Navigation Links
Spherix Reports Second Quarter Earnings
Date:8/19/2007

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

discontinued

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

share

Continuing

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

Discontinued

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 http://www.spherix.com.


'/>"/>
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:
*Name:
*Comment:
*Email:
(Date:10/4/2017)... , Oct. 4, 2017  South Korean-based healthcare product ... training aide "cprCUBE" on Kickstarter. The device will educate ... cardiac arrests with better efficiency compared to the dated ... real-time feedback on efficacy of the compression for a ... has a goal to raise $5,000. ...
(Date:10/2/2017)... 2, 2017  Eli Lilly and Company (NYSE: ... the third quarter of 2017 on Tuesday, October 24, ... that day with the investment community and media to ... conference call will begin at 9 a.m. Eastern time. ... live webcast of the conference call through a link ...
(Date:9/28/2017)... -- Hill-Rom Holdings, Inc. (NYSE: HRC), will host its ... on Friday, November 3, 2017, beginning at 7:00 a.m. ... 8:30 a.m. (CDT) / 9:30 a.m. (EDT). ... and guidance for 2018, Hill-Rom executives will also highlight ... and long-range financial outlook through 2020. ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance ... care insurance companies have a waiver for care if the client has a cognitive ... the family pays for care, is often waived, so the benefits from their insurance ...
(Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th Annual Kids Fun ... NJ. This free event, sponsored by Global Healthcare Management’s CEO, Jon Letko, is ... is geared towards children of all ages; it is a non-competitive, non-timed event, which ...
(Date:10/13/2017)... ... October 13, 2017 , ... ... Software Development, has been awarded a contract by the Center for Medicare and ... aims to accelerate the enterprise use of Agile methodologies in a consistent and ...
(Date:10/12/2017)... WILMINGTON, Del. (PRWEB) , ... October 12, 2017 ... ... technology and advisory services for healthcare compliance program management, will showcase a range ... and National Association for Assisted Living (NCAL) Convention and Expo to be held ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... meet the demand of today’s consumer and regulatory authorities worldwide. From Children’s to ... and tested to meet the highest standard. , These products are also: ...
Breaking Medicine News(10 mins):