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Spherix Announces 2008 Financial Results
Date:3/30/2009

Revenues for the year ended December 31, 2008 were $1.0 million, up from $154,000 in 2007. The Company's revenue reflects the growth of its Health Sciences consulting services, which began in July 2007. The consulting business was created when Dr. Claire L. Kruger, CEO and COO, joined the Company, and was formed to better facilitate the activities of Biospherics and to provide a modest amount of revenue during the Naturlose development efforts.

Research and development expenses were $4.0 million in 2008, down from $5.9 million in 2007. The Phase 3 clinical trial for Naturlose as a stand-alone drug to treat diabetes started in April 2007, and the 2007 expenses included start-up costs for the trial, including approximately $2 million for drug packaging, warehousing, and shipping. The 2008 R&D expenses consisted of both the Phase 3 clinical trial and the related Phase 2 Dose Range trial.

The Company's losses from continuing operations were $5.6 million and $5.9 million for the years ended 2008 and 2007, which include income tax benefit allocations of $553,000 and $3.4 million each. Incomes from discontinued operations were $1.5 million and $4.9 million for the years 2008 and 2007, net of income tax expense allocations of $587,000 and $4.2 million each. Income from discontinued operations in 2008 included a $2.0 million pre-tax gain upon the release of the escrow balance related to the 2007 sale of the InfoSpherix subsidiary. Income from discontinued operations in 2007 included an $8.6 million pre-tax gain on the sale of InfoSpherix.

The net loss for the year ended 2008 was $4.1 million or $0.29 per share, compared with a net loss of $938,000 or $0.07 per share in 2007. As of December 31, 2008, the Company's total cash, cash equivalents and short-term investments on hand was $11.3 million, compared to $15.8 million at December 31, 2007. Working capital as of December 31, 2008, was $10.8 million, a decrease
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SOURCE Spherix Incorporated
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