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:2/23/2017)... Maryland (PRWEB) , ... February ... ... PathSensors, Inc., announced today that in a published evaluation of multiple immunoassay-based ... a U.S. Department of Energy Laboratory, PathSensors’ CANARY® biosensor threat detection technology ...
(Date:2/23/2017)... , Feb. 23, 2017 Aviva Systems ... announced the acquisition of GenWay Biotech Incorporated, a ... service and product offering for both the research ... facilitate growth and enhance capabilities for both entities. GenWay,s ... ELISA assays will nicely complement ASB,s objective to ...
(Date:2/22/2017)... ... February 22, 2017 , ... Park Systems , a leader in Atomic ... all SPIE attendees and Park customers on Feb. 27, 2017 from 12-2pm ... Jose Convention Center. The luncheon will feature a talk on Automated AFM for ...
(Date:2/22/2017)... ... February 22, 2017 , ... LabRoots ... scientists from around the world, is pleased to announce the 2nd annual Precision ... 2017. This premier, online-only conference focused on the development and advancements in precision ...
Breaking Biology Technology:
(Date:2/8/2017)... About Voice Recognition Biometrics Voice recognition biometrics ... a stored voiceprint template. Acoustic features of an ... are compared to distinguish between individual voices. Voice ... PCs already have a microphone and can authenticate ... are most likely to be deployed in telephone-based ...
(Date:2/8/2017)... 7, 2017 Report Highlights The ... from $8.3 billion in 2016 at a compound annual ... Report Includes - An overview of the global ... with data from 2015 and 2016, and projections of ... of the market on the basis of product type, ...
(Date:2/6/2017)... 2017 According to Acuity Market Intelligence, ... authorities to continue to embrace biometric and digital ... Automated Border Control (ABC) eGates and 1436 Automated ... than 163 ports of entry across the globe. ... a combined CAGR of 37%. APC Kiosks reached ...
Breaking Biology News(10 mins):