BETHESDA, Md., April 27 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX), an innovator in biotechnology for diabetes therapy, and a provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies, today announced that on April 23, 2009, it received written notification from NASDAQ that the Company was not currently in compliance with NASDAQ's independent director rule. Spherix fell out of compliance following the death of the Company's Chairman, A. Paul Cox, Jr., an event that reduced the number of "Independent" directors to below the required ratio. Per the rules of this requirement, NASDAQ has provided Spherix a cure period and the Company must regain compliance on or before the date of its next annual shareholders' meeting, or by April 13, 2010 should the meeting occur after October 12, 2009.
"Several promising candidates have already been identified," said Dr. Claire Kruger, Chief Executive Officer of Spherix. "One of the most important considerations in selecting this candidate will be determining whether we believe his or her experience will benefit the Company as we prepare for the potential commercialization of Naturlose(R) as a treatment for type 2 diabetes. We anticipate making a decision prior to the fall Annual Shareholders Meeting and well within the cure period NASDAQ has provided us."
The listing rule requires that a majority of the board of directors be composed of independent directors. To regain compliance, the Company needs to fill the current vacancy with an independent director or request one of the non-independent directors to resign before the end of the cure period provided by NASDAQ. If the Company fails to regain compliance with the independent director rule within the above time frame, NASDAQ will provide notice to the Company that
|SOURCE Spherix Incorporated|
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