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Spherix Announces Closing of Institutional Investors Purchase of $5.25 Million of Convertible Preferred Stock and Warrants
Date:10/12/2010

BETHESDA, Md., Oct. 12 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX), an innovator in biotechnology for therapy in diabetes, metabolic syndrome and atherosclerosis; and providers of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies, today announced the close of previously reported agreements to sell $5.25 million of shares of its Series B Convertible Preferred Stock and warrants to purchase shares of its common stock in a registered offering to institutional investors.

Each share of Series B Convertible Preferred Stock is convertible at the option of the holder, at any time during its existence, into 800 shares of common stock at a conversion price of $1.25 per share of common stock for a total of 4.2 million common shares.  In connection with the offering, the investors received warrants to purchase up to 2.1 million shares of common stock.  The warrants have an exercise price of $1.50 per warrant share, and are exercisable immediately upon issuance and terminate 60 months after the date of issuance.

Net proceeds, after deducting placement agent fees and other offering expenses, will be approximately $4.8 million.  The Company intends to use the net proceeds from the offering to continue the development of D tagatose for diabetes and triglycerides, as well as for general corporate purposes.

The convertible preferred stock and warrants are being offered by Spherix pursuant to an effective registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC). A prospectus relating to the offering pricing described above has been filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solic
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SOURCE Spherix Incorporated
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