ALBUQUERQUE, N.M., June 26 /PRNewswire-FirstCall/ -- John E. Doherty,
President of Protalex, Inc. (OTC Bulletin Board: PRTX) announced today that
William M. Hitchcock has become Chairman of the Board, effective immediately.
Mr. Hitchcock, 62, of Houston, Texas, is a partner of Pembroke Financial
Partners, LLC, an NASD securities firm. Involved in the investment business
since 1960, Mr. Hitchcock formerly was affiliated with Lazard Brothers in the
UK and Lehman Brothers in the US. Currently, he is a director of Plains
Resources, Inc. an oil and gas exploration company, and Thoratec Corporation,
a medical device company.
In a statement today, Mr. Hitchcock said, "The Company is ready to move to
the next stage in bringing its biopharmaceutical product into human clinical
trials. I am pleased to be asked to take an active role in this process."
Protalex has developed an innovative bioregulator compound (designated
"PRTX-001") for the treatment of rheumatoid arthritis and other autoimmune
diseases. After the successful completion of animal studies last fall and the
submission of a broad patent application for its products, the Company will
begin human trials in the next few months.
In his announcement, Mr. Doherty added, "Protalex is excited to have
Mr. Hitchcock join us as Chairman. He brings to the Company many years of
experience in financing and guiding the growth of young companies, and his
appointment marks an important milestone for Protalex."
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.