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Spherix Announces First Quarter Financial Results
Date:5/13/2011

BETHESDA, Md., May 13, 2011 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEXD) -- 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 reported financial results for the three months ended March 31, 2011.

Recent and Upcoming Highlights

  • Pharmaceutical Development
  • Began a multi-unit research contract to investigate the role of D-tagatose in lowering triglycerides
  • Began preclinical animal testing of SPX10624258 in combination with D-tagatose
  • Seeking a strategic relationship with a pharmaceutical company for the continued development of D-tagatose as a treatment for Type 2 diabetes
  • Health Sciences Consulting
  • Recent and upcoming trade and professional shows:
  • April 9, 2011: Dr. Claire Kruger, Spherix CEO, spoke at the American Dietetic Association's Nutrition News Forecast 2011 in Chicago
  • May 16, 2011: Spherix Consulting's Principal Advisor, Dr. A. Wallace Hayes, will be presenting at the American College of Toxicology's Toxicology for Industrial and Regulatory Scientists Program, to be held in Falls Church, Va.; his presentation, "Basic Principles of Toxicology," was co-authored by Dr. Kruger
  • Corporate
  • Raised $2.77 million in a registered direct offering of common stock and warrants
  • On May 6, 2011, effected a one for ten reverse stock split of the Company's common stock

  • Financial Results for the Three Months Ended March 31, 2011The net loss for the first quarter of 2011 was $0.2 million or $0.10 per share, compared with a net loss for the first quarter of 2010 of $2.1 million or $1.25 per share.  The narrowing of the net loss was attributed mainly to lower research and development expenses, and gain on settlement of obligations of $0.8 mil
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    SOURCE Spherix Incorporated
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