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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of report (Date of earliest event reported):
<B>February 1, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROTALEX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center"><B>DELAWARE</B></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center"><B>000-28385</B></TD>
    <TD STYLE="width: 2%; vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-weight: bold; text-align: center"><B>91-2003490</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or Other Jurisdiction<BR>
of Incorporation)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(I.R.S. Employer<BR>
Identification No.)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>133 Summit Avenue, Suite 22</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Summit, New Jersey</B></P></TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">07901</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(215) 862-9720</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form&nbsp;8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 3%; vertical-align: top"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 97%; vertical-align: bottom">Written communications pursuant to Rule&nbsp;425 under the Securities Act of 1933, as amended (17 CFR 230.425)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="vertical-align: bottom">Soliciting material pursuant to Rule&nbsp;14a-12 under the Securities Exchange Act of 1934, as amended (17 CFR 240.14a-12)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="vertical-align: bottom">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Securities Exchange Act of 1934, as amended (17 CFR 240.14d-2(b))</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="vertical-align: bottom">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Securities Exchange Act of 1934, as amended (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">See Item 2.03 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.03</B></TD><TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">On February 1, 2012,
Protalex, Inc., a Delaware corporation (OTCBB: PRTX) (the &ldquo;Company&rdquo;) raised $1 million of working capital pursuant
to a loan from Niobe Ventures, LLC, a Delaware limited liability company (&ldquo;Niobe&rdquo;). The Company issued to Niobe a secured
promissory note in the principal amount of $1 million (the &ldquo;$1 Million Secured Note&rdquo;). The $1 Million Secured Note
bears interest at a rate of 3% per annum and matures on February 1, 2014. Niobe is also the holder of a Senior Secured Convertible
Note in the principal amount of $2 million issued by the Company on February 11, 2011(the &ldquo;Prior Note&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
obligations under the $1 Million Secured Note are secured by a security agreement granting Niobe a security interest in substantially
all of the Company&rsquo;s personal property and assets, including its intellectual property, to collateralize all amounts due
under the $1 Million Secured Note and the Prior Note (the &ldquo;Security Agreement&rdquo;).&nbsp;&nbsp;In addition, payment of
the principal and accrued interest on the $1 Million Secured Note will, at Niobe&rsquo;s election, automatically become immediately
due and payable if the Company undertakes certain Fundamental Transactions or upon an Event of Default, both as defined in the
$1 Million Secured Note.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing descriptions
of the $1 Million Secured Note and the Security Agreement are qualified in their entirety by the full text of such agreements,
which are filed as Exhibits 4.1 and 10.1 hereto, respectively, and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; font-weight: bold; text-align: center">Exhibit Number</TD>
    <TD STYLE="width: 2%; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: windowtext 1pt solid; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; font-weight: bold; text-align: center">Description of Exhibits</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; text-align: center">4.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt">$1 Million Secured Promissory Note dated February 1, 2012.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; text-align: center">10.1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt">Final Form of Second Amended and Restated Security Agreement dated as of February 1, 2012, between the Company and Niobe Ventures, LLC.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>*&#9;*&#9;*&#9;*&#9;*&#9;*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">PROTALEX, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">February 1, 2012</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1.5pt solid">/s/ Arnold P. Kling</TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">Arnold P. Kling</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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{"company-data": {"conformed-name": "PROTALEX INC", "cik": "0001099215", "assigned-sic": "8731", "irs-number": "912003490", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28385", "film-number": "12565147"}, "business-address": {"street1": "145 UNION SQUARE DRIVE", "city": "NEW HOPE", "state": "PA", "zip": "18938", "phone": "215-862-9720"}, "mail-address": {"street1": "145 UNION SQUARE DRIVE", "city": "NEW HOPE", "state": "PA", "zip": "18938"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
February 1, 2012
PROTALEX, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE
000-28385
91-2003490
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
133 Summit Avenue, Suite 22
Summit, New Jersey
07901
(Address of Principal Executive Offices)
(Zip Code)
(215) 862-9720
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act of 1933, as amended (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
See Item 2.03 below.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On February 1, 2012,
Protalex, Inc., a Delaware corporation (OTCBB: PRTX) (the "Company") raised $1 million of working capital pursuant
to a loan from Niobe Ventures, LLC, a Delaware limited liability company ("Niobe"). The Company issued to Niobe a secured
promissory note in the principal amount of $1 million (the "$1 Million Secured Note"). The $1 Million Secured Note
bears interest at a rate of 3% per annum and matures on February 1, 2014. Niobe is also the holder of a Senior Secured Convertible
Note in the principal amount of $2 million issued by the Company on February 11, 2011(the "Prior Note").
The Company's
obligations under the $1 Million Secured Note are secured by a security agreement granting Niobe a security interest in substantially
all of the Company's personal property and assets, including its intellectual property, to collateralize all amounts due
under the $1 Million Secured Note and the Prior Note (the "Security Agreement").  In addition, payment of
the principal and accrued interest on the $1 Million Secured Note will, at Niobe's election, automatically become immediately
due and payable if the Company undertakes certain Fundamental Transactions or upon an Event of Default, both as defined in the
$1 Million Secured Note.
The foregoing descriptions
of the $1 Million Secured Note and the Security Agreement are qualified in their entirety by the full text of such agreements,
which are filed as Exhibits 4.1 and 10.1 hereto, respectively, and incorporated by reference herein.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number
Description of Exhibits
4.1
$1 Million Secured Promissory Note dated February 1, 2012.
10.1
Final Form of Second Amended and Restated Security Agreement dated as of February 1, 2012, between the Company and Niobe Ventures, LLC.
*	*	*	*	*	*
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PROTALEX, INC.
February 1, 2012
By:
/s/ Arnold P. Kling
Arnold P. Kling
President