ALBUQUERQUE, N.M., July 11 /PRNewswire-FirstCall/ --
Protalex, Inc. (OTC Bulletin Board: PRTX) announced today that a recent
private placement of its common stock plus warrants for future purchase
("units") brought in more than $1.2 million to support ongoing operations and
the next phase of ongoing research. A portion of the funds will be earmarked
for upcoming clinical testing of Protalex's bioregulator product, PRTX-001.
Pending FDA approval of the Company's Investigational New Drug application,
human safety testing is scheduled for this fall, followed by a larger,
multi-center efficacy study for the treatment of Rheumatoid Arthritis.
Protalex President John E. Doherty commented: "We are extremely pleased
with the success of our latest private placement, especially in the current
financial climate. This infusion of new capital ensures that we will remain
on track toward our goal of beginning human testing this year."
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.