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.