BETHESDA, Md., May 24, 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 announced that it has regained compliance with NASDAQ listing rule 5550(a)(2), which concerns minimum bid price listing requirements.
As previously announced, Spherix was notified by NASDAQ that its common stock failed to meet the minimum bid price; thus the Company was put on notice of a potential de-listing of its stock if it failed to regain compliance with the rule. On May 24, 2011, NASDAQ provided confirmation to the Company that the closing bid price for the prior 10 business days had met the minimum bid price requirement; thus the Company has regained compliance and the de-listing matter with NASDAQ has been closed.
Spherix Incorporated was launched in 1967 as a scientific research company under the name Biospherics Research. The Company now leverages its scientific and technical expertise and experience through its two subsidiaries – Biospherics Incorporated and Spherix Consulting, Inc. Biospherics is dedicated to development of D-tagatose and recently completed a Phase 3 clinical trial to study the use of D-tagatose as a treatment for Type 2 diabetes. Biospherics is actively seeking a pharma partner to continue the diabetes development while exploring D-tagatose as a potential treatment for high triglycerides, a risk factor for atherosclerosis, myocardial infarction, and stroke. Spherix's Consulting subsidiary provides scientific and strategic support for suppliers, manufacturers, distributors and retailers of conventional foods, biotechnology-derived foods, medical foods, infant formulas, food ingredients, dietary supplements, food contact substances, phar
|SOURCE Spherix Incorporated|
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