<HTML><HEAD>
<TITLE>
</TITLE>
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
STATES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
DC 20549</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
8-K</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
REPORT PURSUANT</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>TO
SECTION 13 OR 15</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>(d)</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>
OF THE</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
EXCHANGE ACT OF 1934</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date of
report (Date of earliest event reported)</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><U> June
1, 2005 (May 25, 2005) </U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>
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    <TD style="BORDER-BOTTOM: #000000 thin solid" width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>PROTALEX, INC.</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(Exact Name of Registrant as Specified in Its
    Charter)</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;</TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>Delaware</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(State or Other Jurisdiction<FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">of
      Incorporation)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>000-28385<FONT id=TAB2
      style="COLOR: black; LETTER-SPACING: 225pt">&nbsp;</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>91-2003490</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(Commission File Number)</DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(IRS Employer Identification No.)</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>145 Union Square Drive, New Hope, PA&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>18938</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(Address of Principal Executive Offices)<FONT id=TAB2
      style="COLOR: black; LETTER-SPACING: 279pt">&nbsp;</FONT></DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(Zip Code)</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>215-862-9720</DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(<FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Telephone Number, Including Area Code)</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR bgColor=#ffffff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="100%"
      colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR bgColor=#ffffff>
    <TD width="100%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>(Former Name or Former Address, if Changed Since Last
      Report)</DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">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 (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><EM>see
</EM></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">General
Instruction A.2. below):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 18pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Wingdings">o</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Item
1.01.</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Entry
into a Material Definitive Agreement</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
25, 2005, Protalex, Inc. (the &#8220;Company&#8221;) entered into the following material
definitive agreements:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(1)</FONT></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV
    style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Warrant
      and Common Stock Purchase Agreement dated May 25, 2005 (the &#8220;Purchase
      Agreement&#8221;) among the Company and the several purchasers listed on Exhibit
      A thereof (the &#8220;Purchasers&#8221;).</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(2)</FONT></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV
    style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Registration
      Rights Agreement dated May 25, 2005 by and among the
      Purchasers.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
to the Purchase Agreement, the Company </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">commenced
a financing transaction in which the Company issued (x) 2,593,788 shares of
common stock at $1.95 per share (the &#8220;Shares&#8221;) for an aggregate cash
consideration of $5,057,885 and (y) warrants to purchase 786,788 shares of
common stock at an exercise price of $2.25 per share (the &#8220;2005 Warrants&#8221;) for
nominal consideration. The 2005 Warrants expire on May 25, 2010 and provide for
a net issue exercise feature and antidilution protection for certain equity
issued below the exercise price. Pursuant to the Purchase Agreement, the Company
may sell an aggregate of $15,000,000 of Shares at $1.95 per share and
corresponding 2005 Warrants through June 30, 2005.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
to the Registration Rights Agreement, the Company is also obligated to file a
resale Registration Statement on Form SB-2 by July 22, 2005 which will register
the Shares and the shares issuable upon exercise of the 2005 Warrants with the
SEC. In addition, the Purchasers are entitled to certain demand and piggyback
registration rights. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Included
among the Purchasers was vSpring SBIC, L.P. (&#8220;vSpring&#8221;), which, as of February
21, 2005, was a beneficial holder of 55.5% of the Company&#8217;s common stock, and
Steven H. Kane, the Company&#8217;s CEO, President and a Director.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
25, 2005, the Company also amended the following material definitive
agreements:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(1)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2003
Common Stock Purchase Warrants dated September 18, 2003 (the &#8220;2003
Warrants&#8221;).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(2)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Shareholder
Agreement between the Company and various common stockholders dated September
18, 2003 (the &#8220;Shareholder Agreement&#8221;)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(3)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Investor
Rights Agreement between the Company and various common stockholders dated
September 18, 2003 (the &#8220;Rights Agreement&#8221;). </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The 2003
Warrants were amended to lower the exercise price from $2.40 to $2.25 per share.
