**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

----

**FORM      10-K**

**(Mark      One)**

| **þ** | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|------------|---------------------------------------------------------------------------------------------------------------------------------------|

**  For      Fiscal Year Ended May 31, 2007**

**OR**

|  ** ̈** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

**  For      the Transition Period from**
**            **
**      to**
**            **

**Commission      File **
**000-28385**

----

**PROTALEX,      INC.**

**(Exact      name of registrant as specified in its charter)**

| **Delaware**                                                                                        |   | **91-2003490**                                                            |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **(State                or other jurisdiction****of                incorporation or organization)** |   | **(IRS                Employer****Identification                Number)** |
| **145                Union Square Drive, New Hope, Pennsylvania**                                   |   | **18938**                                                                 |
| **(Address                of principal executive offices)**                                         |   | **(Zip                Code)**                                             |
|                                                                                                |   |                                                                      |

**(215)      862-9720**

**(Registrant’s      telephone number, including area code)**

**Securities      registered under Section 12(b) of the Exchange Act:**

| **Title                of each class** |   | **Name                of each exchange on which registered** |   |
|----------------------------------------|--------|--------------------------------------------------------------|--------|
| **None**                               |   | **None**                                                     |   |

**Securities      registered under Section 12(g) of the Exchange Act:**

**Common      Stock**

**(Title      of Class)**

| Large                accelerated filer o |   | Accelerated                filero |   | Non-accelerated                filerþ |
|-----------------------------------------------|--------|-----------------------------------|--------|--------------------------------------------|

**DOCUMENTS      INCORPORATED BY REFERENCE**

----

**PROTALEX,      INC.**

**FORM      10-K**

**May      31, 200**
**7**

**TABLE      OF CONTENTS**

|           |                                                                                                                                                 |    | **Page No.** |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------|
|           | **PART                  I**                                                                                                                          |    |              |
|                |                                                                                                                                                 |
| ITEM 1.        | Business                                                                                                                                             |    | 2                 |
| ITEM 1A.       | Risk                  Factors                                                                                                                        |    | 7                 |
| ITEM 1B.       | Unresolved                  Staff Comments                                                                                                           |         | 12                |
| ITEM 2.        | Properties                                                                                                                                           |    | 12                |
| ITEM 3.        | Legal                  Proceedings                                                                                                                   |    | 12                |
| ITEM 4.        | Submission                  of Matters to a Vote of Security Holders                                                                                 |    | 12                |
|                |                                                                                                                                                 |
|           | **PART                  II**                                                                                                                         |    |              |
|                |                                                                                                                                                 |
| ITEM 5.        | Market                  for Registrant’s Common Equity, Related Stockholder Matters and Issuer                  Purchases of Equity Securities |    | 13                |
| ITEM 6.        | Selected                  Financial Data                                                                                                             |    | 14                |
| ITEM 7.        | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                        |    | 15                |
| ITEM 7A.       | Quantitative                  and Qualitative Disclosures About Market Risk                                                                          |    | 18                |
| ITEM 8.        | Financial                  Statements and Supplementary Data                                                                                         |    | 19                |
| ITEM 9.        | Changes                  in and Disagreements with Accountants on Accounting and Financial                  Disclosure                               |    | 19                |
| ITEM 9A.       | Controls                  and Procedures                                                                                                             |    | 19                |
| ITEM 9B.       | Other                  Information                                                                                                                   |    | 19                |
|                |                                                                                                                                                 |
|           | **PART                  III**                                                                                                                        |    |              |
|                |                                                                                                                                                 |
| ITEM 10.       | Directors,                  Executive Officers and Corporate Governance                                                                              |    | 19                |
| ITEM 11.       | Executive                  Compensation                                                                                                              |    | 22                |
| ITEM 12.       | Security                  Ownership of Certain Beneficial Owners and Management and Related                  Stockholder Matters                     |    | 28                |
| ITEM 13.       | Certain                  Relationships and Related Transactions, and Director                  Independence                                          |    | 29                |
| ITEM 14.       | Principal                  Accounting Fees and Services                                                                                              |    | 29                |
|                |                                                                                                                                                 |
|           | **PART                  IV**                                                                                                                         |    |              |
|                |                                                                                                                                                 |
|  ITEM 15. | Exhibits,                  Financial Statement Schedules                                                                                             |    | 29                |
|           | Signatures                                                                                                                                           |    | 32                |
|           | Index                  to Financial Statements                                                                                                       |    | F-1               |
|                |                                                                                                                                                 |         |              |
|                | Ex-31.1                  Section 302 Certification of the CEO                                                                                        |         |              |
|                | Ex-31.2                  Section 302 Certification of the CFO                                                                                        |         |              |
|                | Ex-32.1                  Section 906 Certification of the CEO                                                                                        |         |              |
|                | Ex-32.2                  Section 906 Certification of the CFO                                                                                        |         |              |
|           | Exhibit                  Index                                                                                                                       |    |              |

----

**NOTICE      ABOUT FORWARD-LOOKING STATEMENTS**

| ·   | the                status and anticipated timing of regulatory review and approval,                if any,                for our product candidates; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | our                product development efforts, including results from clinical                trials; |
|--------------------|--------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | anticipated                dates of clinical trial initiation, completion and announcement of                trial                results by us; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | anticipated                clinical trial results and regulatory submission dates for our product                candidates by us; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | analysis                and interpretation of data by regulatory                authorities; |
|--------------------|----------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | anticipated                operating losses and capital                expenditures; |
|--------------------|--------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | estimates                of the market opportunity and the commercialization plans for our                product                candidates; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | our                intention to rely on third parties for                manufacturing; |
|--------------------|-----------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | the                scope and duration of intellectual property protection for our                products; |
|--------------------|------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | our                ability to raise additional capital; and |
|--------------------|-------------------------------------------------------------|
|   |   |
|--------|--------|
| ·   | our                ability to acquire or in-license products or product                candidates; |
|--------------------|----------------------------------------------------------------------------------------------------|

----

**PART      I**

**ITEM 1.        **BUSINESS****

**Overview**

----

**About      PRTX-100 **

**Animal      Studies **

*Collagen-Induced      Arthritis*

*BXSB      Mice*

**Manufacturing      **

**Markets      **

----

**Competition**

| ·   | Analgesic/anti-inflammatory                preparations, ranging from simple aspirin to the COX-2 inhibitors; |
|--------------------|---------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| ·   | Immunosuppressive/antineoplastic                drugs, including azathioprine and methotrexate; |
|--------------------|-------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| ·   | TNF                (Tumor Necrosis Factor) inhibitors, also known as anti-TNF therapy,                currently represented by etanercept (Enbrel®), infliximab (Remicade®), and                adalimumab (Humira®); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| ·   | Soluble                Interleukin-l (IL-I) Receptor Therapy, Anakinra (Kineret®). |
|--------------------|-----------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| ·   | Costimulatory                molecule inhibitor (abatacept, Orencia® Anti CD20 therapy, rituximab                (Rituxan®) |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| ·   | “Immunoadsorption                Therapy,” also known as Prosorba®, now in limited use in Europe and the                United States, entailing weekly sessions during which a patient’s blood is                separated and passed through a molecular filter. The use of such                extreme                treatment modalities emphasizes the unmet need for a new treatment                for                patients who cannot respond to existing therapies. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Government      Regulation and Product Approval**

----

| ·   | completion                of extensive preclinical laboratory tests, preclinical animal studies                and                formulation studies, all performed in accordance with the FDA’s Good                Laboratory Practice or GLP regulations and other                regulations; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | submission                to the FDA of an IND application which must become effective before                clinical trials may begin; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | performance                of multiple adequate and well-controlled clinical trials meeting                FDA                requirements to establish the safety and efficacy of the product                candidate                for each proposed indication; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | submission                of Biological                License Application                or                BLA to the FDA; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | satisfactory                completion of an FDA pre-approval inspection of the manufacturing                facilities at which the product candidate is produced, and potentially                other involved facilities as well, to assess compliance with cGMP,                regulations and other applicable regulations;                and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                FDA review and approval of the BLA prior to any commercial marketing,                sale                or shipment of the drug. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

***Clinical      Trials***

| ·   | *Phase I                clinical trials*are                initially conducted in a limited population to test the drug candidate                for                safety, dose tolerance, absorption, metabolism, distribution and                excretion                in healthy humans or, on occasion, in patients, such as cancer patients.                In some cases, particularly in cancer trials, a sponsor may decide                to                conduct what is referred to as a “Phase Ib” evaluation, which is a                second safety-focused Phase I clinical trial typically designed to                evaluate the impact of the drug candidate in combination with currently                FDA-approved drugs. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | *Phase II                clinical trials*are                generally conducted in a limited patient population to identify possible                adverse effects and safety risks, to determine the efficacy of the                drug                candidate for specific targeted indications and to determine dose                tolerance and optimal dosage. Multiple Phase II clinical trials may                be conducted by the sponsor to obtain information prior to beginning                larger and more expensive Phase III clinical trials. In some cases, a                sponsor may decide to conduct what is referred to as a “Phase IIb”                evaluation, which is a second, confirmatory Phase II clinical trial                that could, if positive and accepted by the FDA, serve as a pivotal                clinical trial in the approval of a drug                candidate. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | *Phase III                clinical trials*                are commonly referred to as pivotal trials. When Phase II clinical                trials demonstrate that a dose range of the drug candidate is effective                and has an acceptable safety profile, Phase III clinical trials are                undertaken in large patient populations to further evaluate dosage,                to                provide substantial evidence of clinical efficacy and to further                test for                safety in an expanded and diverse patient population at multiple,                geographically dispersed clinical trial sites. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Biological      License Application***

----

***Orphan      Drug Designation and Exclusivity***

** **

***Fast      Track Designation***

| ·   | *Priority                Review.* As                explained above, a drug candidate may be eligible for a six-month                priority                review. The FDA assigns priority review status to an application                if the                drug candidate provides a significant improvement compared to marketed                drugs in the treatment, diagnosis or prevention of a disease. A fast                track                drug would ordinarily meet the FDA’s criteria for priority review, but may                also be assigned a standard review. We do not know whether any of                our drug                candidates will be assigned priority review status or, if priority                review                status is assigned, whether that review or approval will be faster                than                conventional FDA procedures, or that the FDA will ultimately approve                the                drug. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | *Accelerated                Approval.*  Under                the FDA’s accelerated approval regulations, the FDA is authorized to                approve drug candidates that have been studied for their safety and                efficacy in treating serious or life-threatening illnesses and that                provide meaningful therapeutic benefit to patients over existing                treatments based upon either a surrogate endpoint that is reasonably                likely to predict clinical benefit or on the basis of an effect on                a                clinical endpoint other than patient survival or irreversible morbidity.                In clinical trials, surrogate endpoints are alternative measurements                of                the symptoms of a disease or condition that are substituted for                measurements of observable clinical symptoms. A drug candidate approved                on                this basis is subject to rigorous post-marketing compliance requirements,                including the completion of Phase IV or post-approval clinical trials                to validate the surrogate endpoint or confirm the effect on the clinical                endpoint. Failure to conduct required post-approval studies with                due                diligence, or to validate a surrogate endpoint or confirm a clinical                benefit during post-marketing studies, may cause the FDA to seek                to                withdraw the drug from the market on an expedited basis. All promotional                materials for drug candidates approved under accelerated regulations                are                subject to prior review by the FDA. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Other      Regulatory Requirements***

***Foreign      Regulation***

**Patents,      Trademarks, and Proprietary Technology**

**Employees      **

**ITEM 1A.        **RISK        FACTORS****

**Risks      Related to Our Business**

**We      have a history of significant losses, and we may never achieve or sustain      profitability. **

----

**If      we fail to obtain regulatory approvals for PRTX-100 or any other drug we      develop, we will not be able to generate revenues from the commercialization      or      sale of those drugs. **

**If      we are unable to enroll enough patients to complete our clinical trials,      regulatory agencies may delay their review of, or reject our applications,      which      may result in increased costs and harm our ability to develop      products.**

**Our      products, if approved, may fail to achieve market acceptance.**

**If      we cannot raise additional capital on acceptable terms, we will be unable to      complete planned clinical trials, obtain regulatory approvals or commercialize      our product candidate. **

| ·   | the                progress of pre-clinical development and laboratory testing and clinical                trials; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | time                and costs involved in obtaining regulatory approvals; |
|--------------------|---------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | the                number of products we pursue; |
|--------------------|--------------------------------------------------|

|   |   |
|--------|--------|

| ·   | costs                in filing and prosecuting patent applications and enforcing or defending                patent claims; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | the                establishment of selected strategic alliances and activities required                for                product commercialization. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**If      we are unable to obtain, protect, and maintain our proprietary rights in      intellectual property, we may not be able to compete effectively or operate      profitably. **

**If      other companies claim that we infringe their proprietary technology, we may      incur liability for damages or be forced to stop our development and      commercialization efforts.**

**We      may become involved in lawsuits to protect or enforce our patents that would      be      expensive and time consuming. **

**If      third-party manufacturers of our products fail to devote sufficient time and      resources to our concerns, or if their performance is substandard, our clinical      trials and product introductions may be delayed and our costs may rise.**

| ·   | Contract                  manufacturers are obliged to operate in accordance with FDA-mandated                  cGMPs. Their failure to establish and follow cGMPs and to document                  their                  adherence to such practices may lead to significant delays in the                  availability of material for clinical study and may delay or prevent                  filing or approval of marketing applications for our products.                  Additionally, failure to achieve and maintain high manufacturing                  standards, including the incidence of manufacturing errors, could                  result                  in patient injury or death, product recalls or withdrawals, delays                  or                  failures in product testing or delivery, cost overruns or other                  problems                  that could seriously hurt our business. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | It                  may be difficult or impossible for us to find replacement manufacturers                  quickly on acceptable terms, or at all. For example, we have initially                  relied on a single contract drug substance manufacturer, Eurogentec                  S.A.,                  to produce PRTX-100. Changing this manufacturer, or changing the                  manufacturer for any other products we develop, may be difficult                  and                  expensive. The number of potential manufacturers is limited, and                  changing                  manufacturers may require confirmation of the analytical methods                  of the                  manufacturing processes and procedures in accordance with FDA-mandated                  cGMPs. Such confirmation of the analytical methods may be costly                  and                  time-consuming. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our                  contract manufacturers may not perform as agreed or may not remain                  in the                  contract manufacturing business for the time required to produce,                  store                  and distribute our products successfully. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**We      may not be able to manufacture our products in commercial quantities, which      would prevent us from marketing our products. **

**We      have no experience selling, marketing or distributing our products and no      internal capability to do so. **

**Competition      in the pharmaceutical industry is intense; if we fail to compete effectively,      our financial results will suffer. **

**If      we are unable to retain key personnel and hire additional qualified scientific,      sales and marketing, and other personnel, we may not be able to achieve our      goals. **

----

**Risks      Relating to Our Industry **

**Even      if we obtain marketing approval, PRTX-100 will be subject to ongoing regulatory      review. **

**Market      acceptance of PRTX-100 will be limited if users are unable to obtain adequate      reimbursement from third-party payors.**

**We      may be required to defend lawsuits or pay damages in connection with the alleged      or actual harm caused by our products. **

**Rapid      technological change could make our products obsolete**

----

**Risks      Related to Our Common Stock **

**Our      common stock has experienced in the past, and may experience in the future,      significant price volatility, which substantially increases the risk of loss      to      persons owning our common stock. **

| ·   | announcements                of the introduction of new products by us or our competitors; |
|--------------------|--------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | market                conditions in the pharmaceutical and biotechnology sectors; |
|--------------------|-----------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | rumors                relating to us or our competitors; |
|--------------------|----------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | litigation                or public concern about the safety of our potential products; |
|--------------------|-----------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | our                quarterly operating results; |
|--------------------|-------------------------------------------------|

|   |   |
|--------|--------|

| ·   | deviations                in our operating results from the estimates of securities analysts;                and |
|--------------------|------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | FDA                or international regulatory actions. |
|--------------------|---------------------------------------------------------|

**We      may be the subject of securities class action litigation due to future stock      price volatility. **

**Future      sales of common stock by our existing stockholders may cause our stock price      to      fall. **

**We      have never paid dividends on our capital stock, and we do not anticipate paying      any cash dividends in the foreseeable future.**

**Our      common stock is quoted on the OTC Bulletin Board which may have an unfavorable      impact on our stock price and liquidity**
***.***

**ITEM 1B.        **UNRESOLVED        STAFF COMMENTS****

Not      applicable

**ITEM 2.        **PROPERTIES****

      On April      30, 2007, we modified the existing lease and extended the lease term to January      31, 2009 with an option for an additional one year.

