Spherix Reports 2007 Financial Results ( BETHESDA Md. April 3 2008 /- Sphe...)

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
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Spherix Reports 2007 Financial Results( BETHESDA Md. April 3 2008 /- Sphe...)