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
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
Protalex, Inc. is a biotechnology company engaged in the development of a
new class of drugs for treatment of rheumatoid arthritis and other autoimmune
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
SOURCE Protalex, Inc.