**ITEM 3.        **LEGAL        PROCEEDINGS****

**ITEM 4.        **SUBMISSION        OF MATTERS TO A VOTE OF SECURITY        HOLDERS****

----

** **
**PART      II**

**ITEM 5.        **MARKET        FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES        OF EQUITY SECURITIES****

*      Market Information*

|                          |   | **High** |   | **Low** |   |
|-------------------------------|--------|----------|--------|---------|--------|
| **2006**                      |   |     |   |    |   |
| First                Quarter  |   | $        | 2.95   |    | $      | 2.00 |   |
| Second                Quarter |   |     | 3.10   |    |   | 2.20 |   |
| Third                Quarter  |   |     | 4.00   |    |   | 2.60 |   |
| Fourth                Quarter |   |     | 5.00   |    |   | 2.66 |   |
| **2007**                      |   |     |   |    |   |   |   |
| First                Quarter  |   | $        | 4.15   |    | $      | 2.01 |   |
| Second                Quarter |   |     | 2.96   |    |   | 1.52 |   |
| Third                Quarter  |   |     | 2.75   |    |   | 1.75 |   |
| Fourth                Quarter |   |     | 2.05   |    |   | 1.24 |   |

*      Holders*

*      Dividends*

*Securities      Authorized for Issuance under Equity Compensation Plans*

**Equity      Compensation Plan Information**

|     Plan                category                      |   |  Number                of securities to be issued upon exercise of outstanding options,                warrants                and rights |      |   Weighted-average                exercise price of outstanding options, warrants and rights |   | Number                of securities remaining available for future issuance under equity                compensation plans (excluding securities reflected in column                (a) |   |
|---------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                      |   | (a)                                                                                                                                            |      | (b)                                                                                                    |   | (c)                                                                                                                                                                                     |   |
| Equity                compensation plans approved by security holders     |   |                                                                                                                                           | 1,802,607 |                                                                                                   | $      | 2.61                                                                                                                                                                                    |   |   | 2,693,393 |   |
| Equity                compensation plans not approved by security holders |   |                                                                                                                                           | 2,161,255 |                                                                                                   | $      | 1.49                                                                                                                                                                                    |   |   | — |   |
|  Total                                                               |   |                                                                                                                                           | 3,963,862 |                                                                                                   | $      | 2.00                                                                                                                                                                                    |   |   | 2,693,393 |   |

----

*      Performance Graph*

**ITEM 6.        **SELECTED        FINANCIAL DATA****

|                                                                |   | **Years                Ended May                31,**  |                                   |
|---------------------------------------------------------------------|--------|-------------------------------------------------------------|----------------------------------------|
|                                                                |   | **2007**                                                    |                                   | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
| **Statements                of Operations**                         |   |                                                        |                                   |   |   |   |   |   |   |   |   |
| Revenues                                                            |   | $                                                           | —                                |   | $ | — |   | $ | — |   | $ | — |   | $ | — |   |
| Operating                expenses                                   |   |                                                        | (9,472,762                             | ) |   | (6,455,208 | ) |   | (5,697,380 | ) |   | (3,026,100 | ) |   | (1,662,888 | ) |
| Other                Income (expense)                               |   |                                                        | 1,020,820                              |   |   | 350,806 |   |   | 129,651 |   |   | 36,736 |   |   | (2,209 | ) |
| Net                loss                                             |   |                                                        | (8,451,942                             | ) |   | (6,104,402 | ) |   | (5,567,729 | ) |   | (2,989,364 | ) |   | (1,665,090 | ) |
|                                                                |   |                                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted                average number of common shares outstanding |   |                                                        | 28,083,103                             |   |   | 20,559,291 |   |   | 16,832,643 |   |   | 15,384,933 |   |   | 12,197,325 |   |
| Loss                per common share - basic and diluted            |   | $                                                           | (.30                                   | ) | $ | (.30 | ) | $ | (.33 | ) | $ | (.19 | ) | $ | (.14 | ) |
|                                                                     |
|                                                                |   |                                                        | **As                of May 31,**  |   |
|                                                                |   |                                                        | **2007**                               |   |   | **2006** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
| **Balance                Sheet Data**                               |   |                                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                and cash equivalents                            |   | $                                                           | 17,546,154                             |   | $ | 9,992,545 |   | $ | 9,453,367 |   | $ | 9,292,783 |   | $ | 280,052 |   |
| Working                capital                                      |   |                                                        | 16,848,431                             |   |   | 9,174,737 |   |   | 8,465,622 |   |   | 8,892,677 |   |   | 141,258 |   |
| Total                assets                                         |   |                                                        | 18,209,568                             |   |   | 10,372,286 |   |   | 9,608,494 |   |   | 9,440,125 |   |   | 430,401 |   |
| Capital                lease obligation                             |   |                                                        | —                                |   |   | — |   |   | 20,046 |   |   | 40,533 |   |   | 62,506 |   |
| Deficit                accumulated during the development stage     |   |                                                        | (26,863,547                            | ) |   | (18,411,605 | ) |   | (12,307,203 | ) |   | (6,739,474 | ) |   | (3,750,110 | ) |
| Total                stockholders’ equity                     |   | $                                                           | 17,237,798                             |   | $ | 9,329,595 |   | $ | 8,606,813 |   | $ | 8,996,388 |   | $ | 243,570 |   |

----

**ITEM 7.        **MANAGEMENT’S        DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF        OPERATIONS****

**Overview**

**Critical      Accounting Policies**

----

**Results      of Operations**

**Fiscal      year ended May 31, 2007 compared to fiscal year ended May 31,      2006**

**Fiscal      year ended May 31, 2006 compared to fiscal year ended May 31,      2005**

**Liquidity      and Capital Resources **

----

|                                                     |   | **Twelve                Months Ended****May                31, 2007** |       | **Twelve                Months Ended****May                31, 2006** |   | **Twelve                Months Ended****May                31, 2005** |   |
|----------------------------------------------------------|--------|-----------------------------------------------------------------------|------------|-----------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|
| Net                loss                                  |   | $                                                                     | (8,451,942 | )                                                                     | $      | (6,104,402                                                            | )      | $ | (5,567,729 | ) |
| Adjustments                for non-cash operating items  |   |                                                                  | 1,996,715  |                                                                  |   | 609,097                                                               |   |   | 385,644 |   |
| Net                cash operating loss                   |   | $                                                                     | (6,455,227 | )                                                                     | $      | (5,495,305                                                            | )      |   | (5,182,085 | ) |
| Net                change in assets and liabilities      |   |                                                                  | (120,785   | )                                                                     |   | (151,250                                                              | )      |   | 591,191 |   |
| Net                cash used in operating activities     |   | $                                                                     | (6,576,012 | )                                                                     | $      | (5,646,555                                                            | )      | $ | (4,590,894 | ) |
| Net                cash used in investing activities     |   | $                                                                     | (403,674   | )                                                                     | $      | (91,726                                                               | )      | $ | (79,229 | ) |
| Net                cash provided by financing activities |   | $                                                                     | 14,533,295 |                                                                  | $      | 6,277,459                                                             |   | $ | 4,830,707 |   |

**Net      Cash Used In Operating Activities and Operating Cash Flow Requirements      Outlook**

**Net      Cash Used In Investing Activities and Investing Requirements      Outlook**

**Net      Cash Provided by Financing Activities and Financing Requirements      Outlook**

**Off      Balance Sheet Arrangements and Contractual Obligations**

| ·   | *Employee                Agreements-Officers*.                To attract and retain qualified management personnel, we have entered                into                employment agreements with two executive officers: Steven H. Kane,                president and chief executive officer and Marc L. Rose, CPA, vice                president of finance, chief financial officer, treasurer and corporate                secretary. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | *Directors                Agreements*.                To attract and retain qualified candidates to serve on the board                of                directors, we have entered into agreements with G. Kirk Raab, Chairman                of                the Board, Carleton A. Holstrom, Chairman of the Audit Committee,                Eugene                A. Bauer, MD and Peter G. Tombros, under which Messrs. Raab, Holstrom,                Dr.                Bauer and Mr. Tombros receive aggregate annual cash payments aggregating                $150,000, $20,000, $20,000 and $20,000, respectively, as directors’                fees. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | *Operating                Lease - Office Space*.                We have entered into a three-year operating lease in New Hope, PA                for                3,795 square feet of office and laboratory space. The lease commenced                on                January 9, 2004 and was originally to expire on February 28, 2007.                On                November 18, 2005, we modified the existing lease which added an                additional 2,147 square feet and extended the lease term to January                31,                2008 and on April 30, 2007, we modified the existing lease and extended                the lease term to January 31, 2009. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | *Operating                Lease - Copier*.                We have entered into a sixty-three month operating lease for a                multi-function copier. The lease commenced on December 16, 2004 and                will                expire on March 16, 2010. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Contractual                Obligations**    |   |   | **Payments                due by period**  |   |
|-----------------------------------------------|--------|--------|-------------------------------------------------|--------|
|                                          |   |   | **Total**                                  |   |   | **Less                than 1****year**  |   |   | **1-3                years**  |   |   | **3-5                years**  |   |   | **More                than****5                years**  |   |
| Employment                Agreements-Officers |   | $      | 681,900                                         |   | $ | 681,900 |   | $ | 0 |   | $ | 0 |   | $ | 0 |   |
| Directors                Agreements           |   |   | 210,000                                         |   |   | 210,000 |   |   | 0 |   |   | 0 |   |   | 0 |   |
| Operating                Lease - Office Space |   |   | 286,936                                         |   |   | 98,641 |   |   | 188,295 |   |   | 0 |   |   | 0 |   |
| Operating                Lease - Copier       |   |   | 8,466                                           |   |   | 1,743 |   |   | 6,723 |   |   | 0 |   |   | 0 |   |
| Total                                         |   | $      | 1,187,302                                       |   | $ | 992,284 |   | $ | 195,018 |   | $ | 0 |   | $ | 0 |   |

**Recently      Issued Accounting Pronouncements**

*      Including an Amendment of FASB Statement No. 115 *

**ITEM 7A.        **QUANTITATIVE        AND QUALITATIVE DISCLOSURES ABOUT MARKET        RISK****

----

**ITEM 8. **FINANCIAL        STATEMENTS AND SUPPLEMENTARY DATA****

**ITEM 9.        **CHANGES        IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL        DISCLOSURE****

**ITEM 9A.****CONTROLS        AND PROCEDURES**

**ITEM 9B.****OTHER        INFORMATION**

**PART      III**

**ITEM 10.          **DIRECTORS,        EXECUTIVE OFFICERS AND CORPORATE        GOVERNANCE****

| **Name**                               |   | **Age** |   | **Position                and Offices Held with the Company**                                            |
|----------------------------------------|--------|---------|--------|----------------------------------------------------------------------------------------------------------|
| G.                Kirk Raab + #        |   | 71      |   | Chairman                of the Board, Director and Director Nominee                                      |
| Steven                H. Kane +        |   | 54      |   | President,                Chief Executive Officer, Director and Director Nominee                         |
| Marc                L. Rose, CPA       |   | 42      |   | Vice                President, Chief Financial Officer, Treasurer and Corporate                Secretary |
| Carleton                A. Holstrom *  |   | 71      |   | Director                and Director Nominee                                                             |
| Eugene                A. Bauer, M.D. # |   | 65      |   | Director                and Director Nominee                                                             |
| Thomas                P. Stagnaro *    |   | 64      |   | Director                and Director Nominee                                                             |
| Dinesh                Patel, Ph.D. *   |   | 56      |   | Director                and Director Nominee                                                             |
| Frank                M. Dougherty + #  |   | 59      |   | Director                and Director Nominee                                                             |
| Peter                G. Tombros #      |   | 65      |   | Director                and Director Nominee                                                             |

**G.      Kirk Raab**

**Steven      H. Kane**

----

**Marc      L. Rose, CPA**

**Carleton      A. Holstrom**

**Eugene      A. Bauer, M.D.**

**Thomas      P. Stagnaro**

**Dinesh      Patel, PhD**

**Frank      M. Dougherty**

**Peter      G. Tombros**

----

**Director      Independence**

**Audit      Committee **

**Nominating      and Corporate Governance Committee **

**Compensation      Committee **

**Code      of Ethics **

.

**Other**

----

**ITEM 11.        **EXECUTIVE        COMPENSATION****

**Compensation      Discussion and Analysis**

**Introduction**

**Compensation      Committee**

**Executive      Compensation Philosophy and Objectives**

**Executive      Compensation Consultant**

**Setting      Executive Compensation**

**2007      Executive Compensation Components**

| ·   | Base                salary |
|--------------------|----------------------------|

|   |   |
|--------|--------|

| ·   | Annual                incentive bonus: and |
|--------------------|--------------------------------------------|

|   |   |
|--------|--------|

| ·   | Long                term incentives, consisting of stock option                grants |
|--------------------|---------------------------------------------------------------------------------------|

**Base      Salaries**

| ·   | an                internal review of the executives’compensation |
|--------------------|------------------------------------------------------------------------|

|   |   |
|--------|--------|

| ·   | the                individual performance of the                executive |
|--------------------|---------------------------------------------------------------------------|

----

**Discretionary      Annual Bonus**

**Long-Term      Incentives**

**Stock      Ownership/Retention Guidelines**

**Other      Compensation and Perquisite Benefits**

      tax      basis. The Company does not match employee’s contributions to the 401(k) Plan at      this time. All contributions made by a participant vest immediately.

