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Spherix Reports 3rd Quarter Earnings

BELTSVILLE, Md., Nov. 16 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) has reported a loss from continuing operations of $3.1 million ($0.22 per share) and $7.1 million ($0.50 per share) for the three- and nine- months ended September 30, 2007, respectively. These losses exceeded the losses for the corresponding periods of 2006 due to increased expenditures related to the Company's Phase 3 clinical trial of Naturlose as a treatment for type 2 diabetes. The Company anticipates the trial to continue through mid-2009. Income from discontinued operations was $8.4 million ($0.59 per share) in the third quarter of 2007, and $8.3 million ($0.59 per share) for the nine months ended September 30, 2007, reflecting the sale of the InfoSpherix subsidiary (see Spherix press release dated August 16, 2007). The Company's total net income was $5.3 million (37 cents per share) and $1.3 million (9 cents per shared), respectively for the three- and nine-months ended September 30, 2007.

Claire L. Kruger, CEO, said, "The sale of InfoSpherix has provided the Company with significant funding that will help us to pursue the Company's strategic interests."

Three months ended Nine months ended

September 30, September 30,

2007 2006 2007 2006

Revenue from continuing

operations $ 59,000 $ - $ 63,000 $ 3,000

Loss from continuing

operations $(3,122,000) $(981,000) $(7,063,000)$(2,350,000)

Income from discontinued

operations $ 8,416,000 $ 971,000 $ 8,321,000 $ 2,046,000

Net income

SOURCE Spherix Incorporated
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