidiary is entitled to claim depreciation at
increased rates for equipment used in industrial activity, as
stipulated by regulations published under Law for the Encouragement
of Industry, and has done so.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Under the provisions of the Income Tax Regulations
&amp;#x201C;Accelerated Depreciation in respect of Equipment acquired
during the Defined Period&amp;#x201D; (Temporary Orders), industrial
companies whose operations are mostly &amp;#x201C;eligible
operations&amp;#x201D; are entitled to claim accelerated depreciation at
a rate of 50% on machinery and equipment acquired from June 1, 2008
to May 31, 2009.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;c.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Tax losses carried forward to future years&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
As of December 31, 2011, the Company had aggregate net operating
loss (NOL) carry-forwards equal to approximately $63,040 that are
available to reduce future taxable income as follows:&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;1.&lt;/td&gt;
&lt;td&gt;The Company&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The NOL carry-forward of the Company equal to approximately $11,740
may be restricted under Section 382 of the Internal Revenue Code
(&amp;#x201C;IRC&amp;#x201D;). IRC Section 382 applies whenever a corporation
with NOL experiences an ownership change. As a result of IRC
Section 382, the taxable income for any post change year that may
be offset by a pre-change NOL may not exceed the general IRC
Section 382 limitation, which is the fair market value of the
pre-change entity multiplied by the IRC long-term tax exempt
rate.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 1in; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.75in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;2.&lt;/td&gt;
&lt;td&gt;Protalix Ltd.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
At December 31, 2011, the Israeli Subsidiary had approximately
$51,300 of NOL carry-forwards that are available to reduce future
taxable income with no limited period of use.&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.25in; MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;d.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Deferred income taxes:&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The components of the Company&amp;#x2019;s net deferred tax assets at
December 31, 2010 and 2011 were as follows:&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 70%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;In respect of:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt; WIDTH: 70%"&gt;
Research and Development expenses&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;4,119&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt"&gt;Property and
equipment&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(143&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;(149&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt"&gt;Holiday and
recreation pay&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;296&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;305&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt"&gt;Severance pay
obligation&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;130&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;164&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt"&gt;Deferred
revenues&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,691&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4,746&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 12.6pt"&gt;Net operating
loss carry forwards&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,599&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4,579&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;Valuation
allowance&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(7,573&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
(13,764&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
Deferred taxes are computed using the tax rates expected to be in
effect when those differences reverse. The Company used tax rates
of 39%, 25% and 0%.&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;e.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Reconciliation of the theoretical tax expense to actual tax
expense&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The main reconciling items between the statutory tax rate of the
Company and the effective rate is the provision for full valuation
allowance in respect of tax benefits from carry forward tax losses
due to the uncertainty of the realization of such tax benefits (see
above).&lt;/p&gt;
&lt;p style="TEXT-INDENT: -0.5in; MARGIN: 0px 0px 0px 1in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-WEIGHT: normal"&gt;&amp;#xA0;&lt;/font&gt;&lt;/p&gt;
&lt;table style="MARGIN-TOP: 0px; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="WIDTH: 0.5in"&gt;&lt;/td&gt;
&lt;td style="WIDTH: 0.25in"&gt;&lt;font style="FONT-WEIGHT: normal"&gt;f.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;Tax assessments&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
In accordance with the Income Tax Ordinance, as of December 31,
2011, all of Protalix Ltd.&amp;#x2019;s tax assessments through tax year
2007 are considered final.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
A summary of open tax years by major jurisdiction is presented
below:&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;table style="WIDTH: 50%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td style="BORDER-BOTTOM: windowtext 1pt solid; WIDTH: 48%; FONT-WEIGHT: bold"&gt;
Jurisdiction:&lt;/td&gt;
&lt;td style="WIDTH: 4%; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: windowtext 1pt solid; TEXT-ALIGN: right; WIDTH: 48%; FONT-WEIGHT: bold"&gt;
Years:&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Israel&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2008-2011&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;United States (*)&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2002-2011&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: top"&gt;
&lt;td&gt;Netherlands&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2009-2011&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.75in; FONT: 10pt Times New Roman, Times, Serif"&gt;
(*) Includes federal, state and local (or similar provincial
jurisdictions) tax positions.&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:PensionAndOtherPostretirementBenefitExpense contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">155000</us-gaap:PensionAndOtherPostretirementBenefitExpense>
  <us-gaap:IncreaseDecreaseInInventories contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-910000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInDeferredRevenue contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">-3005000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 10 -&lt;/b&gt;&lt;/font&gt; &lt;b&gt;RELATED
PARTY TRANSACTIONS&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;
&lt;table style="WIDTH: 93%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 36pt" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;Year ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -20.7pt; PADDING-LEFT: 20.7pt; WIDTH: 55%"&gt;
&lt;b&gt;a. &amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/b&gt;Management and consulting fees to
the Chairman of the Board&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 12%"&gt;
33&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 12%"&gt;
6&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 12%"&gt;
-&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -20.7pt; PADDING-LEFT: 20.7pt"&gt;
&lt;b&gt;b.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&lt;/b&gt;Compensation to the
non-executive directors (except the Chairman of the Board in 2009,
and includes the interim Chairman of the Board in 2010 and
2011)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
209&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
215&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