**Compensation      of the CEO**

**Tax      and Accounting Implications**

*Deductibility      of Certain Compensation*

----

**Summary**
**Compensation**
**Table**

|       **Name                  and Principal Position**                                |   |        **Year** |   |       **Salary                  ($) (1)** |   |       **Bonus                  ($)** |   |      **Stock                  Awards ($)** |    |      **Option                  Awards ($) (2)** |   |    **Non-Equity                  IncentivePlan Compensation($)** |   |  **Change                  inPension Valueand Nonqualified Deferred****Compensation****Earnings** |    |      **AllOther                  Compensation** |   |       **Total                  ($)** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|---------------------------------------------------------------------|---------|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|
| Steven                  H. Kane, President and Chief Executive Officer                                              |   |                                               | 2007   |                                                                    |   | 400,000                                                            |   |                                                                | 50,000  |                                                                     |   | —                                                                         |   |                                                                                                   | 241,138 | (3)                                                                      |   | —                                                            |   |   | — |   |   | — |   |   | 691,138 |   |
| Marc                  L. Rose, CPA, Vice President and Chief Financial Officer                                      |   |                                               | 2007   |                                                                    |   | 200,000                                                            |   |                                                                | 37,500  |                                                                     |   | —                                                                         |   |                                                                                                   | 207,130 | (3)                                                                      |   | —                                                            |   |   | — |   |   | — |   |   | 444,630 |   |
|  Victor                  S. Sloan, MD, former Senior Vice President and Chief Medical                  Officer |   |                                               | 2007   |                                                                    |   | 186,667                                                            |   |                                                                | — |                                                                     |   | —                                                                         |   |                                                                                                   | — |                                                                     |   | —                                                            |   |   | — |   |   | 280,000                  (4 | ) |   | 466,667 |   |

| (1)   | In                January 2007, the Compensation Committee did not authorize salary                increase                for calendar year 2007. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | In                October 2006, the Compensation Committee granted the following option                awards: Mr. Kane 25,000 and Mr. Rose 50,000. In January 2007, the                Compensation Committee granted the following option awards: Mr. Kane                100,000 and Mr. Rose 50,000. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Amounts                are calculated in accordance with the provisions of Statement of                Financial                Accounting Standards (“SFAS”) No. 123R “Share-based Payment.” See                Note 2. of the financial statements of the Company’s Annual Report for the                year ended May 31, 2007 regarding assumptions underlying valuation of                equity awards. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | On                January 2, 2007, the Company terminated the employment of Victor                S. Sloan,                MD, former Senior Vice President and Chief Medical Officer. Pursuant                to                the terms of his employment agreement, Dr. Sloan was paid $280,000                as a                severance payment. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Grants**
**of      Plan-Based**
**Awards**

|                                                                                                                    |   | **Estimated                  Future Payments****Under                  Non-Equity****Incentive                  Plan Awards** |       |                  **Estimated                  Future Payments****Under                  Equity****Incentive                  Plan Awards** |   |                                                          |   |                                                           |    |                                                             |   |                                                          |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|----------------------------------------------------------------|---------|------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|
|          **Name**                                                          |   |  **Grant****Date**                                                                                                       |       |   **Threshold($)**                                                                                                                    |   |         **Target($)** |   |         **Maximum($)** |    |         **Threshold($)** |   |         **Target($)** |   |         **Maximum($)** |   | **All                  Other Stock Awards: Number of Shares of Stock or                  Units(#)** |   |   **All                  Other Option Awards: Number of Securities Underlying                  Options(#)** |   |     **Exercise                  or Base Price of Options ($/Sh) (1)** |   |  **Grant                  Date Fair Value of Stock and Option Awards ($)                  (2)** |   |
|  Steven                  H. Kane, President and Chief Executive Officer                                            |   |                                                                                                                          | 10/24/2006 |                                                                                                                                            |   | —                                                       |   |                                                           | — |                                                             |   | —                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 25,000                  (3 | ) | $ | 2.87 |   | $ | 57,708 |   |
|                                                                                                                    |   |                                                                                                                          | 01/18/2007 |                                                                                                                                            |   | —                                                       |   |                                                           | — |                                                             |   | —                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 100,000                  (4 | ) | $ | 2.30 |   | $ | 183,430 |   |
|                                                                                                                    |   |                                                                                                                          |            |                                                                                                                                            |   |                                                               |   |                                                           |         |                                                             |   |                                                               |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Marc                  L. Rose, CPA, Vice President and Chief Financial Officer                                          |   |                                                                                                                          | 10/24/2006 |                                                                                                                                            |   | —                                                       |   |                                                           | — |                                                             |   | —                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 50,000                  (4 | ) | $ | 2.87 |   | $ | 115,415 |   |
|                                                                                                                    |   |                                                                                                                          | 01/18/2007 |                                                                                                                                            |   | —                                                       |   |                                                           | — |                                                             |   | —                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 50,000                  (4 | ) | $ | 2.30 |   | $ | 91,715 |   |
|                                                                                                                    |   |                                                                                                                          |            |                                                                                                                                            |   |                                                               |   |                                                           |         |                                                             |   |                                                               |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
|  Victor                  S. Sloan, MD, former Senior Vice President and Chief Medical Officer                  (5) |   |                                                                                                                          | —    |                                                                                                                                            |   | —                                                       |   |                                                           | — |                                                             |   | —                                                       |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |

** **
** **

| (1)   | The                exercise price of the stock option awards is equal to the prior day’s                closing price of the Common Stock as reported by Over the Counter                Bulletin                Board (OTC BB). Stock options were granted under the 2003 Stock                Option Plan, as amended. Stock options expire ten years from the date                of grant. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (2)   | See                Note 2 of the financial statements of the Company’s Annual Report for the                year ended May 31, 2007 regarding assumptions underlying valuation                of                equity awards. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (3)   | These                stock options vested immediately on the date of                grant. |
|-----------------|--------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (4)   | These                stock options vest over four years at the rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (5)   | On                January 2, 2007, the Company terminated the employment of Victor                S. Sloan,                MD, former Senior Vice President and Chief Medical                Officer. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Employment      Contracts, Termination of Employment and Change in Control      Arrangements**

----

**Outstanding      Equity Awards at Fiscal Year-End**

|                                                                                                                                              |   | **Option                Awards**                                                                         |   | **Stock                Awards**                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
| **Name**                                                                                                                                          |   | **Number                of****Securities****Underlying****Unexercised****Options****(#)****Exercisable** |   | **Number                of****Securities****Underlying****Unexercised****Options****(#)****Unexercisable** |   | **Equity****Incentive****Plan Awards:****Number                of****Securities****Underlying****Unexercised****Unearned****Options****(#)** |   | **Option****Exercise****Price****($)** |   | **Option****Expiration****Date** |   | **Number of****Shares                or****Units                of****Stock That****Have                Not****Vested                (#)** |   | **Market****Value of****Shares or****Units                of****Stock That****Have                Not****Vested****($)                (1)** |   | **Equity Incentive****Plan                Awards:****Number                of****Unearned****Shares,                Units****or                Other****Rights                That****Have                Not****Vested                (#)** |   | **Equity****Incentive****Plan Awards:****Market                or****Payout                Value****of                Unearned****Shares,                Units****or                Other****Rights                That****Have                Not****Vested** |
| Steven                H. Kane, President and Chief Executive Officer                                                                              |   | 863,242                                                                                                  |   | —                                                                                          |   | —   |   | $ | 1.50 |   | 12/16/2012 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 100,000                                                                                                  |   | —                                                                                          |   | —   |   |   | 1.50 |   | 8/13/2013 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 75,000                                                                                                   |   | —                                                                                          |   | —   |   |   | 2.13 |   | 1/22/2014 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 175,000                                                                                                  |   | 62,502                                                                                                     | (1) | —   |   |   | 2.55 |   | 1/13/2015 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 25,000                                                                                                   |   | —                                                                                          |   | —   |   |   | 2.65 |   | 10/25/2015 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 25,000                                                                                                   |   | —                                                                                          |   | —   |   |   | 2.87 |   | 10/24/2016 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 100,000                                                                                                  |   | 91,667                                                                                                     |  (2) | —   |   |   | 2.30 |   | 1/18/2017 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   |                                                                                                     |   |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Marc                L. Rose, CPA, Vice President and Chief Financial Officer                                                                      |   | 100,000                                                                                                  |   | 37,501                                                                                                     | (3) | —   |   |   | 2.55 |   | 1/13/2015 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 13,571                                                                                                   |   | 7,352                                                                                                      | (4) | —   |   |   | 2.80 |   | 7/29/2015 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 30,000                                                                                                   |   | 20,001                                                                                                     | (5) | —   |   |   | 2.85 |   | 1/11/2016 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 50,000                                                                                                   |   | 42,709                                                                                                     | (6) | —   |   |   | 2.87 |   | 10/24/2016 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   | 50,000                                                                                                   |   | 45,834                                                                                                     | (7) | —   |   |   | 2.30 |   | 1/18/2017 |   | —   |   |   | —   |   | —   |   | —   |
|                                                                                                                                              |   |                                                                                                     |   |                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Victor                S. Sloan, MD, former Senior Vice President and Chief Medical Officer                President and Chief Medical Officer (8) |   | —                                                                                                  |   | —                                                                                                    |   | — |   |   | — |   | — |   | — |   |   | — |   | — |   | — |

| (1)   | These                stock options, granted on January 13, 2005, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (2)   | These                stock options, granted on January 18, 2007, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (3)   | These                stock options, granted on January 13, 2005, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (4)   | These                stock options, granted on July 29, 2005 vest over four years at the                rate                of 1/48th                per month. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (5)   | These                stock options, granted on January 11, 2006, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (6)   | These                stock options, granted on October 24, 2006, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (7)   | These                stock options, granted on January 18, 2007, vest over four years                at the                rate of 1/48th                per month. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (8)   | On                January 2, 2007, the Company terminated the employment of Victor                S. Sloan,                MD, former Senior Vice President and Chief Medical                Officer. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Option**
**Exercises      and Stock Vested**

|                                                                                                      |   | **Option                Awards**                                                  |    | **Stock                Awards**                      |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|---------|------------------------------------------------------|--------|
| **Name**                                                                                                  |   | **Number                of Shares****Acquired                on Exercise****(#)** |    | **Value                Realized on Exercise****($)** |   | **Number                of Shares Acquired on Vesting****(#)** |   | **Value                Realized on Vesting****($)** |   |
| Steven                H. Kane, President and Chief Executive Officer                                      |   |                                                                              | — |                                                 |   | — |   |   | — |   |   | — |   |
| Marc                L. Rose, CPA, Vice President and Chief Financial Officer                              |   |                                                                              | — |                                                 |   | — |   |   | — |   |   | — |   |
| Victor                S. Sloan, MD, former Senior Vice President and Chief Medical                Officer |   |                                                                              | 2,000   |                                                 | $      | (300 | ) |   | — |   |   | — |   |

**Pension      Benefits Nonqualified Deferred Compensation**

**Compensation      of Directors**

| **Name**                                |   | **Fees                Earned****or****Paid                in Cash****($)** |    | **Stock****Awards****($)** |   | **Option****Awards****($)                (1)** |   | **Non-Equity                Incentive Plan Compensation****($)** |    | **Change                in Pension Value and Nonqualified Deferred Compensation                Earnings** |   | **All****Other                Compensation****($)** |   | **Total****($)** |    |
|-----------------------------------------|--------|----------------------------------------------------------------------------|---------|----------------------------|--------|------------------------------------------------|--------|------------------------------------------------------------------|---------|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|------------------|---------|
| G.                Kirk Raab (2)         |   |                                                                       | 150,000 |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 207,708 |   |
| Carleton                A. Holstrom (3) |   |                                                                       | 20,000  |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 77,708 |   |
| Eugene                A. Bauer, M.D.(4) |   |                                                                       | 20,000  |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 77,708 |   |
| Thomas                P. Stagnaro (5)   |   |                                                                       | — |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 57,708 |   |
| Dinesh                Patel, Ph.D.      |   |                                                                       | — |                       |   | —                                        |   |                                                             | — |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | — |   |
| Frank                M. Dougherty (6)   |   |                                                                       | — |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 57,708 |   |
| Peter                G. Tombros (7)     |   |                                                                       | 20,000  |                       |   | —                                        |   |                                                             | 57,708  |                                                                                                      |   | —                                             |   |             | — |   |   | — |   |   | 77,708 |   |

| (1)   | These                stock options, granted on October 24, 2006 vested immediately on                the date                of grant and are determined in accordance with FAS                123R. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (2)   | As                of May 31, 2007, Mr. Raab has 689,333 stock options outstanding and                643,963 are vested and exercisable. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (3)   | As                of May 31, 2007, Mr. Holstrom has 150,000 stock options outstanding                and                150,000 are vested and exercisable. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (4)   | As                of May 31, 2007, Dr. Bauer has 150,000 stock options outstanding                and                150,000 are vested and exercisable. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (5)   | As                of May 31, 2007, Mr. Stagnaro has 311,000 stock options outstanding                and                305,999 are vested and exercisable. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (6)   | As                of May 31, 2007, Mr. Dougherty has 115,000 stock options outstanding                and                109,999 are vested and exercisable. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

| (7)   | As                of May 31, 2007, Mr. Tombros has 125,000 stock options outstanding                and                125,000 are vested and exercisable. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Compensation      Committee Interlocks and Insider Participation**