In addition, certain additional equity issuances were excluded from the 2003
Warrants' antidilution provisions.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
Shareholder Agreement was amended and restated to provide for several
modifications, including the removal of Arthur Bankhurst and Donald Dean, from
the stock transfer restrictive provisions and the addition of Marc Rose and
Thomas Stagnaro thereto. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
Rights Agreement was amended to, among several modifications, exclude certain
additional equity issuances from the Rights Agreement&#8217;s right of first refusal
provisions.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>Item
3.02 Unregistered Sales of Equity Securities </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
to the Purchase Agreement, the Company </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">commenced
a financing transaction in which the Company issued (x) 2,593,788 shares of
common stock at $1.95 per share (the &#8220;Shares&#8221;) for an aggregate cash
consideration of $5,057,885 and (y) warrants to purchase 786,788 shares of
common stock at an exercise price of $2.25 per share (the &#8220;2005 Warrants&#8221;) for
nominal consideration. The 2005 Warrants expire on May 25, 2010 and provide for
a net issue exercise feature and antidilution protection for certain equity
issued below the exercise price. Pursuant to the Purchase Agreement, the Company
may sell an aggregate of $15,000,000 of Shares at $1.95 per share and
corresponding 2005 Warrants through June 30, 2005.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
25, 2005, the Company issued warrants (the "Comp Warrants") to purchase common
stock in the amounts of 33,333 shares and 100,000 shares to the Jane Smith
Turner Revocable Trust DTD 10/28/98 and Pacific Growth Equities, respectively,
as consulting or finder&#8217;s fee compensation in connection with the financing
transactions contemplated in the Purchase Agreement. The terms of the Comp
Warrants are essentially identical to the 2005 Warrants. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
securities described above were issued to "accredited" investors only as such
term is promulgated by the SEC. In reliance upon such investor suitability
standards, the issuance of the securities described above were exempt from the
registration requirements under the Securities Act of 1933 pursuant Section 4(2)
thereof and in reliance upon Rule 506 of Regulation D promulgated by the SEC.
</FONT></DIV>
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style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
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<DIV id=PN style="PAGE-BREAK-AFTER: always">
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style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
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</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
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style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">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. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
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style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
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    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD colSpan=2>
      <DIV><FONT face="Times New Roman" size=2><U><FONT size=3>Protalex,
      Inc.</FONT></U></FONT></DIV>
      <DIV>(Registrant)</DIV></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date:&nbsp;<U>6/1/05</U></FONT></TD>
    <TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman">/s/ Marc L. Rose</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD align=left>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>

      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">By:
      Marc L. Rose</FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Title:</FONT><FONT
      id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Vice
      President of Finance, </FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Chief
      Financial Officer, Treasurer and&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Corporate
      Secretary</FONT></DIV></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2></FONT></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
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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": "05870186"}, "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,
DC 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)
June
1, 2005 (May 25, 2005)
PROTALEX, INC.
(Exact Name of Registrant as Specified in Its
    Charter)
Delaware
(State or Other Jurisdiction
of
      Incorporation)
000-28385
91-2003490
(Commission File Number)
(IRS Employer Identification No.)
145 Union Square Drive, New Hope, PA
18938
(Address of Principal Executive Offices)
(Zip Code)
215-862-9720
(
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):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01.
Entry
into a Material Definitive Agreement
On May
25, 2005, Protalex, Inc. (the "Company") entered into the following material
definitive agreements:
(1)
Warrant
      and Common Stock Purchase Agreement dated May 25, 2005 (the "Purchase
      Agreement") among the Company and the several purchasers listed on Exhibit
      A thereof (the "Purchasers").
(2)
Registration
      Rights Agreement dated May 25, 2005 by and among the
      Purchasers.