215&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:GeneralAndAdministrativeExpense contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0" unitRef="iso4217_USD" decimals="-3">6931000</us-gaap:GeneralAndAdministrativeExpense>
  <us-gaap:AdditionalFinancialInformationDisclosureTextBlock contextRef="eol_PE5673----1110-K0006_STD_365_20111231_0">&lt;div&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;&lt;b&gt;NOTE 9 -&lt;/b&gt;&lt;/font&gt;
&lt;b&gt;SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION:&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: 0in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -17.3pt; MARGIN: 0px 0px 0px 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Balance sheets:&lt;/b&gt;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 90%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"&gt;December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -26.45pt; PADDING-LEFT: 26.45pt; FONT-WEIGHT: bold"&gt;
a.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Accounts
receivable - other:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in; WIDTH: 70%"&gt;
Deferred costs*&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; WIDTH: 12%"&gt;1,558&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Institutions&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;634&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;375&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;State
of Israel (see Note&amp;#xA0;6a )&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;878&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,296&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Restricted deposit&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;226&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;208&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Prepaid expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;354&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;235&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Sundry&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
139&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
165&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
2,231&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,837&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left"&gt;* Manufacturing costs of inventory,
paid by Pfizer, but not delivered.&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;b.
&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Accounts payable
and accruals &amp;#x2013; other:&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Payroll and related expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,199&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,108&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Provision for vacation and recreation pay&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,235&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,221&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Accrued expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,030&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,327&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Royalties payable&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;884&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;89&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Liability in connection with collaboration operation- current
portion&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,322&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
Property and equipment supplier&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,720&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,473&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 0.6in"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
8,068&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
7,540&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-ALIGN: center; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;p style="MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -17.3pt; MARGIN: 0px 0px 0px 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;Statement of operations:&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -17.3pt; MARGIN: 0px 0px 0px 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/p&gt;
&lt;p style="TEXT-INDENT: -17.3pt; MARGIN: 0px 0px 0px 71.3pt; FONT: 10pt Times New Roman, Times, Serif"&gt;
&lt;/p&gt;
&lt;table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="10"&gt;Year ended December 31,&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2009&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2010&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"&gt;2011&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: center; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: center" colspan="2"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; FONT-WEIGHT: bold"&gt;
c.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Revenues:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: -0.1in; PADDING-LEFT: 52.2pt; WIDTH: 55%"&gt;
Deferred revenues from the license and supply agreement with
Pfizer&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 12%"&gt;
388&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 12%"&gt;
4,563&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; WIDTH: 12%"&gt;
4,563&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 45pt"&gt;
Revenues from selling products to Pfizer&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 1pt"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
2,079&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
3,823&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 5.35pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
388&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6,642&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
8,386&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 5.35pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold"&gt;
d.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Cost
of Revenues:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Cost of products
sold&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;807&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;985&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Write down of
inventories&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,692&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;363&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Royalties
expenses&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
3,575&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
884&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
177&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 5.35pt; FONT-WEIGHT: bold"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
3,575&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
4,383&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
1,525&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 5.35pt; FONT-WEIGHT: bold"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold"&gt;
e.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;Research
and development expenses - net:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Payroll and
related expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;10,479&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;13,176&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;14,042&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Subcontractors and
consultants&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;7,469&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;11,550&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;11,314&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Materials and
consumables&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,852&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4,947&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,425&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Rent, insurance