**ITEM 12.****SECURITY        OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER        MATTERS**

|                                                                                                                                                         |   | **Shares                Beneficially Owned** |                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------|------------------------------|
| **Name                and Title**                                                                                                                            |   | **Number**                                   |                         | **Percent** |   |
| G.                Kirk Raab, Chairman of the Board and Director                                                                                              |   |                                         | 699,423                (1    | ) |   | 2.4 | % |
| Steven                H. Kane, President and Director                                                                                                        |   |                                         | 1,308,121                (2  | ) |   | 4.2 | % |
| Victor                S. Sloan, M.D., former Senior Vice President and Chief Medical                Officer                                                  |   |                                         | 944                (3        | ) |   | * |   |
| Marc                L. Rose, CPA, Vice President, Chief Financial Officer, Treasurer                and                Corporate Secretary                   |   |                                         | 124,018                (4    | ) |   | * |   |
| Peter                G. Tombros, Director                                                                                                                    |   |                                         | 175,000                (5    | ) |   | * |   |
| Frank                M. Dougherty, Director                                                                                                                  |   |                                         | 475,581(6                    | ) |   | 1.7 | % |
| Carleton                A. Holstrom, Director                                                                                                                |   |                                         | 160,000                (7    | ) |   | * |   |
| Eugene                A. Bauer, M.D., Director                                                                                                               |   |                                         | 150,000                (8    | ) |   | * |   |
| Thomas                P. Stagnaro, Director                                                                                                                  |   |                                         | 313,125(9                    | ) |   | 1.1 | % |
| John                E. Doherty, Former Director                                                                                                              |   |                                         | 3,101,549                (10 | ) |   | 10.8 | % |
| Dinesh                Patel, Ph.D., Director                                                                                                                 |   |                                         | 4,433,002                (11 | ) |   | 14.9 | % |
| vSpring                SBIC, L.P.Attn:                Dinesh Patel 2795                E. Cottonwood Pkwy, Suite 360 Salt                Lake City, UT 84121 |   |                                         | 4,433,002                (12 | ) |   | 14.9 | % |
| LB                I Group 399                Park Avenue 9th                Floor New                York, NY 10022                                          |   |                                         | 1,600,000                (13 | ) |   | 5.6%(14 | ) |
| All                officers and directors as a group (10 persons)                                                                                            |   |                                         | 7,828,270                (14 | ) |   | 26.0 | % |

| (1)   | Includes                options to purchase 699,423 shares of our common stock exercisable                within                60 days of July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Includes                options to purchase 1,224,700 shares of our common stock and warrants                to                purchase 7,778 shares of our common stock exercisable within 60 days                of                July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Includes                warrants to purchase 944 shares of our common stock exercisable within                60                days of July 27, 2007. On January 2, 2007, the Company terminated                the                employment of Victor S. Sloan, MD, former Senior Vice President and                Chief                Medical Officer and his vested stock options expired as of April                2,                2007, |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Includes                options to purchase 109,018 shares of our common stock exercisable                within                60 days of July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Includes                options to purchase 125,000 shares of our common stock and warrants                to                purchase 10,000 shares of our common stock exercisable within 60                days of                July 27, 2007. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | Includes                options to purchase 115,000 shares of our common stock and warrants                to                purchase 3,778 shares of our common stock exercisable within 60 days                of                July 27, 2007. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | Includes                options to purchase 150,000 shares of our common stock exercisable                within                60 days of July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)   | Includes                options to purchase 150,000 shares of our common stock exercisable                within                60 days of July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | Includes                options to purchase 309,125 shares of our common stock exercisable                within                60 days of July 27, 2007. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (10)   | Includes                options to purchase 10,000 shares of our common stock and warrants                to                purchase 27,778 shares of our common stock exercisable within 60                days of                July 27, 2007 |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11)   | Includes                warrants to purchase 1,097,255 shares of our common stock exercisable                within 60 days of July 27, 2007. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (12)   | Includes                warrants to purchase 1,097,255 shares of our common stock exercisable                within 60 days of July 27, 2007. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (13)   | Excludes                400,000 shares of common stock issuable upon exercise of warrants,                because                the terms of the warrant contain a limitation on acquiring shares                of                common stock if the exercise would result in the holder beneficially                owning more than 4.99% of the outstanding common stock. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (14)   | Includes                options to purchase 425,000 shares of our common stock and warrants                to                purchase 1,108,199 shares of our common stock exercisable within                60 days                of July 27, 2007. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM 13.****CERTAIN        RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR        INDEPENDENCE**

**ITEM 14.****PRINCIPAL        ACCOUNTING FEES AND SERVICES**

**PART      IV**

**ITEM 15.        **EXHIBITS,        FINANCIAL STATEMENT SCHEDULES****

|  | (a) | 1.                    Financial Statements |
|--|-----|--------------------------------------------|

|  |   | 2.                  Financial Statement Schedules |
|--|--------|---------------------------------------------------|

|  | (b) | Exhibits |
|--|-----|----------|

The      following exhibits are filed a part of, or incorporated by reference into this      Annual Report.

----

**EXHIBIT      INDEX**

| 2.1          |   | Stock                Purchase Agreement among the Company, Don Hanosh and Enerdyne Corporation,                dated December 6, 1999                                                                                      |   | Incorporated                by reference, to Exhibit 2.1 to the Company’s 10-SB filing on December 6,                1999                                      |
|--------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 2.2          |   | Merger                Agreement and Plan of Re-organization between the Company and Enerdyne                Corporation                                                                                                    |   | Incorporated                by reference, to Exhibit 2.2 to the Company’s 10-SB filing on December 6,                1999                                      |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 2.3          |   | Plan                of Merger and Agreement between Protalex, Inc., a New Mexico corporation                and Protalex, Inc. a Delaware Corporation                                                                      |   | Incorporated                by reference, to Exhibit 2.1 to the Company’s 8-K filing on December 6,                2004                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 3.1          |   | Certificate                of Incorporation of the Company                                                                                                                                                                 |   | Incorporated                by reference, to Exhibit 3.1 to the Company’s 8-K filing on December 6,                2004                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 3.2          |   | Bylaws                of the Company                                                                                                                                                                                       |   | Incorporated                by reference, to Exhibit 3.2 to the Company’s 8-K filing on December 6,                2004                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 3.3          |   | State                of Delaware, Certificate of Amendment of Certificate of Incorporation                                                                                                                                 |   | Incorporated                by reference, to Exhibit 3.3 to the Company 10-QSB filed on January                13,                2006                               |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.1          |   | Letter                Agreement with Pembroke Financial Ltd. Dated July 9, 2001                                                                                                                                            |   | Incorporated                by reference, to Exhibit 10.9 to the Company’s 10-KSB/A filed on September                24, 2003                                 |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.2          |   | Securities                Purchase Agreement dated September 18, 2003 between the Company and                certain of the Selling Stockholders                                                                           |   | Incorporated                by reference, to Exhibit 4.3 to the Company’s SB-2 filed on October 20,                2003.                                       |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.3          |   | Investor                Rights Agreement dated September 18, 2003 between the Company and                certain                of the Selling Stockholders                                                                |   | Incorporated                by reference, to Exhibit 4.3 to the Company’s SB-2 filed on October 20,                2003.                                       |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.4          |   | Form                of Common Stock Purchase Warrant issued by the Company to the Selling                Stockholders                                                                                                      |   | Incorporated                by reference, to Exhibit 4.4 to Company’s SB-2 filed on October 20,                2003.                                           |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.5          |   | Warrant                and Common Stock Purchase Agreement dated May 25, 2005 among the                Company                and the several purchasers thereunder                                                        |   | Incorporated                by reference to Exhibit 4.5 to the Company’s Form SB-2 filed on June 16,                2005                                       |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.6          |   | Registration                Rights Agreement dated May 25, 2005 among the purchasers under the                Warrant                and Common Stock Purchase Agreement of even date therewith                            |   | Incorporated                by reference to Exhibit 4.6 to the Company’s Form SB-2 filed on June 16,                2005                                       |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.7          |   | Addendum                1 to Subscription Agreement and Questionnaire of vSpring SBIC, LP                dated                May 25, 2005                                                                                 |   | Incorporated                by reference to Exhibit 4.7 to the Company’s Annual Report on Form 10-KSB                filed on August 26, 2005                  |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.8          |   | Warrant                and Common Stock Purchase Agreement dated December 22, 2005 among                the                Company and the several purchasers thereunder                                                   |   | Incorporated                by reference, to Exhibit 4.5 to the Company’s SB-2 filed on January 27,                2006                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.9          |   | Registration                Rights Agreement dated December 22, 2005 among the purchasers under                the                Warrant and Common Stock Purchase Agreement of even date therewith                       |   | Incorporated                by reference, to Exhibit 4.6 to the Company’s SB-2 filed on January 27,                2006                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.10         |   | Form                of Warrant issued by the Company to the Selling Stockholders dated                December 22, 2005 of even date therewith                                                                             |   | Incorporated                by reference, to Exhibit 4.7 to the Company’s SB-2 filed on January 27,                2006                                        |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.11         |   | Warrant                and Common Stock Purchase Agreement dated June 30, 2006 among the                Company                and the several purchasers thereunder                                                       |   | Incorporated                by reference, to Exhibit 10.1 to the Company’s Current Report on Form 8-K                filed on July 10, 2006.                   |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.12         |   | Registration                Rights Agreement dated June 30, 2006 among the purchasers under the                Warrant and Common Stock Purchase Agreement of even date therewith                                          |   | Incorporated                by reference, to Exhibit 10.2 to the Company’s Current Report on Form 8-K                filed on July 10, 2006                    |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 4.13         |   | Form                of Warrant issued by the Company to the Selling Stockholders dated                June                30, 2006 of even date therewith                                                                  |   | Incorporated                by reference, to Exhibit 10.3 to the Company’s Current Report on Form 8-K                filed on July 10, 2006                    |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.1         |   | Employment                offer letter executed by Steven H. Kane                                                                                                                                                          |   | Incorporated                by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form                10-QSB filed on January 13, 2006.            |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.2         |   | Board                appointment executed by G. Kirk Raab                                                                                                                                                                  |   | Incorporated                by reference, to Exhibit 10.4 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.          |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.3         |   | Form                of Option Agreement                                                                                                                                                                                    |   | Incorporated                by reference, to Exhibit 10.6 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003           |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.4         |   | Frame                Contract between the Company and Eurogentec S.A.                                                                                                                                                      |   | Incorporated                by reference, to Exhibit 10.5 to the Company’s 10-KSB/A filed on September                24, 2003                                 |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.5         |   | Assignment                of Intellectual Property from Alex LLC to the Company                                                                                                                                            |   | Incorporated                by reference, to Exhibit 10.8 to the Company’s 10-KSB/A filed on September                24, 2003.                                |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.6         |   | Assignment                of Intellectual Property from Dr. Paul Mann to the Company                                                                                                                                       |   | Incorporated                by reference, to Exhibit 10.8 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.          |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.7         |   | Stock                Redemption Agreement dated August 15, 2003, by and between the Company,                Paul L. Mann, Leslie A. McCament-Mann, Gail Stewe and Elizabeth Sarah                Anne                Wiley |   | Incorporated                by reference, to Exhibit 10.10 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.         |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.8         |   | Letter                dated August 21, 2003 from Paul L. Mann to the Company                                                                                                                                               |   | Incorporated                by reference, to Exhibit 10.11 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.         |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.9         |   | Technology                License Agreement dated November 17, 1999, between the Company and                Alex,                LLC                                                                                       |   | Incorporated                by reference, to Exhibit 10.4 to the Company’s Registration of Securities                on Form 10-QSB filed on December 6, 1999. |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.10        |   | Letter                Agreement, dated March 16, 2005, effective October 26, 2004, between                the                Company and Carleton A. Holstrom                                                              |   | Incorporated                by reference, to Exhibit 10.3 to the Company’s Quarterly Report on Form                10-QSB/A filed on April 14, 2005.           |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.11        |   | Description                of the verbal agreement between the Company and Eugene A. Bauer,                M.D.                                                                                                            |   | Incorporated                by reference to the Company’s Current Report on Form 8-K filed on February                22, 2005.                                |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.12        |   | Protalex,                Inc. 2003 Stock Option Plan Amended and Restated as of July 29, 2005                                                                                                                              |   | Incorporated                by reference to Appendix B to the Company’s Proxy Statement filed on                September 23, 2005.                            |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.13        |   | Description                of the verbal agreement between the Company and Peter G. Tombros                                                                                                                                |   | Incorporated                by reference to the Company’s Current Report on Form 8-K filed on November                14, 2005.                                |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.14        |   | Modified                lease agreement with Union Square LP, dated November 18, 2005                                                                                                                                      |   | Incorporate                by reference to Exhibit 99.1 to the Company’s Current Report Form 8-K                filed on November 22, 2005.                    |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.15        |   | Employment                offer letter executed by Marc L. Rose, CPA, Vice President, Chief                Financial Officer, Treasurer and Corporate Secretary                                                            |   | Incorporated                by reference, to Exhibit 10.2 to the Company’s Quarterly Report on Form                10-QSB filed on January 14, 2005.           |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.16        |   | Employment                offer letter executed by Victor S. Sloan, M.D, former Senior Vice                President and Chief Medical Officer                                                                             |   | Incorporated                by reference, to Exhibit 10.1 to the Company’s Quarterly Report on Form                10-QSB filed on October 14, 2005.           |
|         |   |                                                                                                                                                                                                                       |   |                                                                                                                                                                 |
| 10.17† |   | Clinical                Study Agreement executed October 19, 2005 between the Company and                PAREXEL                International LLC                                                                          |   | Incorporated                by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form                10-QSB filed on January 13, 2006.            |

----

|         |   |                                                                                                                        |   |                                                                                                                                                     |
|--------------|--------|-----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.18† |   | Service                Contract with AAIPharma Inc., dated January 29, 2007                                                 |   | Incorporated                by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form                10-QSB filed on April 13, 2007. |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 10.19        |   | Modified                lease agreement with Union Square LP, dated April 30, 2007                                          |   | Incorporate                by reference to Exhibit 99.1 to the Company’s Current Report Form 8-K                filed on May 3, 2007.              |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 23.1         |   | Consent                of Grant Thornton LLP                                                                                |   | Filed                herewith                                                                                                                            |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 31.1         |   | Certification                of Chief Executive Officer pursuant to Section 302(a) of the                Sarbanes-Oxley Act |   | Filed                herewith                                                                                                                            |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 31.2         |   | Certification                of Chief Financial Officer pursuant to Section 302(a) of the                Sarbanes-Oxley Act |   | Filed                herewith                                                                                                                            |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 32.1         |   | Certification                of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                Act    |   | Filed                herewith                                                                                                                            |
|         |   |                                                                                                                        |   |                                                                                                                                                     |
| 32.2         |   | Certification                of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                Act    |   | Filed                herewith                                                                                                                            |

*†Portions      of the exhibit have been omitted pursuant to a request for confidential      treatment.  The confidential portions have been filed with the      SEC.*

----

**SIGNATURES**

**Pursuant      to the requirements of Section 13 or 15(d) of the Security Exchange Act of      1934, the Registrant has duly caused this Report to be signed on its behalf      by      the undersigned, thereunto duly authorized.**

|                             |                                                                                            |                                 |
|----------------------------------|-------------------------------------------------------------------------------------------------|--------------------------------------|
| Date:              July 31, 2007 | **Protalex,                Inc.**                                                               |
|                        |                                                                                       |                            |
|                             | By:                                                                                   | /s/ Steven              H. Kane |
|                             | Name: Steven                H. Kane                                                        |
|                             | Title:              *President,              Chief Executive Officer and              Director* |

