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2014

Protalex Raises $5.1M in Private Placement

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    NEW HOPE, Pa., May 31 /PRNewswire-FirstCall/ -- Protalex, Inc.
 (OTC Bulletin Board:   PRTX) announced today that it has raised $5.1 million
 through a private placement of 2.6 million shares of common stock at $1.95 per
 share with warrants to purchase approximately 787,000 additional shares.  The
 financing was led by vSpring Capital, with participation of selected
 institutional and accredited private investors.
     According to Steven H. Kane, President and CEO of Protalex, "The Company
 will use the proceeds of the private placement primarily to finance the
 upcoming Phase I clinical trials for its lead compound, PRTX-100, in
 Rheumatoid Arthritis and Pemphigus and general working capital purposes."
     Dr. Dinesh Patel, of vSpring Capital said "We are extremely pleased with
 the progress that Protalex has made over the past year and look forward to
 their success in the upcoming clinical trial phase."
 
     About Protalex, Inc.
     Protalex is engaged in the development of a new class of drug for the
 treatment of Rheumatoid Arthritis, Pemphigus and other autoimmune diseases.
 The securities offered by Protalex in this private placement have not been
 registered under the Securities Act of 1933, as amended, and may not be
 offered or sold in the United States absent registration or an applicable
 exemption from registration requirements.  Protalex has agreed to file a
 registration statement with the Securities and Exchange Commission registering
 the resale of the shares of common stock issued in this private placement and
 the shares of common stock issuable upon exercise of the warrants issued in
 this private placement.
 
     About vSpring Capital
     vSpring is an early-stage venture capital fund focusing on investment
 opportunities in information technology and life sciences.  vSpring
 capitalizes on the managerial skills and operating experience of its
 principals to successfully invest in and mentor early stage companies.
 vSpring has offices in Salt Lake City, Utah and Los Alamos, New Mexico.
 
     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.
 
 

SOURCE Protalex, Inc.

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