UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 1)
PROTALEX, INC.
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(Name of Issuer)
Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
743642209
(CUSIP Number)
NIOBE VENTURES, LLC
c/o Arnold P. Kling
712 Fifth Avenue, 11th Floor
New York, New York 10019
Tel: 212 755 8777
Fax: 212 713 1818
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 11, 2011
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. [ ]
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
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CUSIP No. 743642209 SCHEDULE 13D Page 2 of 6
(Amendment No. 1) Pages
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[Repeat following page as necessary]
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1 NAMES OF REPORTING PERSONS / I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS ENTITIES ONLY)
NIOBE VENTURES, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF 21,739,130 *
SHARES ------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING ------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
21,739,130 *
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,739,130 *
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
79.1%*
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14 TYPE OF REPORTING PERSON* OO
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* SEE ITEM 5.
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CUSIP No. 743642209 SCHEDULE 13D Page 3 of 6
(Amendment No. 1) Pages
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1 NAMES OF REPORTING PERSONS / I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS (ENTITIES ONLY)
Arnold P. Kling
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
NUMBER OF
SHARES 21,744,130 *
BENEFICIALLY -------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
21,744,130 *
-------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,744,130 *
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
79.1%*
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14 TYPE OF REPORTING PERSON*
IN
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* SEE ITEM 5.
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CUSIP No. 743642209 SCHEDULE 13D Page 4 of 6
(Amendment No. 1) Pages
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ITEM 1. SECURITY AND ISSUER.
The class of equity security to which this statement relates is the
common stock, par value $0.00001 per share (the "Common Stock"), of Protalex,
Inc., a Delaware corporation (the "Issuer"). The address of the principal
executive offices of the Issuer is 133 Summit Avenue, Suite 22, Summit, New
Jersey 07901.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being jointly filed by each of the following persons
pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission
pursuant to Section 13 of the Securities Exchange Act of 1934, as amended
("Exchange Act"): Niobe Ventures, LLC, a Delaware limited liability company
("Niobe") and Arnold P. Kling, a United States citizen ("Mr. Kling") (together,
Niobe and Mr. Kling are the "Reporting Persons").
Niobe's principal business is consulting. Mr. Kling is the Manager of
Niobe and, as such, may be deemed to indirectly beneficially own the shares of
the Common Stock beneficially owned by Niobe as set forth in response to Item 5
below. The business address of the Reporting Persons is 712 Fifth Avenue, 11th
Floor, New York, New York 10019.
During the last five years, neither of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The securities of the Issuer beneficially owned directly by each of
Niobe and Mr. Kling were acquired using working capital and personal funds,
respectively (See Item 5 below).
Item 4. Purpose of Transaction.
For the purpose of providing the Issuer with additional working
capital, on February 11, 2011, pursuant to the Credit Facility Agreement dated
December 10, 2009 between the Issuer and Niobe, Niobe acquired from the Issuer a
senior secured convertible promissory note, dated February 11, 2011 (the "$2
million Secured Note"), in the principal amount of $2,000,000, convertible into
Common Stock at a conversion price equal to $0.23 per share for an aggregate of
8,695,652 shares of Common Stock (not including accrued interest thereon.) The
$2 million Secured Note bears interest at a rate of 3% per annum and matures on
December 31, 2012.
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CUSIP No. 743642209 SCHEDULE 13D Page 5 of 6
(Amendment No. 1) Pages
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date hereof, including the conversion of the principal
and accrued interest on the $1 million Senior Note, dated November 11, 2009, by
Niobe on February 11, 2011: (i) Niobe beneficially owns an aggregate of
21,739,130 shares of the Common Stock including, 13,739,130 shares of the Common
Stock and 8,695,652 shares of the Common Stock issuable to Niobe upon conversion
of the $2 million Secured Note (not including accrued interest thereon); and
(ii) Mr. Kling beneficially owns an aggregate of 21,744,130 shares of Common
Stock including, 5,000 shares of Common Stock directly and 21,739,130 shares of
Common Stock indirectly as the Manager of Niobe. The 21,744,130 shares
beneficially owned by Mr. Kling represent beneficial ownership of approximately
79.1% of the Common Stock of the Issuer, calculated in accordance with Rule
13d-3 of the Exchange Act. The aforementioned number of shares of Common Stock
beneficially own by the Reporting Persons have been adjusted to take into
account the 1 for 5 reverse split of the issued and outstanding shares of Common
Stock by the Issuer on December 8, 2010.
(b) Mr. Kling has sole dispositive and voting power over the shares of
Common Stock he beneficially owns (see response to (a) of this Item, above). Mr.
Kling disclaims beneficial ownership of the shares of Common Stock beneficially
owned by Niobe except to the extent of his pecuniary interest therein.
(c) On February 11, 2011, Niobe acquired beneficial ownership of
approximately 79.1% of the Issuer. See the response to Items 4 and 5(a) above.
(d) Except as stated within this Item 5, only Mr. Kling has the right
to direct the receipt of dividends from, or
proceeds from the sale of, the shares of Common Stock of the Issuer. To the
knowledge of the Reporting Persons, only Niobe has the right to receive
dividends, or proceeds, from the sale of the shares of Common Stock of the
Issuer.
(e) Inapplicable.
ITEM 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
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CUSIP No. 743642209 SCHEDULE 13D Page 6 of 6
(Amendment No. 1) Pages
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SIGNATURES
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certify that the information set
forth in this statement is true, complete and correct.
Date: February 11, 2011
Niobe Ventures, LLC
By: /s/ Arnold P. Kling
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Name: Arnold P. Kling
Title: Manager
/s/ Arnold P. Kling
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Name: Arnold P. Kling