**Pursuant      to the requirements of the Securities Exchange Act of 1934, this Report has      been      signed below by the following persons on behalf of the Registrant and in the      capacities and on the dates indicated.**

| /s/                G. Kirk Raab         |   | Chairman                of the Board and Director                      |   | July                31, 2007 |
|-----------------------------------------|--------|------------------------------------------------------------------------|--------|------------------------------|
| G.                Kirk Raab             |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Steven H. Kane       |   | President,                Chief Executive Officer and Director         |   | July                31, 2007 |
| Steven                H. Kane           |   | (Principal              Executive              Officer)                |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Marc L. Rose, CPA    |   | Vice                President of Finance, Chief Financial Officer,     |   | July                31, 2007 |
| Marc                L. Rose             |   | Treasurer              and Corporate              Secretary            |   |                         |
|                                    |   | (Principal              Financial              and Accounting Officer) |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Eugene A. Bauer, MD  |   | Director                                                               |   | July                31, 2007 |
| Eugene                A. Bauer          |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Frank M. Dougherty   |   | Director                                                               |   | July                31, 2007 |
| Frank                M. Dougherty       |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Carleton A. Holstrom |   | Director                                                               |   | July                31, 2007 |
| Carleton                A. Holstrom     |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Dinesh Patel, PhD    |   | Director                                                               |   | July                31, 2007 |
| Dinesh                Patel             |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Thomas P. Stagnaro   |   | Director                                                               |   | July                31, 2007 |
| Thomas                P. Stagnaro       |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
|                                    |   |                                                                   |   |                         |
| /s/                Peter G. Tombros     |   | Director                                                               |   | July                31, 2007 |
| Peter                G. Tombros         |   |                                                                   |   |                         |

----

**INDEX      TO FINANCIAL STATEMENTS**

|                                                                                                                                                                                                              |         |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|----------|
|                                                                                                                                                                                                              |    | **Page** |
| Report                of Independent Registered Public Accounting Firm                                                                                                                                            |    | F-2      |
| Financial                Statements:                                                                                                                                                                              |    |     |
| Balance                Sheets at May 31, 2007 and 2006                                                                                                                                                       |    | F-3      |
| Statements                of Operations for the years ended May 31, 2007, 2006 and 2005, and                for the period from September 17, 1999 (inception) through                May 31, 2007 |    | F-4      |
| Statement                of Changes in Stockholders’ Equity for the period from September 17, 1999                (inception) through May 31, 2007                                                          |    | F-5      |
| Statements                of Cash Flows for the years ended May 31, 2007, 2006 and 2005, and                for the period from September 17,1999 (inception) through May 31,                2007       |    | F-9      |
| Notes                to Financial Statements                                                                                                                                                                      |    | F-10     |

----

*Share-Based      Payments*

----

**BALANCE      SHEETS **

|                                                                                                                                                                                                                                                                                                     |   | **2007** |        | **2006** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
| CURRENT                ASSETS:                                                                                                                                                                                                                                                                           |   |     |        |     |   |
| Cash                and cash equivalents                                                                                                                                                                                                                                                                 |   | $        | 17,546,154  |     | $      | 9,992,545 |   |
| Prepaid                expenses                                                                                                                                                                                                                                                                          |   |     | 271,051     |     |   | 221,187 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| Total                current assets                                                                                                                                                                                                                                                                      |   |     | 17,817,205  |     |   | 10,213,732 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| PROPERTY                & EQUIPMENT:                                                                                                                                                                                                                                                                 |   |     |        |     |   |   |   |
| Lab                equipment                                                                                                                                                                                                                                                                             |   |     | 692,761     |     |   | 327,287 |   |
| Office                and computer equipment                                                                                                                                                                                                                                                             |   |     | 195,987     |     |   | 157,787 |   |
| Furniture                & fixtures                                                                                                                                                                                                                                                                  |   |     | 40,701      |     |   | 40,701 |   |
| Leasehold                improvements                                                                                                                                                                                                                                                                    |   |     | 89,967      |     |   | 89,967 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |     | 1,019,416   |     |   | 615,742 |   |
| Less                accumulated depreciation                                                                                                                                                                                                                                                             |   |     | (647,630    | )        |   | (478,785 | ) |
|                                                                                                                                                                                                                                                                                                     |   |     | 371,786     |     |   | 136,957 |   |
| OTHER                ASSETS:                                                                                                                                                                                                                                                                             |   |     |        |     |   |   |   |
| Deposits                                                                                                                                                                                                                                                                                                 |   |     | 7,990       |     |   | 7,990 |   |
| Intellectual                    technology property, net of accumulated amortization of $7,713 and                    $6,693 as of May 31, 2007 and May 31, 2006,                    respectively                                                                                                   |   |     | 12,587      |     |   | 13,607 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| Total                other assets                                                                                                                                                                                                                                                                        |   |     | 20,577      |     |   | 21,597 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   | $        | 18,209,568  |     | $      | 10,372,286 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                                                            |   |     |        |     |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| CURRENT                LIABILITIES:                                                                                                                                                                                                                                                                      |   |     |        |     |   |   |   |
| Accounts                payable                                                                                                                                                                                                                                                                          |   | $        | 923,113     |     | $      | 744,732 |   |
| Payroll                and related liabilities                                                                                                                                                                                                                                                           |   |     | 20,661      |     |   | 67,415 |   |
| Accrued                expenses                                                                                                                                                                                                                                                                          |   |     | 25,000      |     |   | 226,848 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| Total                current liabilities                                                                                                                                                                                                                                                                 |   |     | 968,774     |     |   | 1,038,995 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| OTHER                LIABILITIES                                                                                                                                                                                                                                                                         |   |     | 2,996       |     |   | 3,696 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| Total                liabilities                                                                                                                                                                                                                                                                         |   |     | 971,770     |     |   | 1,042,691 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| STOCKHOLDERS'                EQUITY                                                                                                                                                                                                                                                                      |   |     |        |     |   |   |   |
|                                                                                                                                                                                                                                                                                                          |   |     |        |     |   |   |   |
| Common                  stock, par value $0.00001, 100,000,000 shares authorized as of May                  31, 2007 and May 31, 2006; 28,600,464 and 22,389,951 shares issued                  and                  outstanding as of May 31, 2007 and May 31, 2006,                  respectively |   |     | 286         |     |   | 224 |   |
| Additional                paid in capital                                                                                                                                                                                                                                                                |   |     | 44,101,059  |     |   | 27,740,976 |   |
| Deficit                accumulated during the development stage                                                                                                                                                                                                                                          |   |     | (26,863,547 | )        |   | (18,411,605 | ) |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
| Total                stockholders’ equity                                                                                                                                                                                                                                                          |   |     | 17,237,798  |     |   | 9,329,595 |   |
|                                                                                                                                                                                                                                                                                                     |   |     |        |     |   |   |   |
|                                                                                                                                                                                                                                                                                                     |   | $        | 18,209,568  |     | $      | 10,372,286 |   |

*The      accompanying notes are an integral part of the financial      statements.*

----

**STATEMENTS      OF OPERATIONS**

|                                                                |   |                            |       |                            |   |                            |   | **From                Inception** |       |
|---------------------------------------------------------------------|--------|---------------------------------|------------|---------------------------------|--------|---------------------------------|--------|-----------------------------------|------------|
|                                                                |   | **Year                Ended**   |       | **Year                Ended**   |   | **Year                Ended**   |   | **Through**                       |       |
|                                                                |   | **May                31, 2007** |       | **May                31, 2006** |   | **May                31, 2005** |   | **May                31, 2007**   |       |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |
| REVENUES                                                            |   | $                               | -          |                            | $      | -                               |   | $                                 | -          |   | $ | - |   |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| OPERATING                EXPENSES:                                  |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Research                and development                             |   |                            | (5,562,485 | )                               |   | (3,840,400                      | )      |                              | (3,519,910 | ) |   | (16,605,701 | ) |
| Administrative                                                      |   |                            | (3,360,252 | )                               |   | (2,175,223                      | )      |                              | (1,457,694 | ) |   | (9,349,915 | ) |
| Professional                fees                                    |   |                            | (544,903   | )                               |   | (435,289                        | )      |                              | (714,665   | ) |   | (2,260,150 | ) |
| Depreciation                and amortization                        |   |                            | (5,122     | )                               |   | (4,296                          | )      |                              | (5,111     | ) |   | (155,524 | ) |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Operating                Loss                                       |   |                            | (9,472,762 | )                               |   | (6,455,208                      | )      |                              | (5,697,380 | ) |   | (28,371,290 | ) |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Other                income (expense)                               |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Interest                income                                      |   |                            | 1,020,820  |                            |   | 351,649                         |   |                              | 132,181    |   |   | 1,588,935 |   |
| Interest                expense                                     |   |                            | -          |                            |   | (843                            | )      |                              | (2,530     | ) |   | (70,612 | ) |
| Loss                on disposal of equipment                        |   |                            | -          |                            |   | -                               |   |                              | -          |   |   | (10,580 | ) |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Net                Loss                                             |   | $                               | (8,451,942 | )                               | $      | (6,104,402                      | )      | $                                 | (5,567,729 | ) | $ | (26,863,547 | ) |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Weighted                average number of common shares outstanding |   |                            | 28,083,103 |                            |   | 20,559,291                      |   |                              | 16,832,643 |   |   | 15,741,740 |   |
|                                                                |   |                            |       |                            |   |                            |   |                              |       |   |   |   |   |
| Loss                per common share - basic and diluted            |   | $                               | (.30       | )                               | $      | (.30                            | )      | $                                 | (.33       | ) | $ | (1.71 | ) |

*The      accompanying notes are an integral part of the financial      statements.*

----

**STATEMENT      OF CHANGES IN STOCKHOLDERS’ EQUITY **

|                                                                                                                                                                  |   | **Common                  Stock** |       | **Additional****Paid                  in** |   | **Common                  Stock -** |   | **Deficit****Accumulated****During                    The****Development** |    |      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|--------------------------------------------|--------|------------------------------------------|--------|----------------------------------------------------------------------------|---------|-----------|--------|
|                                                                                                                                                                  |   | **Shares**                        |       | **Amount**                                 |   | ** ****Capital**                    |   | **Contra**                                                                 |    | **Stage** |   | **Total** |   |
| September 17,                  1999 — initial issuance of 10,000 shares for intellectual technology                  license at $.03 per share             |   |                              | 10,000     |                                       | $      | 300                                      |   | $                                                                          | — |      | $      | — |   | $ | — |   | $ | 300 |   |
| September 30,                  1999 — cost of public shell acquisition over net assets acquired to be                  accounted for as a Recapitalization |   |                              | —    |                                       |   | —                                  |   |                                                                       | — |      |   | (250,000 | ) |   | — |   |   | (250,000 | ) |
| October 27,                  1999 — issuance of 84 shares to individual for $25,000                                                                        |   |                              | 84         |                                       |   | 25,000                                   |   |                                                                       | — |      |   | — |   |   | — |   |   | 25,000 |   |
| November 15,                  1999 — reverse merger transaction with Enerdyne Corporation, net                  transaction amounts                        |   |                              | 8,972,463  |                                       |   | 118,547                                  |   |                                                                       | — |      |   | (118,547 | ) |   | — |   |   | — |   |
| November 18,                  1999 — February 7, 2000 — issuance of 459,444 shares to various                  investors at $0.36 per share     |   |                              | 459,444    |                                       |   | 165,400                                  |   |                                                                       | — |      |   | — |   |   | — |   |   | 165,400 |   |
| January 1,                  2000 — issuance of 100,000 shares in exchange for legal services                                                               |   |                              | 100,000    |                                       |   | 15,000                                   |   |                                                                       | — |      |   | — |   |   | — |   |   | 15,000 |   |
| May                  1 - 27, 2000 — issuance of 640,000 shares to various investors at $1.00                  per share                                         |   |                              | 640,000    |                                       |   | 640,000                                  |   |                                                                       | — |      |   | — |   |   | — |   |   | 640,000 |   |
| May 27,                  2000 — issuance of 1,644 shares to individual in exchange for interest                  Due                                       |   |                              | 1,644      |                                       |   | 1,644                                    |   |                                                                       | — |      |   | — |   |   | — |   |   | 1,644 |   |
| Net                  loss for the year ended May 31, 2000                                                                                                        |   |                              | —    |                                       |   | —                                  |   |                                                                       | — |      |   | — |   |   | (250,689 | ) |   | (250,689 | ) |
| Balance,                  May 31, 2000                                                                                                                           |   |                              | 10,183,635 |                                       |   | 965,891                                  |   |                                                                       | — |      |   | (368,547 | ) |   | (250,689 | ) |   | 346,655 |   |
| December 7,                  2000 — issuance of 425,000 shares to various investors at $1.00 per share                                                     |   |                              | 425,000    |                                       |   | 425,000                                  |   |                                                                       | — |      |   | — |   |   | — |   |   | 425,000 |   |
| May 31,                  2001 — Forgiveness of debt owed to shareholder                                                                                    |   |                              | —    |                                       |   | —                                  |   |                                                                       | 40,000  |      |   | — |   |   | — |   |   | 40,000 |   |
| Net                  loss for the year ended May 31, 2001                                                                                                        |   |                              | —    |                                       |   | —                                  |   |                                                                       | — |      |   | — |   |   | (553,866 | ) |   | (553,866 | ) |
| Balance,                  May 31, 2001                                                                                                                           |   |                              | 10,608,635 |                                       |   | 1,390,891                                |   |                                                                       | 40,000  |      |   | (368,547 | ) |   | (804,555 | ) |   | 257,789 |   |

*The      accompanying notes are an integral part of the financial      statements.*

