PROTALEX, INC. (OTCMKTS:PRTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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PROTALEX, INC. (OTCMKTS:PRTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

PROTALEX, INC. (OTCMKTS:PRTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers.

On November 30, 2018, Kirk M. Warshaw, the chief financial officer and a director of Protalex, Inc. (the “Company”), and Marco Elser, a director of the Company, resigned from their respective positions with the Company, effective immediately (the “Resignations”). Neither of their resignations were due to any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices.

On November 30, 2018, the Company issued the Open Letter to Stakeholders, attached as Exhibit 99.1 hereto, informing its stakeholders of the Resignations and that it has paused all drug development activities and will be reducing operations to a bare minimum because it has not been able to raise the working capital needed to sustain full operations.

Item 9.01 Financial Statements and Exhibits

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PROTALEX INC Exhibit
EX-99.1 2 tv508270_ex99-1.htm EXHIBIT 99.1   Exhibit 99.1   Open Letter to Protalex,…
To view the full exhibit click here

About PROTALEX, INC. (OTCMKTS:PRTX)

Protalex, Inc. is a clinical-stage company. The Company is focused on the development of a class of biopharmaceutical drugs for treating autoimmune and inflammatory diseases, including rheumatoid arthritis (RA) and Immune Thrombocytopenia (ITP). The Company’s lead product candidate, PRTX-100, is a formulation of the Staphylococcal bacterial protein known as Protein A, which modifies aspects of the human immune system. PRTX-100 has the ability, at very low concentrations, to bind to human B-lymphocytes and macrophages and to modulate immune processes. The Company’s pre-clinical studies demonstrated that low doses of PRTX-100 have potent therapeutic effects in certain models of immune-mediated inflammatory diseases. Both the PRTX-100-103 and the PRTX-100-104 studies demonstrated that PRTX-100 is safe and well tolerated at all dose levels.