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Spherix Announces Third Quarter Financial Results
Date:11/11/2011

rics, the Company's pharmaceutical development subsidiary.  The decrease in R&D was attributed to lower spending following completion of a Phase 3 clinical trial and a Phase 2 dose-ranging trial to develop D-tagatose for the treatment of Type 2 diabetes.  Third quarter 2011 R&D expense is related to the Company's preclinical trials for the use of both D-tagatose and SPX106 in lowering triglyceride levels.  D-Tagatose, a naturally occurring sugar, is a low-calorie, full-bulk sweetener previously approved by the Food and Drug Administration (FDA) as a GRAS (Generally Recognized as Safe) food ingredient.

The net loss for the nine months ended September 30, 2011 was $2.2 million or $0.86 per share, compared with a net loss for the nine months ended September 30, 2010 of $6.8 million or $3.99 per share.  R&D expense for the first nine months of 2011 was $1.1 million, down from $4.3 million in the comparable prior year period due to completion of the aforementioned clinical trials.

The Company had cash and cash equivalents of $5.0 million and working capital of $4.7 million as of September 30, 2011, compared with $5.6 million and $4.9 million, respectively, as of December 31, 2010.  The Company raised $2.5 million, net of offering costs, in a registered direct offering of common stock and warrants during the first quarter of 2011.  In addition, the Company subsequently raised $1.15 million, net of offering costs, in a private placement of common stock and warrants in October 2011.

Management CommentaryRobert Lodder, Ph.D., President of Spherix, noted that "The Company is pursuing opportunities to diversify and strengthen its pipeline, adding value for the shareholders."

"The excellent preclinical results we are generating from our compound, SPX-106T, which is a combination of SPX-106 and D-tagatose, is a key achievement of the third quarter and recent weeks," commented Claire Kruger, Ph.D., Chief Exe
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SOURCE Spherix Incorporated
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