----

**STATEMENT      OF CHANGES IN STOCKHOLDERS’ EQUITY - (continued)**

|   |   | **Common                Stock** |   | **Additional****Paid                in** |   | **Common****Stock-** |   | **Deficit****Accumulated                      During The****Development**    **Shares** **Amount** **Capital** **Contra** **Stage** **Total** August 13,                2001 — Contribution by Shareholders   —                  —                  143,569                  —                  —                  143,569                 November 7,                2001 — issuance of 881,600 Shares at $1.25 per share   881,600                  1,102,000                  —                  —                  —                  1,102,000                 November 26,                2001 — options issued to board member   —                  —                  133,000                  —                  —                  133,000                 Net                loss for the year ended May 31, 2002   —                  —                  —                  —                  (1,280,465                ) (1,280,465                )Balance,                May 31, 2002   11,490,235                  2,492,891                  316,569                  (368,547                ) (2,085,020                ) 355,893                 July 5,                2002 — issuance of 842,000 shares at $1.50 per share   842,000                  1,263,000                  —                  —                  —                  1,263,000                 July 1,                2002 - May 1, 2003 - purchase of common stock from shareholder at                $.70 per share   (130,955                ) (91,667                ) —                  —                  —                  (91,667                )January 15,                2003 - May 15, 2003 — common stock issued to Company president                  41,670                  82,841                  —                  —                  —                  82,841                 May 14,                2003 — common stock issued to employee   5,000                  11,250                  —                  —                  —                  11,250                 June 1,                2002 - May 31, 2003 - compensation related to stock options issued to                board members, employees and consultants  —                  —                  287,343                  —                  —                  287,343                 Net                loss for the year ended May 31, 2003   —                  —                  —                  —                  (1,665,090                ) (1,665,090                )Balance,                May 31, 2003   12,247,950                  3,758,315                  603,912                  (368,547                ) (3,750,110                ) 243,570                 June 15,                2003, common stock issued to Company president   8,334                  16,418                  —                  —                  —                  16,418                 June 15,                2003, purchase of common stock from shareholder   (12,093                ) (8,333                ) —                  —                  —                  (8,333                )September 18,                2003 - issuance of 7,445,646 of common stock issued in private placement                At $1.70 per share, net of transaction costs   7,445,646                  11,356,063                  —                  —                  —                  11,356,063                 September 19,                2003 - repurchase and retired 2,994,803 shares for $300,000                  (2,994,803                ) (300,000                ) —                  —                  —                  (300,000                )December 12,                2003 - issuance of 39,399 shares to terminated employees at $2.60                per                share   39,399                  102,438                  —                  —                  —                  102,438                 March 1,                2004 - common stock issued to employee at $2.55 per share   50,000                  127,500                  —                  —                  —                  127,500                 May 31,                2004 - reclassify common stock contra to common stock   —                  (368,547                ) —                  368,547                  —                  —                  *The      accompanying notes are an integral part of the financial      statements.*F-6PROTALEX,      INC.(A      Company in the Development Stage) **STATEMENT      OF CHANGES IN STOCKHOLDERS’ EQUITY - (continued)**From      Inception (September 17, 1999) through May 31, 2007   **Common                Stock ** **Additional****Paid                in** **Common****Stock-** **Deficit**Accumulated****During The****Development**     **Shares** **Amount** **Capital** **Contra**  **Stage** **Total** June                1, 2003 - May 31, 2004 - compensation related to stock options issued                to board members, employees and consultants  —                  —                  448,096                  —                  —                  448,096                 Net                loss for the year ended May 31, 2004   —                  —                  —                  —                  (2,989,364                ) (2,989,364                )Balance,                May 31, 2004   16,784,433                 $14,683,854 $1,052,008  —                 $(6,739,474                )$8,996,388 November                30, 2004 - adjust March 1, 2004 common stock issued to                employee     (20,000)          (20,000)January                13, 2005 - common stock issued to employee at $2.55 per                share  15,000  38,250           38,250 February                28, 2005 - Reclass Par Value for Reincorporation into DE as of                12/1/04     (14,701,935) 14,701,935        0 May                25, 2005 - issuance of 2,593,788 shares of common stock issued in                private                placement At $1.95 per share, net of transaction costs  2,593,788  25  4,851,168        4,851,193 June                1, 2004 - May 31, 2005 - compensation related to stock options issued                to board members, employees and consultants        308,711        308,711 Net                loss for the year ended May 31, 2005  —                  —                  —                  —                  (5,567,729                ) (5,567,729                )Balance,                May 31, 2005  19,393,221                 $194 $20,913,822  —                 $(12,307,203)$8,606,813 August                23, 2005 - common stock issued to employee  40,000  0  100,000        100,000 October                19, 2005 - common stock issued to employee  10,000  0  25,000        25,000 December                30, 2005 - issuance of 2,595,132 shares of common stock issued in                private                placement at $2.25 per share, net of transaction costs   2,595,132  26  5,510,941        5,510,967 June                1, 2005 - May 31, 2006 - warrants exercised  351,598  4  786,534        786,538 June                1, 2005- May 31, 2006 - compensation related to stock options issued                to board members, employees and consultants        404,679        404,679 Net                loss for the year ended May 31, 2006  —                  —                  —                  —                  (6,104,402                ) (6,104,402)Balance,                May 31, 2006  22,389,951 $224 $27,740,976   — $(18,411,605)$9,329,595  *The      accompanying notes are an integral part of the financial      statements.*F-7PROTALEX,      INC.(A      Company in the Development Stage) **STATEMENT      OF CHANGES IN STOCKHOLDERS’ EQUITY - (continued)**From      Inception (September 17, 1999) through May 31, 2007                  **Common                Stock** **Additional****Paid                in** **Common****Stock-** **Deficit**Accumulated                      During The****Development**     **Shares** **Amount ** **Capital** **Contra ** **Stage** **Total** July                7, 2006 - issuance of 6,071,013 shares of common stock issued in                private                placement at $2.50 per share, net of transaction costs   6,071,013  61  14,217,660        14,217,721 June                1, 2006 - May 31, 2007 - warrants exercised  133,500  1  300,373        300,374 June                1, 2006 - May 31, 2007 - stock options exercised  6,000  0  15,200        15,200 June                1, 2006 - May 31, 2007 - shared-based compensation to board members,                employees and consultants        1,826,850        1,826,850 Net                loss for the year ended May 31, 2007  —                —                  —                  —                  (8,451,942) (8,451,942)Balance,                May 31, 2007  28,600,464 $286 $44,101,059 $— $(26,863,547)$17,237,798 *The      accompanying notes are an integral part of the financial      statements.*F-8PROTALEX,      INC.(A      Company in the Development Stage)**STATEMENTS      OF CASH FLOWS**For      the      Years Ended May 31, 2007, 2006 and 2005 and FromInception      (September 17, 1999) through May 31, 2007        **From                Inception**   **Year                Ended** **Year                Ended** **Year                Ended** **Through**   **May                31, 2007** **May                31, 2006** **May                31, 2005** **May                31, 2007**           CASH                FLOWS FROM OPERATING ACTIVITIES:         Net                loss $(8,451,942)$(6,104,402)$(5,567,729)$(26,863,547)Adjustments                to reconcile net loss to net cash and cash equivalents used in operating                activities             Loss                on disposal of equipment  —  —  —  10,580 Depreciation                and amortization  169,865  79,418  58,684  677,864 Share-based                compensation  1,826,850  529,679  326,960  3,892,375 Non                cash expenses  —  —  —  16,644 (Increase)                decrease in:             Prepaid                expenses and deposits  (49,864) (212,306) 12,760  (279,041)Increase                (decrease) in:             Accounts                payable and accrued expenses  (23,467) 23,435  571,045  948,113 Payroll                and related liabilities  (46,754) 38,580  4,275  20,661 Other                liabilities  (700) (959) 3,111  2,996               Net                cash and cash equivalents used in operating activities  (6,576,012) (5,646,555) (4,590,894) (21,573,355)              CASH                FLOWS FROM INVESTING ACTIVITIES:             Acquisition                of intellectual technology license - fee portion  —  —  —  (20,000)Acquisition                of equipment  (403,674) (91,726) (79,229) (905,936)Excess                of amounts paid for public shell over assets acquired to be accounted                for                as a recapitalization  —  —  —  (250,000)Proceeds                from disposal of equipment  —  —  —  6,000               Net                cash and cash equivalents used in investing activities  (403,674) (91,726) (79,229) (1,169,936)              CASH                FLOWS FROM FINANCING ACTIVITIES:             Proceeds                from stock issuance, including options and warrants                exercised  14,533,295  6,297,505  4,851,194  40,658,458 Principal                payment on equipment notes payable and capital leases  —  (20,046) (20,487) (295,411)Contribution                by shareholders  —  —  —  183,569 Principal                payment on note payable to individuals  —  —  —  (225,717)Issuance                of note payable to individuals  —  —  —  368,546 Acquisition                of common stock  —  —  —  (400,000)              Net                cash and cash equivalents provided by financing activities  14,533,295  6,277,459  4,830,707  40,289,445               NET                INCREASE IN CASH AND CASH EQUIVALENTS  7,553,609  539,178  160,584  17,546,154               Cash                and cash equivalents, beginning   9,992,545  9,453,367  9,292,783  —               Cash                and cash equivalents, end  $17,546,154 $9,992,545 $9,453,367 $17,546,154               SUPPLEMENTAL                SCHEDULE OF CASH             FLOW                INFORMATION:                           Interest                paid $- $614 $2,128 $66,770               Taxes                paid $- $- $50 $100 *The      accompanying notes are an integral part of the financial      statements.* F-9PROTALEX,      INC.(A      Company in the Development Stage)**NOTES      TO FINANCIAL STATEMENTS**From      Inception (September 17, 1999) through May 31, 2007**1.****ORGANIZATION                AND BUSINESS ACTIVITIES**We      are a      development stage company engaged in developing a class of biopharmaceutical      drugs for treating autoimmune and inflammatory diseases. We were incorporated      on      September 17, 1999 in Albuquerque, New Mexico and reincorporated in the      State of Delaware on December 1, 2004. Our headquarters are located in New      Hope,      Pennsylvania. We were formed to take all necessary steps to fully develop and      bring to commercial realization certain bioregulatory technology for the      treatment of human diseases. Our lead product, PRTX-100, has demonstrated      effectiveness in pre-clinical studies in regulating the immune system with      persisting effects.  However, the effectiveness of PRTX-100 shown in      pre-clinical studies using animal models may not be predictive of the results      that we will see in our clinical trials.  We currently have no product on      the market and we have no operating revenue. We are targeting the autoimmune      diseases Rheumatoid Arthritis, or RA and idiopathic thrombocytopenic purpura,      or      ITP.The      accompanying financial statements have been prepared in conformity with      accounting principles generally accepted in the United States of America, which      contemplate continuation of the Company as a going concern. The Company is      a      development stage enterprise and does not anticipate generating operating      revenue for the foreseeable future. The ability of the Company to continue      as a      going concern is dependent upon developing products that are regulatory approved      and market accepted. There is no assurance that these plans will be realized      in      whole or in part. The financial statements do not include any adjustments that      might result from the outcome of these uncertainties.  **2.****BASIS                OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING                POLICIES****Estimates**The      preparation of financial statements in conformity with accounting principles      generally accepted in the United States of America requires the Company to      make      estimates and assumptions affecting the reported amounts of assets, liabilities,      and expense, and the disclosure of contingent assets and liabilities. Estimated      amounts could differ from actual results. **Loss      per Common Share**The      Financial Accounting Standards Board (FASB) has issued Statement of      Financial Accounting Standards No. 128 “Earnings Per Share” (SFAS      No. 128) that provides for the calculation of “Basic” and “Diluted”earnings per share. Basic earnings per share include no dilution and is computed      by dividing loss to common shareholders by the weighted average number of common      shares outstanding for the period. All potentially dilutive securities have      been      excluded from the computations since they would be antidilutive. However, these      dilutive securities could potentially dilute earnings per share in the future.      As of May 31, 2007, the Company had a total of 10,565,242 potentially      dilutive securities comprised of 6,601,380 warrants and 3,963,862 stock      options**Share-Based      Compensation**Effective      June 1, 2006, the Company adopted the fair value recognition provisions of      Statement of Financial Accounting Standard No. 123 (revised), *Accounting      for Share-Based Payment*(“SFAS      No. 123R”) using the modified prospective method. This standard requires the      Company to measure the cost of employee services received in exchange for equity      share options granted based on the grant-date fair value of the options. The      cost is recognized as compensation expense over the vesting period of the      options. Under the modified prospective method, compensation cost included      in      operating expenses was $1,826,850 and $386,368 for the twelve and three months      ended May 31, 2007, respectively and included both the compensation cost of      stock options granted prior to but not yet vested as of June 1, 2006 and      compensation cost for all options granted subsequent to May 31, 2006. In      accordance with the modified prospective application transition method of SFAS      No. 123R, prior period results are not restated.  Incremental compensation      cost for a modification of the terms or conditions of an award is measured      by      comparing the fair value of the modified award with the fair value of the award      immediately before the modification. No tax benefit was recorded as of May      31,      2007 in connection with these compensation costs due to the uncertainty      regarding ultimate realization of certain net operating loss carryforwards.      The      Company has also implemented the SEC interpretations in Staff Accounting      Bulletin (“SAB”) No. 107, *Share-Based      Payments,*in      connection with the adoption of SFAS No. 123R.Prior      to      the adoption of SFAS No. 123R, the Company accounted for stock options granted      to employees using the intrinsic value method under the guidance of APB No.      25,      and provided pro forma disclosure as required by SFAS No. 123.  Stock      options issued to non-employees were accounted for as required by SFAS No.      123.  Options to non-employees were accounted for using the fair value      method, which recognizes the value of the option as an expense over the related      service period with a corresponding increase to additional paid-in capital.      As      of May      31, 2007, there were 3,963,862 stock options outstanding.  At May 31, 2007,      the aggregate fair value of the remaining compensation cost of unvested options,      as determined using a Black-Scholes option valuation model was approximately      $1,447,000 (net of estimated forfeitures).  For the year ended May 31,      2007, the Company granted 458,000 stock options, with a fair value of      $939,149 (net of estimated forfeitures), and 322,763 options were      forfeited.  The      following table illustrates the effect on net loss and earnings per share if      the      Company applied the fair value recognition provision of SFAS No. 123 to      stock-based employee compensation.   **Year                Ended****May                31, 2006**  **Year                Ended****May                31, 2005** **From                Inception****Through****May                31, 2006** Net                loss, as reported  $(6,104,402)$(5,567,729) (18,411,605)Add:                stock-based employee compensation expense included in reported net                loss                  529,679                  288,710                  1,412,701                 Deduct:                stock-based employee compensation expense determined under fair-value                method for all awards   (1,129,724) (1,384,715) (4,419,373)Pro                forma net loss  $(6,704,447)$(6,663,734) (21,418,277)Loss                per common share, as reported - basic and diluted  $(.30)$(.33)$(1.32)Proforma                loss per common share - basic and diluted  $(.33)$(.40)$(1.54)F-10 The      fair      value of the options are estimated on the date of the grant using the      Black-Scholes option pricing model with the following assumptions:    **Year                Ended****May,                31, 2007**  **Year                Ended****May,                31, 2006**  **Year                Ended****May,                31, 2005** **From                Inception****Through****May                31, 2007** Dividends                per year  0  0  0  0 Volatility                percentage   94.4%-96.3% 107% 102%-107% 90%-107%Risk                free interest rate   4.67%-4.87% 3.85%-4.42% 2.57%-3.52% 2.07%-5.11%Expected                life (years)   6.25  4  4  3-6.25 Weighted                Average Fair Value  2.00  1.98  1.81  2.00  **Cash      and Cash Equivalents**For      the      purposes of reporting cash flows, the Company considers all cash accounts which      are not subject to withdrawal restrictions or penalties, and highly liquid      investments with original maturities of 60 days or less to be cash and cash      equivalents. The      investment portfolio at May 31, 2007 totaled $17.2 million, and the      weighted-average interest rate was approximately 5.21% with maturities of      investments ranging up to 60 days.**Property,      Equipment, Intellectual Technology Property, Depreciation and      Amortization**Property,      equipment and leasehold improvements are carried at cost. Depreciation and      amortization has been provided by the Company in order to amortize the cost      of      property and equipment over their estimated useful lives, which are estimated      to      be over three to five years. The Company uses the straight-line method for      all      classes of assets for book purposes and accelerated methods for tax purposes.      Depreciation expense was $168,845, $78,398, $57,664, and $647,631 for the years      ended May 31, 2007, 2006, 2005 and from inception through May 31, 2007,      respectively. Depreciation included in research and development expense totaled      $163,724, $74,102, $53,575 and $492,107 for the years ended May 31, 2007, 2006      and 2005 and from inception to May 31, 2007, respectively.The      Company’s intellectual technology property was originally licensed from a former      related party. This intellectual technology property was then assigned to the      Company upon the dissolution of the related party. The cost of the intellectual      technology property is being amortized over a 20-year period. Amortization      expense is $1,020, **$**1,020,      $1,020 and $7,713 for the years ended May 31, 2007, 2006, 2005 and from      inception through May 31, 2007, respectively. The Company reviews the      intellectual property for impairment on at least an annual basis in accordance      with SFAS No. 142 “Goodwill and Other Intangible Assets”. Amortization      expense for the intellectual property will be $1,020 for each of the next five      years.**Income      Taxes**Income      taxes are recognized using enacted tax rates, and are composed of taxes on      financial accounting income that is adjusted for the requirement of current      tax      law and deferred taxes. Deferred taxes are accounted for using the liability      method. Under this method, deferred tax assets and liabilities are recognized      based on the difference between the financial statement carrying amounts of      existing assets and liabilities and their respective tax bases. The Company      does      not expect to have current income taxes payable or deferred tax asset balances      for the foreseeable future.**Other      Comprehensive Income**From      September 17, 1999 (inception) through May 31, 2007, the Company had no changes      in equity which constitute components of other comprehensive      income.**Research      and Development**Research      and development costs are expensed as incurred and also include depreciation      as      reported above. F-11**Fair      Value of Financial Instruments**The      fair      value of the Company’s financial instruments, principally cash, approximates      their carrying value.**Recent      Accounting Pronouncements**In      July      2006, the FASB issued FASB Interpretation 48, *Accounting      for Uncertainty in Income Taxes: an interpretation of FASB Statement No.      109*.      (“FIN      48”), which clarifies Statement 109, *Accounting      for Income Taxes*      and      establishes the criterion that an individual tax position has to meet for some      or all of the benefits of that position to be recognized in the Company’s      financial statements. On initial application, FIN 48 will be applied to all      tax      positions for which the statute of limitations remains open. Only tax positions      that meet the more-likely-than-not recognition threshold at the adoption date      will be recognized or continue to be recognized. The cumulative effect of      applying FIN 48 will be reported as an adjustment to retained earnings at the      beginning of the period in which it is adopted. FIN 48 is effective for fiscal      years beginning after December 15, 2006, and will be adopted by the Company      on      June 1, 2007. The Company has not completed its evaluation of the impact of      adopting FIN 48 and as a result is not able to estimate the effect the adoption      will have on its financial position, results of operations or cash      flows. In      September 2006, the FASB issued Statement No. 157, *Fair      Value Measurements*      (“SFAS      No. 157”). This Statement defines fair value, establishes a framework for      measuring fair value in generally accepted accounting principles (GAAP), and      expands disclosures about fair value measurements. This Statement applies under      other accounting pronouncements that require or permit fair value measurements,      the FASB having previously concluded in those accounting pronouncements that      fair value is the relevant measurement attribute. Accordingly, this Statement      does not require any new fair value measurements. However, for some entities,      the application of this Statement will change current practice. This Statement      is effective for financial statements issued for fiscal years beginning after      November 15, 2007, and interim periods within those fiscal years. The      Company does not expect the adoption of SFAS No. 157 to have a material      impact on the financial statements.In      September 2006, the SEC staff issued Staff Accounting Bulletin No. 108      (“SAB No. 108”),*Considering the Effects of Prior Year Misstatements when Quantifying      Misstatements in Current Year Financial Statements*,      or SAB      No. 108. SAB No. 108 provides guidance on the consideration of the effects      of      prior year misstatements in quantifying current year misstatements for the      purpose of determining whether the current year’s financial statements are      materially misstated. SAB No. 108 is effective for fiscal years ending after      November 15, 2006. The Company has applied the provisions of SAB No. 108 in      connection with the preparation of the annual financial statements for the      year      ending May 31, 2007. The adoption of SAB No. 108 did not have any impact on      the financial statements.In      December 2006, the FASB issued FASB Staff Position ("FSP") EITF 00-19-02      "Accounting for Registration Payment Arrangements" ("FSP EITF 00-19-02") which      specifies that the contingent obligation to make future payments or otherwise      transfer consideration under a registration payment arrangement should be      separately recognized and measured in accordance with SFAS No. 5, "Accounting      for Contingencies." Adoption of FSP EITF 00-19-02 is required for fiscal years      beginning after December 15, 2006. For our private placement transactions in      September 2003, May 2005, December 2005 and July 2006, the Company granted      registration rights which included payment arrangements of liquidated damages      under certain circumstances, as noted in each respective registration rights      agreement, including in the event an effective registration statement      registering the resale of shares of common stock issuable upon exercise of      the      warrants does not remain effective. The Company generally uses its best efforts      or all commercially reasonable efforts to maintain effective registration      statements.  The Company completed its evaluation, and believes that an      obligation to transfer consideration under its registration payment arrangement      for all registrations since inception is not probable.  Accordingly, we      adopted FSP EITF 00-19-02 as of June 1, 2007 and as of the adoption date, it      did      not have any impact on the financial statements.In      February 2007, the FASB issued Statement No. 159,*The      Fair Value Option for Financial Assets and Financial Liabilities - Including      an      Amendment of FASB Statement No. 115*(“SFAS      No. 159”)  which provides companies with an option to measure, at specified      election dates, many financial instruments and certain other items at fair      value      that are not currently measured at fair value. A company will report unrealized      gains and losses on items for which the fair value option has been elected      in      earnings at each subsequent reporting date. SFAS No. 159 also establishes      presentation and disclosure requirements designed to facilitate comparisons      between entities that choose different measurement attributes for similar types      of assets and liabilities. SFAS No. 159 is effective as of the beginning of      an      entity's fiscal year that begins after November 15, 2007. The Company has not      completed its evaluation of the potential impact, if any, of the adoption of      SFAS No. 159 on its results of operations and cash flows.**3.****REVERSE                MERGER**On      November 15, 1999, Enerdyne Corporation or Enerdyne acquired all of the      outstanding common stock of Protalex, Inc. in exchange for the issuance of      additional shares of Enerdyne stock. The ratio of exchange was 822 shares of      Enerdyne stock issued for each share of Protalex stock received. For accounting      purposes, the acquisition has been treated as an acquisition of Enerdyne by      Protalex and as a recapitalization of Protalex or Reverse Merger. The historical      statement of operations presented herein include only those of the accounting      acquirer and the retained earnings or deficit of only the accounting      acquirer carries over consistent with the requirements of reverse merger      accounting. Concurrently with the share exchange, Enerdyne changed its name      to      Protalex, Inc.  F-12 The      details of the reverse merger transaction are as follows: **Account                Description**  **Protalex,                Inc.** **Enderdyne                Corporation** **Transaction                Adjustments** **Balance                Sheet at November 16, 1999**           Cash                 $23,531 $— $— $23,531 Note                receivable shareholder   —                  118,547                  —                  118,547                 License                  20,300                  —                  —                  20,300                 Investment                in Enerdyne   368,547                  —                  (368,547) —                 Other                current assets   8,212                  —                  —                  8,212                 Other                current liabilities   (17,555) —                  —                  (17,555)Accounts                payable Alex   (40,000) —                  —                  (40,000)Note                payable   (368,546) —                  —                  (368,546)Common                stock   (25,300) (833,459) 714,912                  (143,847)Additional                paid in capital   —                  (1,105,014) 1,105,014                  —                 Treasury                stock   —                  430,424                  (430,424) —                 Accumulated                deficit   30,811                  1,389,502                  (1,389,502) 30,811                 Common                stock - contra   —                  —                  368,547                  368,547                  $— $— $— $—  **4.****INCOME                TAXES**For      the      years ended May 31, 2007, 2006 and 2005, the components of income tax      benefit (expense) consist of the following:  Current: **Year                Ended****May                31, 2007** **Year                Ended****May                31, 2006** **Year                Ended****May                31, 2005** Federal                 $— $— $— State                  —                  —                  —                            Deferred:                          Federal                  3,354,205  2,095,250  1,858,000 State                  591,795  369,750  369,000 Increase                in valuation allowance   (3,946,000) (2,465,000) (2,227,000)Income                tax benefit  $— $— $— Income      tax as a percentage of income for the year ended May 31, 2007, 2006 and 2005      differ from statutory federal income tax rates due to the      following:  **Year                Ended****May                31, 2007** **Year                Ended****May                31, 2006** **Year                Ended****May                31, 2005** Statutory                federal income tax rate  (34%) (34%) (34%)State                income taxes, net of federal income tax impact  (2%) (2%) (2%)Change                in valuation allowance  33% 33% 33%General                business credit  3% 3% 3%   0% 0% 0%The      components of the net deferred tax asset as of May 31, 2007 and 2006 are as      follows: **Assets:** **May                31, 2007** **May                31, 2006** Net                operating losses  $8,616,000 $5,780,000 Vacation                accrual   8,000  12,000 Stock                based compensation   1,560,000  826,000 Equipment  20,000  — General                business credit  1,130,000  771,000 Deferred                tax assets   11,334,000  7,389,000 **Liability:**       Equipment                  —  (1,000)Gross                deferred tax asset   11,334,000  7,388,000 Less                valuation allowance   (11,334,000) (7,388,000)Deferred                tax asset, net of valuation allowance  $— $— The      gross      deferred taxes have been fully offset by a valuation allowance since the Company      cannot currently conclude that it is more likely than not that the benefits      will      be realized. The net operating loss carryforward for income tax purposes of      approximately $21,500,000 as of May 31, 2007 expires beginning in 2015 through      2022. Internal Revenue Code Section 382 places a limitation on the amount of      taxable income that can be offset by carryforwards after a change in control.      As      a result of these provisions, utilization of the NOL and tax credit      carryforwards may be limited. As of May 31, 2007, a portion of the gross      deferred tax asset and related valuation allowance is attributable to stock      based compensation. To the extent that such assets are realized in the future,      the benefit will be applied to equity. F-13**5.****RELATED                PARTIES**During      the years ended May 31, 2007, May 31, 2006 and May 31, 2005, the Company      incurred $81,352, $68,607 and $12,098 respectively, of expenses related to      air      travel to a partnership principally owned by the Chief Executive Officer of      the      Company. During      the years ended May 31, 2007, May 31, 2006 and May 31, 2005, the Company      incurred $0, $0 and $12,515 respectively, of expenses related to legal services      to a firm which employs one of the Company’s board members. The      Company has an agreement with its Chairman to pay $12,500 per month as a      director fee. During the years ended May 31, 2007, May 31, 2006 and May 31,      2005, the Company incurred $150,000 in each year for this director’s fee.The      Company has an agreement with Carleton A. Holstrom, Eugene A. Bauer, MD and      Peter G. Tombros to pay each $1,667 per month payable on a quarterly basis      in      arrears as a director fee. During the years ended May 31, 2007, May 31, 2006      and      May 31, 2005, the Company incurred $60,000, $51,677 and $16,667 respectively      for      these directors’ fees. As of May 31, 2007, $3,333, is included within Accrued      Expenses and was subsequently paid on July 13, 2007. **6.****STOCK                OPTIONS**Prior      to      January 22, 2004, all options were issued as “stand alone” options. On January      22, 2004, the board of directors of the Company approved the Protalex, Inc.      2003      Stock Option Plan., and on October 25, 2005, the shareholders approved an      amendment to the Protalex, Inc. 2003 Stock Option Plan to increase the      authorized number of shares under the Plan from 1,500,000 to 4,500,000 which      provides for incentive and non-qualified stock options to purchase a total      of      4,500,000 shares of the Company’s Common Stock. Under the terms of the plan,      incentive options may not be granted for less than the fair market value of      the      Common Stock at the date of the grant and non-qualified options shall not be      granted for less than 85% of the fair market value of the Common Stock at the      date of the grant. Beginning January 1, 2005, all stock options are granted      at      fair market value. Vesting generally occurs ratably over forty eight months      and      is exercisable over a period no longer than ten years after the grant date.      As      of May 31, 2007, options to purchase 3,963,862 shares of the Company’s Common      Stock were granted, of which 1,802,607 were issued under the Company’s 2003      Stock Option Plan and the remaining 2,161,255 were issued as stand alone      options. As of May 31, 2007, 3,438,406 are exercisable.  