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:6/26/2016)... Ontario , June 27, 2016  VMS Rehab ... Company,s Board will take whatever measures required to build ... Company,s stock which is currently listed on the OTC ... Wexler, Company Chairman and CEO, "We are seeing an ... difficult to understand, not only by the Company, but ...
(Date:6/24/2016)... 24, 2016  Global Blood Therapeutics, Inc. (GBT) (NASDAQ: ... novel therapeutics for the treatment of grievous blood-based ... closing of its previously announced underwritten public offering ... public offering price of $18.75 per share. All ... by GBT. GBT estimates net proceeds from the ...
(Date:6/24/2016)... 24, 2016 The Academy of Managed Care ... that would allow biopharmaceutical companies to more easily ... make formulary and coverage decisions, a move that addresses ... medicines. The recommendations address restrictions in the ... the drug label, a prohibition that hinders decision makers ...
Breaking Medicine Technology:
(Date:6/26/2016)... North Carolina (PRWEB) , ... June 26, 2016 , ... ... release of a new product that was developed to enhance the health of felines. ... for centuries. , The two main herbs in the PawPaws Cat Kidney Support ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton Memorial Library ... City Observer , brings up a new, often overlooked aspect of head lice: the parasite’s ... for fumigation is not a common occurrence, but a necessary one in the event that ...
(Date:6/25/2016)... ... ... On Friday, June 10, Van Mitchell, Secretary of the Maryland Department of ... recognition of their exemplary accomplishments in worksite health promotion. , The Wellness at Work ... Symposium at the BWI Marriott in Linthicum Heights. iHire was one of 42 businesses ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... Marcy was in a crisis. Her ... would lash out at his family verbally and physically. , “When something upset him, he ... he would use it. He would throw rocks at my other children and say he ...
(Date:6/24/2016)... ... ... of Topricin and MyPainAway Pain Relief Products, join The ‘Business for a Fair Minimum Wage’ ... 2020 and then adjusting it yearly to increase at the same rate as the median ... floor does not erode again, and make future increases more predictable. , The company is ...
Breaking Medicine News(10 mins):