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

l products may decrease, the biopharmaceutical industry may experience negative market trends, our continuing efforts to develop D-tagatose may be unsuccessful, our common stock could be delisted from the Nasdaq Capital Market, and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.- Tables Follow -Spherix IncorporatedConsolidated Statements of Operations20102009Revenue$
,432,452$
,359,110Operating expenseDirect costs

(517,677)(449,293)Research and development expense

(4,846,111)(6,830,957)Selling, general and administrative expense

(4,080,123)(3,265,137)Total operating expense

(9,443,911)(10,545,387)Loss from operations

(8,011,459)(9,186,277)Other income

135,914-Interest income

6,10937,646Loss from continuing operations before taxes

(7,869,436)(9,148,631)Income tax benefit

133,194-Net loss(7,736,242)(9,148,631)Net (loss) income per share, basic

$
(0.43)$
(0.62)Net (loss) income per share, diluted

$
(0.43)$
(0.62)Weighted average shares outstanding, basic

18,061,32214,713,473Weighted average shares outstanding, diluted

18,061,32214,713,473Spherix IncorporatedConsolidated Balance SheetsASSETS20102009Current assetsCash and cash equivalents

$
5,575,310$
9,026,002Short-term investments, held to maturity

-375,003Trade accounts receivable, net

285,859274,153Grants receivable

270,128-Other receivables

74,110948Prepaid research expenses

464,322-Prepaid expenses and other assets'/>"/>

SOURCE Spherix Incorporated
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