and maintenance&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,238&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,457&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;4,113&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Patent
registration and licensing&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;387&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;571&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;449&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Depreciation and
write down&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;1,799&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,456&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,057&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Other&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,166&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,534&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
1,418&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-LEFT: 5.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;27,390&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;37,691&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;37,818&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 0.5in"&gt;Less - grants and
reimbursements:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 45pt"&gt;Development costs
reimbursements from Pfizer&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,922&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;3,430&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 45pt"&gt;Grants
(see Note 6a)&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
5,752&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
3,818&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
3,345&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 5.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
21,638&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
29,951&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
31,043&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; TEXT-INDENT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: bold"&gt;
f.&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;&amp;#xA0;General
and administrative expense:&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Payroll and
related expenses&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,804&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,415&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;$&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,481&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Management and
consulting fees&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;681&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;221&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;215&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Rent, insurance
and maintenance&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;347&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;463&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;498&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Professional
fees&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,274&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,274&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;2,326&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Travel&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;251&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;308&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;229&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Depreciation&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;191&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;309&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="TEXT-ALIGN: right"&gt;363&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-LEFT: 50pt"&gt;Other&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
596&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
886&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"&gt;
&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"&gt;
819&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 5.4pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
7,144&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6,876&lt;/td&gt;
&lt;td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="PADDING-BOTTOM: 2.5pt"&gt;&amp;#xA0;&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"&gt;
$&lt;/td&gt;
&lt;td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"&gt;
6,931&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
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&lt;p style="MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif"&gt;
&lt;font style="FONT-SIZE: 10pt"&gt;NOTE 2 -&lt;/font&gt; LICENSE AND SUPPLY
AGREEMENT&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
On November&amp;#xA0;30, 2009, Protalix Ltd. and Pfizer entered into
the Pfizer Agreement pursuant to which Pfizer was granted an
exclusive, worldwide license to develop and commercialize
taliglucerase alfa, except in Israel. Under the terms and
conditions of the Pfizer Agreement, Protalix Ltd. retained the
right to commercialize taliglucerase alfa in Israel. Under the
Pfizer Agreement, Pfizer made an upfront payment to Protalix Ltd.
of $60,000 in connection with the execution of the agreement and
shortly thereafter paid Protalix Ltd. an additional $5,000 upon the
Company&amp;#x2019;s filing of a proposed pediatric investigation plan
to the Pediatric Committee of the EMA. Protalix Ltd. is also
eligible to receive additional potential milestone payments
totaling up to $50,000 for the successful achievement of other
regulatory milestones. Protalix Ltd. is entitled to 40% of the
profits earned on Pfizer&amp;#x2019;s sales of taliglucerase alfa. Such
profit will be calculated while, in addition to other adjustments,
taking into account Protalix Ltd.&amp;#x2019;s cost of goods sold and
Pfizer&amp;#x2019;s commercial expenses, with certain expenses capped or
borne solely by one party ("Collaboration Operation"). Of the
losses incurred by the Collaboration Operation through December 31,
2011, 40% will be deducted from the Company&apos;s share in the profits
from future years. This deduction will limited to a certain
percentage of any quarterly profit. As of December 31, 2011, the
Company accrued a liability in respect of these losses equal to
$7,888, out of which $6,566 is classified as a long term liability,
and the remainder is included in accounts payable and
accruals-other.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company has determined that the initial, non-refundable upfront
license fee payment of $60,000 together with the first $5,000
payment will be recognized on a straight line basis as revenue over
the estimated relationship period. The Company has estimated that
the relationship period for its arrangement with Pfizer will be
approximately 14 years (commencing upon the Company&amp;#x2019;s receipt
of the up-front license payment) based on the Company&amp;#x2019;s last
material patent relating to taliglucerase alfa to expire.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
The Company&amp;#x2019;s deliverables under this collaboration include
an exclusive license to taliglucerase alfa as an enzyme replacement
therapy for the treatment of Gaucher disease, certain research and
development services as required under the Pfizer Agreement for
taliglucerase alfa, manufacturing of taliglucerase alfa and
optional participation in a joint steering committee.&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
&amp;#xA0;&lt;/p&gt;
&lt;p style="MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif"&gt;
According to the terms and conditions of the Pfizer Agreement, the
Company retained manufacturing rights and sells its products to
Pfizer. In addition, Pfizer is required to reimburse the Company
for certain costs it incurs in connection with certain development
expenses for taliglucerase alfa. In connection with the payments
received under the Pfizer Agreement, Protalix Ltd. is obligated to
pay certain royalties. See Note 6a.&lt;/p&gt;
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