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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest event Reported):
May 21, 2012</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; text-align: center">000-51474</TD>
    <TD STYLE="width: 33%; text-align: center">20-2903252</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of<BR>incorporation or organization)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">955 Hartman Run Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgantown, West Virginia 26507</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(304) 292-2226</P>

<HR SIZE="1" STYLE="color: Black">

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

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

<HR SIZE="1" STYLE="color: Black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
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 (<U>see</U> General Instruction A.2. below):</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02&#9;Recent Sales of Unregistered Securities. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 21, 2012 (the
&ldquo;Closing Date&rdquo;), Protea Biosciences Group, Inc. (the &ldquo;Company&rdquo;), in connection with the terms of a private
placement offering (the &ldquo;Offering&rdquo;) of<B> </B>up to $6,000,000 of units (each a &ldquo;Unit&rdquo; and collectively,
the &ldquo;Units&rdquo;), each Unit consisting of 50,000 shares of common stock, par value $0.0001 per share (the &ldquo;Common
Stock&rdquo;) and warrants to purchase 25,000 shares of Common Stock (the &ldquo;Warrants&rdquo;), issued 3.5 Units consisting
of an aggregate of 175,000 shares of Common Stock and Warrants to purchase an aggregate of 87,500 shares of Common Stock at a per
Unit purchase price of $100,000 for aggregate gross proceeds equal to $350,000. The Warrants are exercisable at an exercise price
of $2.25 per share any time after the date of issuance (the &ldquo;Issue Date&rdquo;) until the earlier of (i) a Qualified Public
Offering (as defined below), or (ii) 5:00 p.m. Eastern time on the fifth anniversary of the Issue Date of the Warrant. The term
&ldquo;Qualified Public Offering&rdquo; means the closing of a firm commitment underwritten offering pursuant to an effective registration
statement under the Securities Act covering the offer and sale of Common Stock for the account of the Company in which (i) the
net cash proceeds to the Company (after deduction of underwriting discounts and commissions) are at least $15,000,000 and (ii)
the offering price of the Common Stock in the Qualified Public Offering is at least 200% of the exercise price set forth in the
Warrant, as may be adjusted in accordance with the terms of the Warrant. The Units were issued to accredited investors in accordance
with <FONT STYLE="color: black">Rule&nbsp;506 of Regulation D under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), </FONT>at a per Unit purchase price equal to $100,000. Through the Closing Date, the Company has raised gross proceeds
in the Offering of $655,000 and the placement agent has received total cash compensation equal to $63,847.30 in connection with
the Offering. The Company did not engage in any general advertisement or general solicitation in connection with the offering of
the Units. The Units and the Common Stock and Warrants underlying the Units have not been registered under<FONT STYLE="color: black">
the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act or a valid
exemption from registration. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the Warrant is intended to be a summary only and is qualified in its entirety by the terms of the Warrant attached hereto as
Exhibit 4.1 to this Current Report on Form 8-K.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-weight: bold">Item 9.01.</TD>
    <TD STYLE="width: 92%; font-weight: bold">Exhibits and Financial Statements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">4.1.</TD>
    <TD>Form of Warrant issued to investors in the Offering.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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    <TD STYLE="padding: 0; text-indent: 0">Dated: May 24, 2012</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; text-indent: 0">PROTEA BIOSCIENCES GROUP, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 55%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 42%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="text-decoration: underline; padding: 0; text-indent: 0">/s/ Stephen Turner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Stephen Turner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Executive Officer</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "Protea Biosciences Group, Inc.", "cik": "0001335103", "assigned-sic": "2834", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51474", "film-number": "12867163"}, "business-address": {"street1": "955 HARTMAN RUN ROAD", "city": "MORGANTOWN", "state": "WV", "zip": "26507", "phone": "304 292-2226"}, "mail-address": {"street1": "955 HARTMAN RUN ROAD", "city": "MORGANTOWN", "state": "WV", "zip": "26507"}, "former-company": [{"former-conformed-name": "Protea Biosciences Inc.", "date-changed": "20110908"}, {"former-conformed-name": "SRKP 5 INC", "date-changed": "20050803"}]}
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):
May 21, 2012
PROTEA BIOSCIENCES GROUP, INC.
(Exact name of registrant as specified in
its charter)
Delaware
000-51474
20-2903252
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
955 Hartman Run Road
Morgantown, West Virginia 26507
(Address of principal executive offices)
(304) 292-2226
(Registrant's telephone number, including
area code)
(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 (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.02	Recent Sales of Unregistered Securities.
On May 21, 2012 (the
"Closing Date"), Protea Biosciences Group, Inc. (the "Company"), in connection with the terms of a private
placement offering (the "Offering") of
up to $6,000,000 of units (each a "Unit" and collectively,
the "Units"), each Unit consisting of 50,000 shares of common stock, par value $0.0001 per share (the "Common
Stock") and warrants to purchase 25,000 shares of Common Stock (the "Warrants"), issued 3.5 Units consisting
of an aggregate of 175,000 shares of Common Stock and Warrants to purchase an aggregate of 87,500 shares of Common Stock at a per
Unit purchase price of $100,000 for aggregate gross proceeds equal to $350,000. The Warrants are exercisable at an exercise price
of $2.25 per share any time after the date of issuance (the "Issue Date") until the earlier of (i) a Qualified Public
Offering (as defined below), or (ii) 5:00 p.m. Eastern time on the fifth anniversary of the Issue Date of the Warrant. The term
"Qualified Public Offering" means the closing of a firm commitment underwritten offering pursuant to an effective registration
statement under the Securities Act covering the offer and sale of Common Stock for the account of the Company in which (i) the
net cash proceeds to the Company (after deduction of underwriting discounts and commissions) are at least $15,000,000 and (ii)
the offering price of the Common Stock in the Qualified Public Offering is at least 200% of the exercise price set forth in the
Warrant, as may be adjusted in accordance with the terms of the Warrant. The Units were issued to accredited investors in accordance
with
Rule 506 of Regulation D under the Securities Act of 1933, as amended (the "Securities
Act"),
at a per Unit purchase price equal to $100,000. Through the Closing Date, the Company has raised gross proceeds
in the Offering of $655,000 and the placement agent has received total cash compensation equal to $63,847.30 in connection with
the Offering. The Company did not engage in any general advertisement or general solicitation in connection with the offering of
the Units. The Units and the Common Stock and Warrants underlying the Units have not been registered under
the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act or a valid
exemption from registration.
The above description
of the Warrant is intended to be a summary only and is qualified in its entirety by the terms of the Warrant attached hereto as
Exhibit 4.1 to this Current Report on Form 8-K.
Item 9.01.
Exhibits and Financial Statements
4.1.
Form of Warrant issued to investors in the Offering.
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.
Dated: May 24, 2012
PROTEA BIOSCIENCES GROUP, INC.
By:
/s/ Stephen Turner
Stephen Turner
Chief Executive Officer