Navigation Links
Spherix Shareholders Support Company's Focus on Naturlose, Biotechnology
Date:8/19/2007

Changes Approved for Board of Directors and Corporate Officers

BELTSVILLE, Md., Aug. 16 /PRNewswire-FirstCall/ -- Shareholders of Spherix Incorporated (Nasdaq: SPEX) voted to approve the sale of the Company's InfoSpherix subsidiary to The Active Network for $17 million in cash ($15 million at closing and $2 million following a 15-month escrow period). The vote was formally recorded at the Company's annual meeting at its headquarters in Beltsville, Maryland.

At the annual meeting, shareholders elected the following members to the Board of Directors:

-- Douglas T. Brown, Senior Vice President and Manager of the Corporate

Banking Government Contracting Group for PNC Bank

-- A. Paul Cox, Jr., Principal, Asset Protection Company

-- George C. Creel, former Executive VP and Chief Operating Officer,

Baltimore Gas and Electric Co.

-- Gilbert V. Levin, Ph.D., Spherix

-- M. Karen Levin, former VP for Spherix

-- Richard C. Levin, Spherix

-- Robert A. Lodder, Jr., Director of the Analytical Spectroscopy Research

Group of the Advanced Science and Technology Center at the University

of Kentucky

-- Robert J. Vander Zanden, Ph.D., former Vice President, R&D, Kraft Foods

International

In addition, Grant Thornton LLP was selected as the Company's independent accountants for the year 2007.

Richard Levin told shareholders that the phase 3 clinical trial for Naturlose as a diabetes treatment was going well and the entire study will now be conducted in the United States. The trial is scheduled to finish in early- to mid-2009, he said, noting, "Patient recruitment is going smoothly, patients have been on the drug for months now, and none have withdrawn. This is a very encouraging sign."

Levin said that the Company's primary goal is to interest a pharmaceutical partner in Naturlose. To that end he said, while the phase 3 trial is running, Spherix will put together a data package geared for the pharmaceutical industry. Levin said, "Perhaps most importantly, we will begin to develop the market. This includes educating potential users on the product and its benefits, and determining the best path to market."

Levin said that the Company is finalizing the protocol for a dose range study. An additional arm to the study will determine if Naturlose will work with one dose per day. Levin concluded his comments by saying, "I believe the biotech side of the company is positioned well for success. It will have a substantial cash reserve, an exciting product in a phase 3 clinical trial, and a solid leader in Dr. Claire Kruger. We could not have found a better person to lead us through this phase in the Company's history."

At a Board of Directors meeting later the same day, the Board elected Claire Kruger, Ph.D., as CEO of Spherix to replace Richard Levin, who will continue to manage InfoSpherix, becoming an employee of The Active Network. Dr. Kruger will also be responsible for building Spherix's new business line in health sciences consulting. Board member Robert Lodder, Ph.D., was elected President of Spherix.

In addition, the Board of Directors nominated Paul Cox as Chairman, and the following slate of Corporate Officers was elected:

-- Paul Cox, Chairman of the Board

-- Claire Kruger, CEO/COO

-- Robert Lodder, President

-- Katherine Brailer, Corporate Secretary and Director of Administrative

Services

-- Robert Clayton, Interim CFO and Treasurer

At this meeting, Gilbert Levin, Ph.D., was made Chairman Emeritus. In order to satisfy Sarbanes-Oxley regulations that the majority of the Board must be independent, Richard Levin and Karen Levin resigned from the Spherix Board of Directors, and Claire Kruger was elected as a Member.

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 March 3, 1999.

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.

Related biology technology :

1. QIAGEN Instrument Service insist on the best in service and support
2. QIAGEN Instrument Service - insist on the best in service and support
3. Doyle urges Legislature to support biofuels program
4. CDW buyer supports Berbee growth plans
5. Doyle urges support of higher education spending
6. Doyle joins governors in support of stem cell bill
7. Wisconsin firms pledge to support healthcare IT standards
8. Rockwells $1M gift to UWM will support advanced automation research
9. MATC bio-diesel reactor to support training
10. Computer recycling: An environmental mandate the private sector can support
11. Net neutrality will be back, supporters vow
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... Los Angeles, CA (PRWEB) , ... February 09, ... ... technical and strategic changes over the years and Open Access publishing is one ... community. , With its 700+ open access journals and 3000+ ...
(Date:2/9/2016)... , February 9, 2016 ... replace paper and protect IP   E-WorkBook 10 ... be rolled out in Germany early ... protect valuable IP. Users will be able to search for ... experiment as part of the application, to boost collaboration and ...
(Date:2/8/2016)... BIOREM Inc. (TSXV: BRM) ("Biorem" or "the Company") today announced ... companies in the TSX Venture 50 TM . ... TSX Venture Exchange, in each of five major industry sectors ... life sciences, diversified industries and technology – based on a ... market cap growth, trading volume and analyst coverage. All data ...
(Date:2/8/2016)... DURHAM, N.C. , Feb. 8, 2016 Novan, Inc. ... named Chairman of the Board of Directors of Novan. In addition, ... Directors. North Carolina . ... The Company also announced that it received a total of $32.8 ... December 2015 from its private investor network originating throughout the Research ...
Breaking Biology Technology:
(Date:1/27/2016)... , Jan. 27, 2016  Rite Track, Inc. ... in West Chester, Ohio announced ... winning service staff, based in Austin, Texas ... and ability to provide modifications, installations and technical support ... , CEO of PLUS, commented, "PLUS has provided world ...
(Date:1/22/2016)... , January 22, 2016 ... the addition of the  "Global Behavioral ... offering. --> http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) ... "Global Behavioral Biometric Market 2016-2020"  report ... Research and Markets ( http://www.researchandmarkets.com/research/4lmf2s/global_behavioral ) has ...
(Date:1/20/2016)... 20, 2016 A market that just keeps ... from the explosion in genomics knowledge. Learn all about ... A range of dynamic trends are pushing market growth ... medicine - pharmacogenomics - pathogen evolution - next generation ... - greater understanding of the role of genetic material ...
Breaking Biology News(10 mins):