BETHESDA, Md., Nov. 13 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX) reported a net loss for the three and nine months ended
September 30, 2008 of $1.7 million ($0.12 per share) and $4.8 million
($0.34 per share), respectively. Research and development and marketing
costs related to the commercialization of Naturlose as a treatment for Type
2 diabetes were approximately $3.2 million for the nine month period ended
September 30, 2008, compared to approximately $4.5 million for the same
period in 2007. Included in the prior year's income from continuing
operations was a $3.4 million tax benefit from the sale of the InfoSpherix
subsidiary in August 2007. Revenue from the Health Sciences Consulting
business continued its growth with a 19% increase between the second and
third quarter of 2008.
"Patient recruitment for our Phase 3 clinical trial in India is off to a very encouraging start with our Contract Research Organizations reporting that 120 patients have been screened already, with a much higher enrollment rate than experienced in the U.S. portion of the trial," said Spherix's CFO and Treasurer, Robert Clayton.
For the Three Months For the Nine Months
Ended Sept. 30, Ended Sept. 30,
2008 2007 2008 2007
continuing operations $308,000 $59,000 $714,000 $63,000
(Loss) income from
continuing operations $(1,735,000) $327,000 $(4,848,000) $(3,655,000)
operations $- $4,967,000 $- $4,913,000
Net (loss) income $(1,735,000) $5,294,000 $(4,848,000) $1,258,000
Net (loss) income per
Continuing operations $(0.12) $0.02 $(0.34) $(0.26)
Discontinued operations $- $0.35 $- $0.35
Net (loss) income
per share $(0.12) $0.37 $(0.34) $0.09
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|
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