Navigation Links
Spherix Reports Second Quarter Earnings

Increased Losses Primarily Due to Scheduled Start of Phase 3 Clinical Trial

BELTSVILLE, Md., Aug. 14 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX) has reported a second quarter 2007 loss from continuing operations of $1.9 million, or 13 cents per share, compared to a loss from continuing operations of $699,000, or 5 cents per share, in the second quarter of 2006. Income from discontinued operations in the second quarter of 2007 was $155,000, or 1 cent per share, compared to $938,000, or 7 cents per share, reflecting the results of the InfoSpherix subsidiary, which the Company has agreed to sell (see Spherix press release dated June 27, 2007). The Company's total net loss for the second quarter of 2007 was $1.7 million, or 12 cents per share, compared to total net income of $239,000, or 2 cents per share, in the second quarter of 2006.

The change in profitability between years is the result of the Company's Phase 3 clinical trial of Naturlose as a treatment for Type 2 diabetes, expenses related to the potential sale of the InfoSpherix subsidiary, and the shut down of our National Park Service contract. Spherix CEO Richard Levin said, "This is an exciting time in the Company's evolution. We are in the midst of a phase 3 clinical trial for our promising diabetes drug, and I believe we now have the cash and leadership to be successful."

For the Three Months For the Six Months

Ended June 30, Ended June 30,

2007 2006 2007 2006

Revenue from continuing

operations $ 4,000 $ - $ 4,000 $ 3,000

Loss from continuing

operations $(1,901,000) $(699,000) $(3,941,000) $(1,369,000)

Income (loss) from


operations $155,000 $ 938,000 $ (95,000) $ 1,075,000

Net (loss) income $(1,746,000) $ 239,000 $(4,036,000) $ (294,000)

Net (loss) income per



operations $ (0.13) $ (0.05) $ (0.28) $ (0.10)


operations $ 0.01 $ 0.07 $ (0.01) $ 0.08

Net (loss) income

per share $ (0.12) $ 0.02 $ (0.29) $ (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 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.

Our Internet address is

SOURCE Spherix Incorporated

Copyright©2007 PR Newswire.

Related medicine technology :

1. Corgenix Reports New Clinical Data Correlating AtherOx Technology With Vascular Disease
2. Cobalis Reports Phase III Trial Results for PreHistin in Seasonal Allergic Rhinitis
3. Cosmo Pharmaceuticals Reports Positive Preliminary Phase II/III Data with Rifamycin MMX in Infectious Diarrhea
4. Cytos Biotechnology Reports Results from Phase IIa Study with CYT003-QbG10 in Patients Suffering from Atopic Dermatitis
5. Cytokinetics Reports Additional Clinical Trials Data for Ispinesib
6. The European Myeloma Platform Reports New Survival data for Revlimid Presented at the International Myeloma Workshop in Greece
7. Cytochroma Reports Positive Phase I Clinical Data for CTA018 Injection
8. Speedel Reports Successful SPP635 Phase IIa Trial in Hypertension
9. Columbia Laboratories Reports Positive Results from Multi-dose Pharmacokinetic Study of Vaginally-administered Lidocaine
10. CytRx Reports Promising Data from Its Open-Label Extension Clinical Trial of Arimoclomol in ALS
11. Affymax Reports Phase 2 Clinical Dose Ranging Results of Once-Per-Month Hematide for the Treatment of Anemia
Post Your Comments:
(Date:11/30/2015)... , Nov. 30, 2015 iCAD, ... it will feature its latest solutions for advanced ... identification of cancer at the Radiological Society of ... Chicago from November 29 to ... product advances including iReveal®, an automated breast density ...
(Date:11/30/2015)... Varian Medical Systems (NYSE: VAR ) has signed a Memorandum ... Group, the largest hospital chain in India , ... the country. The MoU was signed by Dr. K. Prabakar ... , Varian,s India managing director, in ... Varian intends to deploy its Access to Care program by leveraging ...
(Date:11/30/2015)... 2015  Precision Image Analysis Inc. (PIA), a ... announce a dramatic expansion of its capabilities as ... its ISO-9001:2008 certification for its Quality Management System, ... protocols and procedures. This expansion enables PIA to ... Core Lab services include design and optimization of ...
Breaking Medicine Technology:
(Date:11/30/2015)... York (PRWEB) , ... November 30, 2015 , ... In ... of his role as a top ophthalmologist on Long Island’s east end. During the ... teaching, innovations in surgery and treatment of glaucoma and cataracts, and how a visit ...
(Date:11/30/2015)... CASPER, Wyo. (PRWEB) , ... November 30, 2015 , ... ... is watching a family member, close friend, or animal pass away, death lives among ... tough moments. , Coming from a family of 11 children, author T Sky ...
(Date:11/30/2015)... ... 2015 , ... Sikka Software announced today that they are showcasing the Sikka ... make complex business decisions by providing the tools and information they need to grow ... 10 procedures customized by zip code. , The Sikka Software Ecosystem includes over ...
(Date:11/30/2015)... , ... November 30, 2015 , ... ... alliance around Novus’ TIGR® Matrix Surgical Mesh technology for soft tissue repair in ... TIGR® Matrix is a long-term resorbable surgical mesh intended to support and reinforce ...
(Date:11/30/2015)... ... November 30, 2015 , ... SIMmersion’s ability to ... the medical schools of the future. To reach an audience of key visionaries ... ChangeMedEd conference in Chicago, organized by the American Medical Association. , AMA ...
Breaking Medicine News(10 mins):