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Spherix Announces Second Quarter 2010 Financial Results
Date:8/17/2010

American Society of Pharmacognosy, Phytochemical Society of North America, July 10-14, 2010, St. Petersburg Beach, FL
  • 2010 IFT Annual Meeting & Food Expo, July 12-20, 2010, Chicago, IL
  • Rodman and Renshaw Global Investment Conference, Sept. 12-15, New York, NY

  • Financial Results for the Quarter Ended June 30, 2010Revenue and direct costs are directly related to the Company's health sciences consulting segment.  The Company's consulting business provides technical and regulatory consulting services to biotechnology and pharmaceutical companies, as well as critical technical support for the Company's own R&D activities.

    The Company's ongoing research and development activities have been focused on the development of D-tagatose as a new treatment for Type 2 diabetes.  The Company announced in June that it would also explore D-Tagatose as a potential treatment for high triglycerides, a risk factor for atherosclerosis, myocardial infraction, and stroke. The R&D expenditures for 2010 and 2009 consisted of both a Phase 3 clinical trial and a related Phase 2 Dose Range study on the use of D-tagatose as a treatment for Type 2 diabetes.  The increase in R&D costs for the three-month period ended June 30, 2010 over the same period in 2009 is related to the close-out procedures the Company is performing for the Phase 3 trial.

    D-Tagatose is believed to depress elevations of blood sugar levels in diabetic patients by increasing glycogen synthesis while decreasing glycogen utilization, resulting in an improvement of blood sugar control and modulation of HbA1c. The Phase 3 efficacy trial results are expected to be unblinded in mid-September and the Dose Range study is expected to be completed by the end of 2010.

    The increase in selling, general and administrative costs between 2010 and 2009 is primarily related to the expansion of the Company's market development efforts of D-tagatose as a tr
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    SOURCE Spherix Incorporated
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