Navigation Links
Spherix Reports 2007 Financial Results
Date:4/3/2008

BETHESDA, Md., April 3, 2008 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) reported a net loss of $938,000 for the year ended December 31, 2007. The Company's research and development costs jumped to $5.9 million in 2007, from $884,000 in 2006, with the launch of the Company's Phase 3 clinical trial for Naturlose as a treatment for Type 2 diabetes in April 2007. The trial is expected to last at least two years, and will be financed through the proceeds received from the sale of the Company's InfoSpherix subsidiary. The Company's losses from continuing operations were $5.9 million and $700,000 for the years ended 2007 and 2006, which includes income tax benefit allocations of $3.4 million and $2.4 million each. Income from discontinued operations was $4.9 million and $4.2 million for each of the years ended 2007 and 2006, net of income tax expense allocations of $4.2 million and $2.5 million. Income from discontinued operations in 2007 included an $8.6 million pre-tax gain on the sale of our InfoSpherix subsidiary.

(Numbers in 000's)

2007 2006

Revenue $155 $7

Loss from continuing operations (5,851) (700)

Income from discontinued operations 4,913 4,213

Net (loss) income (938) 3,513

Net (loss) income per share

Continuing operations $ (0.41) $ (0.05)

Discontinued operations $ 0.35 $ 0.31

Net (loss) income per share $ (0.07) $ 0.26

Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on October 10, 2007.

Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in biotechnology, and provides technical and regulatory consulting services to biotechnology and pharmaceutical companies.

Spherix's Internet address is http://www.spherix.com.


'/>"/>
SOURCE Spherix Incorporated
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Spherix Reports 3rd Quarter Earnings
2. Spherix Shareholders Support Companys Focus on Naturlose, Biotechnology
3. Genetic Engineering & Biotechnology News reports on cancer biomarkers
4. Derma Sciences Reports Fourth Quarter Year-End Results for 2007
5. China Bio Energy Reports Fiscal 2007 Financial Results
6. Laureate Pharma Reports Record Growth for 2007
7. ImaRx Therapeutics Reports Business Update and Financial Results for Fourth Quarter and Full Year 2007
8. PharmAthene Reports Year-End 2007 Financial Results
9. Alseres Pharmaceuticals, Inc. Reports 2007 Financial Results and Provides Company Highlights
10. Photonic Products Group, Inc. Reports Record Financial Results for FY 2007
11. Spectros Corporation Reports 2007 Year-Over-Year Sales Rise 36%
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... , June 23, 2016 On Wednesday, ... at 4,833.32, down 0.22%; the Dow Jones Industrial Average edged ... closed at 2,085.45, down 0.17%. Stock-Callers.com has initiated coverage on ... ), Nektar Therapeutics (NASDAQ: NKTR ), Aralez Pharmaceuticals ... (NASDAQ: BIND ). Learn more about these stocks ...
(Date:6/23/2016)... ... June 23, 2016 , ... Regulatory Compliance Associates® ... provides a free webinar on Performing Quality Investigations: Getting to Root ... CT at no charge. , Incomplete investigations are still a major concern to ...
(Date:6/23/2016)... -- Amgen (NASDAQ: AMGN ) today announced a ... sciences incubator to accelerate the development of new therapies ... QB3@953 was created to help high-potential life science and ... stage organizations - access to laboratory infrastructure. ... "Amgen Golden Ticket" awards, providing each winner with one ...
(Date:6/22/2016)... SAN DIEGO , June 22, 2016 /PRNewswire/ ... partnership that will allow them to produce up ... (HiPSC) from one lot within one week. These ... their time laboriously preparing cells and spend more ... made possible through a proprietary, high-volume manufacturing process ...
Breaking Biology Technology:
(Date:6/2/2016)... 2016 The Department of Transport Management ... 44 million US Dollar project, for the , ... Personalization, Enrolment, and IT Infrastructure , to ... and implementation of Identity Management Solutions. Numerous renowned international vendors ... Decatur was selected for the most compliant and ...
(Date:5/20/2016)...  VoiceIt is excited to announce its new ... By working together, VoiceIt and VoicePass will offer ... take slightly different approaches to voice biometrics, collaboration ... usability. Both ... "This marketing and technology partnership allows ...
(Date:4/28/2016)... BANGALORE, India , April 28, 2016 /PRNewswire/ ... product subsidiary of Infosys (NYSE: INFY ), and ... global partnership that will provide end customers with ... banking and payment services.      (Logo: http://photos.prnewswire.com/prnh/20130122/589162 ... area for financial services, but it also plays a fundamental ...
Breaking Biology News(10 mins):