Protalex, Inc. Completes Private Placement, Comments on Pre-Clinical Studies
ALBUQUERQUE, N.M., Sept. 11 /PRNewswire/ -- Protalex, Inc. (OTC Bulletin Board: PRTX) announced today the completion of a $1.1 million private placement of its common stock. The placement was arranged by Pembroke Financial Partners LLC of Houston, Texas. This financing will further the Company's development of its proprietary pharmaceuticals for the treatment of rheumatoid arthritis and other autoimmune diseases. The Company also announces the addition of William M. Hitchcock to its Board of Directors. Mr. Hitchcock has extensive experience in corporate finance and management and is a managing partner of Pembroke Financial Partners LLC. The Company has recently completed its pre-clinical studies of its first pharmaceutical. These studies have established the effectiveness of the Company's unique approach to arthritis treatment. This approach is distinctly different from traditional arthritis therapies which are aimed solely at the treatment of symptoms of the disease. In these important animal studies the Company's pharmaceutical performed better than the industry standard Biologic Response Modifier drug. The Company is currently completing its first patent application, as well as contracting with an FDA approved manufacturing facility for early stage production of the Company's arthritis drug. A Contract Research Organization (CRO) is presently being hired to oversee full clinical trials and to assist in a soon to be submitted investigator sponsored new drug application to FDA. 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. 00028385) as filed with the Securities and Exchange Commission. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X87370788
SOURCE Protalex, Inc.