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
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SOURCE Protalex, Inc.