VSpring leads round of $5.1 million in financing

Salt Lake-based vSpring Capital led a $5.1 million financing round for Pennsylvania-based Protalex Inc.

Protalex said Tuesday it raised the money through a private placement of 2.6 million shares of common stock at $1.95 per share, with warrants to purchase about 787,000 additional shares. In addition to vSpring, some institutional and accredited private investors also participated.

Steven H. Kane, president and chief executive officer of Protalex, said the company will use the proceeds primarily to fund upcoming clinical trials for a compound to treat rheumatoid arthritis and pemphigus, and also for general working capital purposes.

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