Pursuant
to the Purchase Agreement, the Company
commenced
a financing transaction in which the Company issued (x) 2,593,788 shares of
common stock at $1.95 per share (the "Shares") for an aggregate cash
consideration of $5,057,885 and (y) warrants to purchase 786,788 shares of
common stock at an exercise price of $2.25 per share (the "2005 Warrants") for
nominal consideration. The 2005 Warrants expire on May 25, 2010 and provide for
a net issue exercise feature and antidilution protection for certain equity
issued below the exercise price. Pursuant to the Purchase Agreement, the Company
may sell an aggregate of $15,000,000 of Shares at $1.95 per share and
corresponding 2005 Warrants through June 30, 2005.
Pursuant
to the Registration Rights Agreement, the Company is also obligated to file a
resale Registration Statement on Form SB-2 by July 22, 2005 which will register
the Shares and the shares issuable upon exercise of the 2005 Warrants with the
SEC. In addition, the Purchasers are entitled to certain demand and piggyback
registration rights.
Included
among the Purchasers was vSpring SBIC, L.P. ("vSpring"), which, as of February
21, 2005, was a beneficial holder of 55.5% of the Company's common stock, and
Steven H. Kane, the Company's CEO, President and a Director.
On May
25, 2005, the Company also amended the following material definitive
agreements:
(1)
2003
Common Stock Purchase Warrants dated September 18, 2003 (the "2003
Warrants").
(2)
Shareholder
Agreement between the Company and various common stockholders dated September
18, 2003 (the "Shareholder Agreement")
(3)
Investor
Rights Agreement between the Company and various common stockholders dated
September 18, 2003 (the "Rights Agreement").
The 2003
Warrants were amended to lower the exercise price from $2.40 to $2.25 per share.
In addition, certain additional equity issuances were excluded from the 2003
Warrants' antidilution provisions.
The
Shareholder Agreement was amended and restated to provide for several
modifications, including the removal of Arthur Bankhurst and Donald Dean, from
the stock transfer restrictive provisions and the addition of Marc Rose and
Thomas Stagnaro thereto.
The
Rights Agreement was amended to, among several modifications, exclude certain
additional equity issuances from the Rights Agreement's right of first refusal
provisions.
Item
3.02 Unregistered Sales of Equity Securities
Pursuant
to the Purchase Agreement, the Company
commenced
a financing transaction in which the Company issued (x) 2,593,788 shares of
common stock at $1.95 per share (the "Shares") for an aggregate cash
consideration of $5,057,885 and (y) warrants to purchase 786,788 shares of
common stock at an exercise price of $2.25 per share (the "2005 Warrants") for
nominal consideration. The 2005 Warrants expire on May 25, 2010 and provide for
a net issue exercise feature and antidilution protection for certain equity
issued below the exercise price. Pursuant to the Purchase Agreement, the Company
may sell an aggregate of $15,000,000 of Shares at $1.95 per share and
corresponding 2005 Warrants through June 30, 2005.
On May
25, 2005, the Company issued warrants (the "Comp Warrants") to purchase common
stock in the amounts of 33,333 shares and 100,000 shares to the Jane Smith
Turner Revocable Trust DTD 10/28/98 and Pacific Growth Equities, respectively,
as consulting or finder's fee compensation in connection with the financing
transactions contemplated in the Purchase Agreement. The terms of the Comp
Warrants are essentially identical to the 2005 Warrants.
The
securities described above were issued to "accredited" investors only as such
term is promulgated by the SEC. In reliance upon such investor suitability
standards, the issuance of the securities described above were exempt from the
registration requirements under the Securities Act of 1933 pursuant Section 4(2)
thereof and in reliance upon Rule 506 of Regulation D promulgated by the SEC.
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.
(Registrant)
Date:
6/1/05
By:
/s/ Marc L. Rose
By:
      Marc L. Rose
Title:
Vice
      President of Finance,
Chief
      Financial Officer, Treasurer and
Corporate
      Secretary