ALBUQUERQUE, N.M., June 29 /PRNewswire/ -- Protalex, Inc.
(OTC Bulletin Board: PRTX), a biopharmaceutical firm, announces completion of
a private placement of common stock, raising approximately $650,000 to fund
ongoing research into its unique treatment for rheumatoid arthritis. John
Doherty, Protalex's President, commented, "The Company has moved forward very
rapidly during the first months of the year 2000, and we are gratified by the
enthusiastic response and the confidence shown by our investors. This support
will enable us to stay on course in completing the second phase of testing of
the Protalex Bioregulator, leading up to application for FDA approval for
Protalex's new approach to rheumatoid arthritis is aimed at comprehensive
management of the disease rather than just palliation of symptoms. Phase I
research, utilizing cells in tissue culture, has produced four groundbreaking
-- The proprietary Protalex Bioregulator molecule appears to have a
mechanism of action completely different from any existing drug;
-- It can shift primitive cells to a higher and more mature level of
activity, potentially restoring the integrity of the diseased tissues
and normalizing their functions;
-- The Protalex Bioregulator also acts upon the biochemical mechanisms
that produce inflammation and local joint pain, thus relieving
-- Perhaps most importantly, the active component of the experimental
Bioregulator molecule has been found to be a much simpler structure
than previously thought. This implies that the active portion can be
isolated, synthesized and patented as the first member of a new class
of pharmaceutical agents, a strategy the Company is pursuing vigorously
at this time.
Phase II research is now underway, utilizing a mouse model for in vivo
demonstration of the principles of Bioregulation. Although this work is still
in progress, early results are extremely encouraging, supporting the
scientific concepts developed in the Phase I studies and confirming their
relevance in the much more complex whole-animal model.
Statements in this press release that are not strictly historical are
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements involve a high degree of risk and uncertainty, are
predictions only and actual events or results may differ materially from those
projected in such forward-looking statements. Factors that could cause or
contribute to differences include the Company's limited operating history,
uncertainty regarding viability and market acceptance of the Company's
products, and the Company's dependence on reimbursement by third parties.
These factors and others are more fully described in the section entitled
"Risks Related to the Company's Business" in the Company's Registration
Statement on Form 10-SB (File No. 000-28385) as filed with the Securities and
SOURCE Protalex, Inc.