SUMMIT, N.J., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Protalex, Inc. (OTCBB:PRTX), a clinical stage biopharmaceutical company which is engaged in developing a class of drugs for treating autoimmune and inflammatory diseases, announced that a one-for-five reverse stock split of its shares of common stock and the authorization of a "blank-check" class of preferred stock will become effective as of 9:00 a.m. eastern time tomorrow, December 8, 2010.
Trading of the Company's common stock on the OTC Bulletin Board on a split-adjusted basis will begin at the open of trading tomorrow under the ticker symbol "PRTXD." After 20 trading days, the ticker symbol will revert to "PRTX."
In the reverse stock split, each stockholder will receive one share of common stock for every five shares of common stock held prior to the reverse stock split. All fractional shares will be rounded-up to the nearest whole share. The reverse stock split will reduce the number of shares of common stock outstanding from approximately 72 million to approximately 14.4 million.
About Protalex, Inc.
Protalex, Inc. is a clinical stage biopharmaceutical company engaged in developing a class of biopharmaceutical drugs for treating autoimmune and inflammatory diseases, including but not limited to, rheumatoid arthritis. Protalex's lead product PRTX-100, which is formulated with a highly-purified form of staphylococcal protein A, is currently undergoing a Phase 1b clinical trial on adult patients with active rheumatoid arthritis in South Africa to evaluate and assess, among other things, its safety and tolerability.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.