Protalex, Inc. Completes Private Placement and Announces Research Progress

    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
 human trials."
     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
 discoveries:
 
     -- 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
        symptoms; and
 
     -- 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
 Exchange Commission.
 
 

SOURCE  Protalex, Inc.