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Spherix to Raise $1.25 Million in Private Placement
Date:10/26/2011

BETHESDA, Md., Oct. 26, 2011 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEX) – an innovator in biotechnology for therapy in diabetes, metabolic syndrome and atherosclerosis, and providers of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies – today announced that it has entered into definitive agreements to sell $1.25 million of shares of its common stock together with warrants to purchase additional shares of its common stock in a private placement transaction.  The closing of the offering is expected to occur on or about October 28, 2011, subject to customary closing conditions, at which time Spherix will receive the cash proceeds and deliver the securities.

Under the terms of the offering, the Company will sell an aggregate of 532,559 shares of common stock at a price of $2.365 per share along with warrants to purchase an additional 532,559 shares of common stock at an exercise price of $2.24 per share.  The warrants are exercisable immediately after closing and expire in five years.  The Company is required to file a resale registration statement within 30 days following the closing that covers the resale by the investors of the shares and the shares issuable upon exercise of the warrants. .

The Company intends to use the net proceeds from the offering to continue the development of SPX-106T (the combination of D tagatose and SPX-106), as well as for general corporate purposes.

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the offering.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company. The securities offered an
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SOURCE Spherix Incorporated
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