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What: Shares of biopharmaceutical company Protalix BioTherapeutics
So what: Protalix and development and marketing partner Pfizer
Now what: I'll give Protalix a golf clap for today's approval, and certainly those afflicted with Gaucher's disease have to be thrilled with the new treatment option, but Protalix is one of the worst destructors of shareholder wealth in the biotech sector, and I've never forgotten that. In October 2007, the company priced a secondary offering more than 85% below its previous day's closing price. Even recently, in February 2012, the company priced yet another 4.5 million shares at 14% below the previous day's close. Between the accumulated deficit and the company's penchant for diluting shareholders to death, I'm staying as far away from Protalix as I possibly can.
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Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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