Shareholders Elect Carleton A. Holstrom to Board of Directors at Protalex, Inc. 2004 Annual Shareholders Meeting
NEW HOPE, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Protalex, Inc. (OTC Bulletin Board: PRTX) held the 2004 Annual Meeting of Stockholders at the Doral Forrestal Hotel, 100 College Road East, Princeton, NJ on Tuesday, October 26, 2004 at 9:30 AM. The Shareholders voted to approve the re-incorporation of Protalex, Inc in the State of Delaware. Additionally, the Shareholders voted to re-elect Mr. G. Kirk Raab, Chairman, Mr. Steven H. Kane, President and CEO, Mr. John E. Doherty, Mr. Dinesh Patel, Mr. Frank M. Dougherty, and Mr. Thomas P. Stagnaro as directors for the 2004-2005 fiscal year. Furthermore, Protalex, Inc. is pleased to announce the Shareholders elected Mr. Carleton A. Holstrom to the Board of Directors. Mr. Holstrom served as the Chief Financial Officer of Bear, Stearns, & Co. from 1977 through 1987, and as a Managing Director Emeritus from 1987 through the present. From 1996 through 1997, Mr. Holstrom was the Chief Financial Officer of Scientific Learning Corporation, and currently serves on their Board of Directors, as well as on the Board of Directors of Custodial Trust Company of Princeton, NJ. Mr. Holstrom has served on the Board of Trustees of Rutgers University, was the chair of that Board from 1998 through 1999, and remains an Emeritus Member of the Rutgers University Board of Trustees. Mr. Holstrom stated that he is "Delighted to be joining the Board of Directors of a company with such a promising future, whose primary focus, PRTX-100, has the potential to make a significant contribution to the world of drug-development." Mr. Steven H. Kane, CEO, added, "We are honored to be joined by Carleton Holstrom. His wisdom and experience will contribute greatly towards positioning the company for continued growth in the future." Protalex, Inc. also announced, in addition to pursuing the approval of its lead compound, PRTX-100, for treatment of rheumatoid arthritis, its intention to pursue PRTX-100 approval for treatment of Pemphigus in 2005. Pemphigus is an orphan autoimmune disease which, according to Dr. Hector Alila, Senior Vice-President of Drug Development, Protalex, Inc., "has no effective treatment, and is a debilitating and often fatal skin disease." The company believes that approximately 15,000 to 40,000 persons suffer worldwide from the disorder. Protalex, Inc. is a biotechnology company engaged in the development of a new class of drugs for treatment of rheumatoid arthritis and other autoimmune diseases. 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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