A      summary      of the common stock option activity for employees, directors, officers and      consultants as of May 31, 2007 is as follows:  **Options** **Grant                Price** **Exercisable** Balance,                September 17, 1999   — $—  —                 Granted,                April 28, 2000   40,000                  0.36                  — Granted,                November 26, 2001   100,000                  1.25                  100,000                 Expired,                April 28, 2002   (40,000) 0.36                  — Granted,                June 1, 2002   125,000                  1.50                  — Granted,                July 18, 2002   233,680                  1.50                  233,680                 Granted,                October 24, 2002   100,000                  1.45                  100,000                 Granted,                December 16, 2002   863,242                  1.50                  863,242                 Granted,                December 16, 2002   50,000                  1.70                  40,000                 Granted,                March 15, 2003   130,000                  1.50                  —                 Granted,                April 1, 2003   40,000                  1.50                  40,000                 Granted,                July 1, 2003   40,000                  1.50                  30,000                 Granted,                August 13, 2003   100,000                  1.50                  100,000                 Granted,                September 19, 2003   584,333                  1.50                  543,964                 Granted,                October 28, 2003  60,000  1.50  60,000                 Granted,                January 22, 2004   75,000                  2.13  75,000                 Granted,                January 22, 2004  100,000  2.13  74,997                 Granted,                January 22, 2004  50,000  2.75  — Forfeited,                January 22, 2004   (130,000) 1.50                  —                 Granted,                March 1, 2004   150,000                  2.17                  — Granted,                July 22, 2004  15,000  2.60  9,999                 Granted,                October 26, 2004  30,000  2.70  6,458                 Granted,                October 26, 2004  100,000  2.30  100,000                 Granted,                January 13, 2005  330,000  2.55  136,934                 Granted,                January 13, 2005  125,000  2.55  125,000                 Forfeited,                January 26, 2005  (10,000) 1.70  — Forfeited,                January 26, 2005  (10,000) 2.13  — Granted,                February 15, 2005  100,000  2.80  100,000                 Granted,                April 13, 2005  50,000  2.60  26,041                 Forfeited,                June 1, 2005  (125,000) 1.50  — Granted,                July 29, 2005  51,429  2.80  19,164                 Granted,                August 23, 2005  250,000  2.50  — Forfeited,                October 22, 2005  (10,000) 2.70  — Forfeited,                October 22, 2005  (1,000) 2.55  — Granted,                October 25, 2005  200,714  2.65  160,177                 Granted,                November 8, 2005  121,407  2.75  100,000                 Granted,                January 11, 2006  133,000  2.85  35,370                 Forfeited,                January 25, 2006  (50,000) 2.75  — Forfeited,                January 25, 2006  (25,000) 2.55  — Forfeited,                January 25, 2006  (25,000) 2.65  — Forfeited,                February 28, 2006  (150,000) 2.17  — Forfeited,                February 28, 2006  (50,000) 2.55  — Forfeited,                March 13, 2006  (10,000) 2.70  — Forfeited,                March 13, 2006  (1,500) 2.55  — Forfeited,                March 13, 2006  (1,429) 2.80  — Granted,                March 16, 2006  115,000  2.90  115,000                 Granted,                April 20, 2006  27,000  4.50  7,312                 Forfeited,                April 30, 2006  (16,251) 2.80  — Exercised,                July 28, 2006  (4,000) 2.55  — Forfeited,                July 29, 2006  (3,749) 2.80  — Granted,                August 10, 2006  15,000  2.35  4,553                 Exercised,                August 14, 2006  (2,000) 2.50  — Granted,                October 24, 2006  225,000  2.87  182,291                 Forfeited,                January 2, 2007  (185,939) 2.54  — Granted,                January 18, 2007  150,000  2.30  12,499                 Granted,                February 20, 2007  68,000  2.15  36,725                 Forfeited,                April 2, 2007  (108,468) 2.54  — Forfeited,                April 6, 2007  (24,607) 2.54  —    3,963,862     3,438,406  F-14 The      following summarizes certain information regarding stock options at May 31,      2007:    **Total**  **Exercisable** **Exercise                Price Range** **Number** **Weighted                Average****Exercise                Price** **Weighted                Average****Remaining                Life****(years)** **Number** **Weighted                Average****Exercise                Price** **Weighted                Average****Remaining                Life****(years)** $0.90                - 1.35   100,000                 $1.25  4.5  100,000 $1.25  4.5 $1.36                - 1.80   2,061,255 $1.50  5.8  2,010,886 $1.50  5.8 $1.81                - 2.25  225,166 $2.14  7.5  186,722 $2.13  7.5 $2.26                - 2.70  883,067 $2.50  8.0  581,661 $2.53  8.0 $2.71                - 3.15  667,374 $2.84  8.7  551,825 $2.84  8.7 $3.16                - 4.50  27,000 $4.50  8.9  7,312 $4.50  8.9    3,963,862                 $2.00  6.9  3,438,406 $1.92  6.9 **7.****COMMITMENTS**The      Company leases its office space under a non-cancelable operating lease. The      lease term, revised on April 30, 2007 extends through January 31, 2009, with      an      option to extend for one year beyond the revised termination date. Rent expense      for the years ended May 31, 2007, May 31, 2006 and 2005 was $166,189, $119,256      and $98,498, respectively. In      December 2004, the Company entered into a non-cancelable operating lease for      a      multi-function copier. The lease term is for sixty three months. Rent expense      for the years ended May 31, 2007, May 31, 2006 and 2005 was $5,130, $4,014      and $1,245, respectively. Future      minimum lease payments are as follows: **Year                ending May 31,**    2008 $173,789 2009  119,123 2010  2,490 Total $295,402 **8.****SALE                AND REPURCHASE OF COMMON                STOCK**On      September 18, 2003, the Company closed a private placement, raising a total      of      $11,356,063, net of transaction costs in exchange for 7,445,646 shares of common      stock and 2,605,976 warrants exercisable at $2.40 per share, expiring on      September 18, 2008. In addition, 558,423 warrants, exercisable at $2.40 per      share, were issued to Merriman and Company, as part of their fee for acting      as      placement agent. On      September 19, 2003, the Company repurchased and retired 2,994,803 shares of      common stock from former Chief Scientific Officer Paul Mann and family members      for $300,000. On      May      25, 2005, the Company closed a private placement, raising a total of $4,851,193,      net of transaction costs in exchange for 2,593,788 shares of common stock at      $1.95 per share and 920,121 warrants exercisable at $2.25 per share, expiring      on      May 25, 2010. Included in this warrant amount were 100,000 warrants for Pacific      Growth Equities, LLC. As part of this transaction, the warrants issued on      September 18, 2003, were repriced from $2.40 per share to $2.25 per share.      On      December 30, 2005, the Company closed a private placement, raising a total      of      $5,510,967, net of transaction costs in exchange for 2,595,132 shares of its      common stock at $2.25 per share, with warrants to purchase an additional 648,784      shares of its common stock, at an exercise price of $2.99 per share. The      warrants expire on December 30, 2010. In      the      fourth fiscal quarter of 2006, existing investors exercised 351,598 warrants      which resulted in $786,538 in cash proceeds. On      July      7, 2006, we raised $14,217,660, net of transaction costs of $960,000, through      the sale of 6,071,013 shares of our common stock at $2.50 per share, with      warrants to purchase an additional 1,517,753 shares of our common stock, at      an      exercise price of $3.85 per share. The warrants expire on July 7, 2011. F-15In      the      first fiscal quarter of 2007, existing investors and stock option holders      exercised 133,500 warrants and 6,000 stock options which resulted in $315,573      in      cash proceeds.**9.****EMPLOYEE                BENEFITS**Effective      July 1, 2005, we maintain a defined contribution 401(k) retirement plan,      pursuant to which employees, with no service requirement, can elect to      contribute up to 15% of their compensation on a tax deferred basis up to the      maximum amount permitted by the Internal Revenue Code of 1986, as amended.      We do      not match the participants’ deferral.**10.****UNAUDITED                QUARTERLY INFORMATION**This      table summarizes the unaudited results of operations for each quarter of 2007      and 2006:  **Quarter                Ended**   **August                31** **November                30** **February                28** **May                31** Fiscal                2007         Revenue $— $— $— $— Net                loss  (1,504,529) (2,430,673) (2,512,995) (2,003,745)Basic                and diluted loss per share  (.06) (.08) (.09) (.07)Fiscal                2006             Revenue $— $— $— $— Net                loss  (1,156,585) (1,589,385) (1,666,176) (1,692,256)Basic                and diluted loss per share*  (.06) (.08) (.08) (.07) *      Totals      may not sum to annual amounts due to rounding at quarterly measurements      dates. F-16**EXHIBIT      INDEX** 2.1                 Stock                Purchase Agreement among the Company, Don Hanosh and Enerdyne Corporation,                dated December 6, 1999  Incorporated                by reference, to Exhibit 2.1 to the Company’s 10-SB filing on December 6,                1999     2.2                 Merger                Agreement and Plan of Re-organization between the Company and Enerdyne                Corporation  Incorporated                by reference, to Exhibit 2.2 to the Company’s 10-SB filing on December 6,                1999     2.3 Plan                of Merger and Agreement between Protalex, Inc., a New Mexico corporation                and Protalex, Inc. a Delaware Corporation  Incorporated                by reference, to Exhibit 2.1 to the Company’s 8-K filing on December 6,                2004     3.1                 Certificate                of Incorporation of the Company  Incorporated                by reference, to Exhibit 3.1 to the Company’s 8-K filing on December 6,                2004     3.2                 Bylaws                of the Company  Incorporated                by reference, to Exhibit 3.2 to the Company’s 8-K filing on December 6,                2004     3.3 State                of Delaware, Certificate of Amendment of Certificate of Incorporation                 Incorporated                by reference, to Exhibit 3.3 to the Company 10-QSB filed on January                13,                2006     4.1                 Letter                Agreement with Pembroke Financial Ltd. Dated July 9, 2001  Incorporated                by reference, to Exhibit 10.9 to the Company’s 10-KSB/A filed on September                24, 2003     4.2                 Securities                Purchase Agreement dated September 18, 2003 between the Company and                certain of the Selling Stockholders  Incorporated                by reference, to Exhibit 4.3 to the Company’s SB-2 filed on October 20,                2003.     4.3                 Investor                Rights Agreement dated September 18, 2003 between the Company and                certain                of the Selling Stockholders  Incorporated                by reference, to Exhibit 4.3 to the Company’s SB-2 filed on October 20,                2003.     4.4                 Form                of Common Stock Purchase Warrant issued by the Company to the Selling                Stockholders  Incorporated                by reference, to Exhibit 4.4 to Company’s SB-2 filed on October 20,                2003.     4.5 Warrant                and Common Stock Purchase Agreement dated May 25, 2005 among the                Company                and the several purchasers thereunder  Incorporated                by reference to Exhibit 4.5 to the Company’s Form SB-2 filed on June 16,                2005     4.6 Registration                Rights Agreement dated May 25, 2005 among the purchasers under the                Warrant                and Common Stock Purchase Agreement of even date therewith Incorporated                by reference to Exhibit 4.6 to the Company’s Form SB-2 filed on June 16,                2005     4.7 Addendum                1 to Subscription Agreement and Questionnaire of vSpring SBIC, LP                dated                May 25, 2005  Incorporated                by reference to Exhibit 4.7 to the Company’s Annual Report on Form 10-KSB                filed on August 26, 2005     4.8 Warrant                and Common Stock Purchase Agreement dated December 22, 2005 among                the                Company and the several purchasers thereunder  Incorporated                by reference, to Exhibit 4.5 to the Company’s SB-2 filed on January 27,                2006     4.9 Registration                Rights Agreement dated December 22, 2005 among the purchasers under                the                Warrant and Common Stock Purchase Agreement of even date therewith                 Incorporated                by reference, to Exhibit 4.6 to the Company’s SB-2 filed on January 27,                2006     4.10 Form                of Warrant issued by the Company to the Selling Stockholders dated                December 22, 2005 of even date therewith  Incorporated                by reference, to Exhibit 4.7 to the Company’s SB-2 filed on January 27,                2006     4.11 Warrant                and Common Stock Purchase Agreement dated June 30, 2006 among the                Company                and the several purchasers thereunder  Incorporated                by reference, to Exhibit 10.1 to the Company’s Current Report on Form 8-K                filed on July 10, 2006.     4.12 Registration                Rights Agreement dated June 30, 2006 among the purchasers under the                Warrant and Common Stock Purchase Agreement of even date therewith                 Incorporated                by reference, to Exhibit 10.2 to the Company’s Current Report on Form 8-K                filed on July 10, 2006     4.13 Form                of Warrant issued by the Company to the Selling Stockholders dated                June                30, 2006 of even date therewith  Incorporated                by reference, to Exhibit 10.3 to the Company’s Current Report on Form 8-K                filed on July 10, 2006     10.1                 Employment                offer letter executed by Steven H. Kane  Incorporated                by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form                10-QSB filed on January 13, 2006.     10.2                 Board                appointment executed by G. Kirk Raab  Incorporated                by reference, to Exhibit 10.4 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.     10.3                 Form                of Option Agreement  Incorporated                by reference, to Exhibit 10.6 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003     10.4                 Frame                Contract between the Company and Eurogentec S.A.  Incorporated                by reference, to Exhibit 10.5 to the Company’s 10-KSB/A filed on September                24, 2003     10.5                 Assignment                of Intellectual Property from Alex LLC to the Company  Incorporated                by reference, to Exhibit 10.8 to the Company’s 10-KSB/A filed on September                24, 2003.     10.6                 Assignment                of Intellectual Property from Dr. Paul Mann to the Company Incorporated                by reference, to Exhibit 10.8 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.     10.7                 Stock                Redemption Agreement dated August 15, 2003, by and between the Company,                Paul L. Mann, Leslie A. McCament-Mann, Gail Stewe and Elizabeth Sarah                Anne                Wiley  Incorporated                by reference, to Exhibit 10.10 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.     10.8                 Letter                dated August 21, 2003 from Paul L. Mann to the Company  Incorporated                by reference, to Exhibit 10.11 to the Company’s Annual Report on Form                10-KSB/A filed on September 24, 2003.     10.9                 Technology                License Agreement dated November 17, 1999, between the Company and                Alex,                LLC  Incorporated                by reference, to Exhibit 10.4 to the Company’s Registration of Securities                on Form 10-SB filed on December 6, 1999.     10.10 Letter                Agreement, dated March 16, 2005, effective October 26, 2004, between                the                Company and Carleton A. Holstrom  Incorporated                by reference, to Exhibit 10.3 to the Company’s Quarterly Report on Form                10-QSB/A filed on April 14, 2005.     10.11 Description                of the verbal agreement between the Company and Eugene A. Bauer,                M.D.                 Incorporated                by reference to the Company’s Current Report on Form 8-K filed on February                22, 2005.     10.12 Protalex,                Inc. 2003 Stock Option Plan Amended and Restated as of July 29, 2005                 Incorporated                by reference to Appendix B to the Company’s Proxy Statement filed on                September 23, 2005.     10.13 Description                of the verbal agreement between the Company and Peter G. Tombros                 Incorporated                by reference to the Company’s Current Report on Form 8-K filed on November                14, 2005.     10.14                 Modified                lease agreement with Union Square LP, dated November 18, 2005                 Incorporate                by reference to Exhibit 99.1 to the Company’s Current Report Form 8-K                filed on November 22, 2005.     10.15 Employment                offer letter executed by Marc L. Rose, CPA, Vice President, Chief                Financial Officer, Treasurer and Corporate Secretary  Incorporated                by reference, to Exhibit 10.2 to the Company’s Quarterly Report on Form                10-QSB filed on January 14, 2005.     10.16 Employment                offer letter executed by Victor S. Sloan, M.D, former Senior Vice                President and Chief Medical Officer Incorporated                by reference, to Exhibit 10.1 to the Company’s Quarterly Report on Form                10-QSB filed on October 14, 2005.  10.17† Clinical                Study Agreement executed October 19, 2005 between the Company and                PAREXEL                International LLC  Incorporated                by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form                10-QSB filed on January 13, 2006.     10.18† Service                Contract with AAIPharma Inc., dated January 29, 2007  Incorporated                by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form                10-QSB filed on April 13, 2007.     10.19 Modified                lease agreement with Union Square LP, dated April 30, 2007 Incorporate                by reference to Exhibit 99.1 to the Company’s Current Report Form 8-K                filed on May 3, 2007.     23.1 Consent                of Grant Thornton LLP Filed                herewith     31.1 Certification                of Chief Executive Officer pursuant to Section 302(a) of the                Sarbanes-Oxley Act Filed                herewith     31.2 Certification                of Chief Financial Officer pursuant to Section 302(a) of the                Sarbanes-Oxley Act Filed                herewith     32.1 Certification                of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                Act Filed                herewith     32.2 Certification                of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                Act Filed                herewith*†Portions      of the exhibit have been omitted pursuant to a request for confidential      treatment.  The confidential portions have been filed with the      SEC.*  **** |
|--------|--------|---------------------------------|--------|------------------------------------------|--------|----------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|