Protalex Raises $15.2M in a Private Placement.

NEW HOPE, Pa. -- Protalex, Inc. (OTCBB: PRTX) a New Hope, PA biotechnology company, announced today that on Friday, July 7, 2006 it has raised approximately $15.2 million in gross proceeds in a private placement of 6.1 million shares of common stock with 1.5 million net exercise warrants to purchase common stock.

Griffin Securities, Inc. served as the lead placement agent. Investors participating in this transaction include LBI Group Inc. (an affiliate of Lehman Brothers), vSpring Capital, CIDC Inc., Emerging Technology Partners, and additional selected institutional and accredited private investors.

The shares and warrants were issued in a private placement under Regulation D of the Securities Act of 1933, as amended. The Company has agreed to prepare and file a registration statement covering the resale of the common stock purchased by these investors together with the shares underlying their warrants within 30 days of closing and will use its best efforts to obtain effectiveness no later than 120 days after the Closing.

According to Steven H. Kane, President and Chief Executive Officer of Protalex, "We are extremely pleased and appreciative to have received such strong support from this premier group of existing and new investors. We believe Protalex has made tremendous progress over the past two years in advancing our core platform (PRTX-100). This funding should afford us the opportunity to expedite our PRTX-100 development efforts for the treatment of idiopathic thrombocytopenic purpura (ITP), rheumatoid arthritis, and other autoimmune indications".

About Protalex

Protalex is a biotechnology company engaged in the development of a new class of drug for the treatment of ITP, rheumatoid arthritis, pemphigus and other autoimmune diseases. Additional information about Protalex, Inc. can be found at www.protalex.com.

Cautionary Statement Regarding Forward Looking Information

This release contains forward-looking information about Protalex, Inc. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should,'' "project," "plan,'' "seek," "intend,'' or "anticipate'' or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and Protalex's future performance, operations and products.

This forward-looking information should be considered only in connection with "Risk Factors" in Protalex's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission ("SEC") on August 26, 2005 and its other periodic reports filed with the SEC. For more details, see the Current Report on Form 8-K filed by Protalex with the SEC on July 10, 2006. Protalex assumes no obligation to update any forward-looking statements or information set forth in this press release.