"We are pleased with the excellent growth of our health sciences consulting business," commented Dr. Claire L. Kruger, CEO of Spherix. "This is an exciting time at Spherix as we await the interim data in the fall from our ongoing Phase 3 clinical trial investigating the efficacy of Naturlose as a novel treatment for Type 2 diabetes."
Financial Results for the Quarter Ended March 31, 2009
Revenue and direct contract costs grew to $360,670 from $142,908 from the previous year's quarter. The Company's revenue improvement reflects the growth of its health sciences consulting services ("Spherix Consulting").
Research and development expenses were $1.6 million in the quarter, up from $1.0 million in the previous year's quarter. The increase in R&D expenses is related to the expansion of the Phase 3 trial to India. The Company's R&D expenses for both years consisted of costs for both the Phase 3 clinical trial and a related Phase 2 Dose Range trial.
Selling, general and administrative expenses for the quarter were $759,270, down from $1.1 million in the first quarter of 2008. The drop was largely the result of the relocation of the Company's Headquarters to a smaller facility in April 2008, and lower overhead costs.
The Company's losses from continuing operations were $2.0 million for the first quarters ended 2009 and 2008.
The net loss for the quarter ended March 31, 2009 was $2.0 million or $0.14 per share, compared with a net loss of $1.9 million or $0.13 per share for the same period in 2008.
Update on N
SOURCE Spherix Incorporated
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