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Spherix Announces 2010 Financial Results
Date:3/30/2011

at it will also explore D-tagatose as a potential treatment for high triglycerides, a risk factor for atherosclerosis, myocardial infarction and stroke.

The clinical trials in the use of D-tagatose for the treatment of Type 2 diabetes have been the primary focus of the Biospherics segment, with R&D expenditures for 2010 and 2009 consisting of both a Phase 3 clinical trial and a related Phase 2 dose-range study.  Included in 2009 R&D costs was an expense of $1.4 million for the purchase of D-tagatose.  The Company's 2010 R&D expenses decreased by $1.98 million compared with 2009.

The Phase 3 trial to determine efficacy of D-tagatose as a treatment for Type 2 diabetes and the Phase 2 dose-range trial to evaluate the effectiveness of lower doses of D-tagatose in treating Type 2 diabetes were completed in late 2010.  As Spherix has determined that it will take several additional years of clinical trials and could cost as much as several hundred million dollars to seek and obtain FDA approval for Dtagatose as a diabetes drug, the safety portion of the Phase 3 trial has been terminated.  

In the fourth quarter of 2010, the Company began shifting the focus of its R&D efforts to the use of D-tagatose in lowering triglyceride levels, and anticipates a decrease in R&D costs in the initial years of the triglyceride studies compared with 2010 costs.  Preclinical trials for the use of D-tagatose in lowering triglyceride levels will be conducted in 2011 and a human proof-of-concept trial may begin later in the year.  The Company estimates that it will likely take three or more years to undertake the studies and clinical trials necessary to attract a pharmaceutical partner to complete development, and an additional 2-4 years to complete all necessary studies for an NDA filing.

Working capital was $4.9 million as of December 31, 2010, including $5.6 million in cash and cash equivalents.

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SOURCE Spherix Incorporated
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