Navigation Links
Spherix Reports 3rd Quarter Earnings
Date:11/16/2007

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 (loss) $ 5,294,000 $ (10,000 $ 1,258,000 $ (304,000)

Net income (loss) per

share

Continuing operations $ (0.22) $ (0.07 $ (0.50)$ (0.17)

Discontinued

operations $ 0.59 $ 0.07 $ 0.59 $ 0.15

Net income (loss) per

share $ 0.37 $ - $ 0.09 $ (0.02)

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.

Under its motto, "A World of Solutions," 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 information technology, knowledge management, and biotechnology.

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


'/>"/>
SOURCE Spherix Incorporated
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Spherix Shareholders Support Companys Focus on Naturlose, Biotechnology
2. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
3. QMed, Inc. Reports July Medicare SNP Enrollments
4. Phlo Affiliate Reports Expanded Coverage to Oregon Border
5. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
6. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 2007
7. Carrington Reports Second Quarter 2007 Results
8. Avitar Reports Third Quarter Financial Results for Fiscal 2007
9. Response Genetics Reports Second Quarter 2007 Financial Results
10. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
11. Transgenomic, Inc. Reports Second Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/16/2017)... UCHealth ( Aurora, Colorado ) ... nodule patient management. In addition to optimizing care coordination ... the lung, UCHealth looks to improve provider workflow by ... Stephanie Brown, RN , Thoracic Nurse Navigator, ... an Excel spreadsheet, which was extremely arduous and susceptible ...
(Date:2/16/2017)... Pa. , Feb. 16, 2017  Windtree ... biotechnology company focusing on developing aerosolized KL4 surfactant ... from a preclinical influenza study showed that aerosolized ... survival in a well-established preclinical animal model. The ... a growing body of evidence that supports the ...
(Date:2/15/2017)... ... February 15, 2017 , ... Executive search ... Commercial Officer with GenePeeks. Matt is a veteran life sciences and molecular ... genomics company focused on identifying inherited disease risk in future generations. In his ...
(Date:2/15/2017)... 15, 2017  Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: ... the fourth quarter and full year ended December ... year for Vanda as we continued to demonstrate ... long-term exclusivity for Fanapt," said Mihael H. Polymeropoulos, ... emerging pipeline with important 2017 milestones underscores Vanda,s ...
Breaking Biology Technology:
(Date:2/8/2017)... Feb. 7, 2017 The biometrics market ... the confluence of organizations, desires to better authenticate ... systems (password and challenge questions), biometrics is quickly ... systems. The market is driven by use cases, ... consumer and enterprise uses cases, with consumer-facing use ...
(Date:2/7/2017)... , Feb. 7, 2017 Zimmer Biomet Holdings, ... musculoskeletal healthcare, will present at the LEERINK Partners 6th ... Palace Hotel on Wednesday, February 15, 2017 at 10 ... of the presentation can be accessed at http://wsw.com/webcast/leerink28/zbh ... the conference via Zimmer Biomet,s Investor Relations website at ...
(Date:2/3/2017)... SAN ANTONIO , Feb. 3, 2017  Texas Biomedical ... Dr. Larry Schlesinger as the Institute,s ... of Texas Biomed effective May 31, 2017. He is currently ... and Director of the Center for Microbial Interface Biology at ... Dr. Schlesinger as the new President and CEO of Texas ...
Breaking Biology News(10 mins):