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Spherix Announces Second Quarter 2012 Financial Results

BETHESDA, Md., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Spherix Incorporated (Nasdaq:SPEX) – an innovator in biotechnology for therapy in diabetes, metabolic syndrome and atherosclerosis, and provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies – today reported financial results for the three and six months ended June 30, 2012, and recent and upcoming business highlights.

Second Quarter and Upcoming Highlights

  • Pharmaceutical Development
  • Held a SPX106T pre-IND meeting with FDA and are awaiting their response to our questions before submitting the IND.
  • Announced that SPX106T reduced very low-density lipoprotein complexes (VLDLs) by 36% (p=0.05) in the blood of apolipoprotein E-deficient mice consuming a diet containing SPX106T, fat and cholesterol, compared with those consuming one containing sucrose, fat and cholesterol.
  • Recent and upcoming trade and professional shows: -- September 9-11, 2012: Dr. Claire Kruger, Chief Executive Officer, and Dr. Robert Lodder, President, will be presenting a corporate overview at the Rodman & Renshaw Annual Global Investment Conference, The Waldorf Astoria, New York, NY. -- September 30-October 5, 2012:  Spherix's President, Dr. Robert Lodder will present two papers, "Nonparametric Feature Detection for Multifactorial Diseases with Ultrahigh Dimensional Data Spaces" and "Experimental Mechanisms for Suppression of Atherogenesis and Plaque Development" (title tentative), co-authored with Dr. Claire Kruger, Chief Executive Officer, Dr. A. Wallace Hayes, Spherix's Principal Advisor, and Dr. Dietrich Conze, Spherix's Science Consultant, at the SciX meeting in Kansas City, Missouri. -- October 14-18, 2012: Spherix's President, Dr. Robert Lodder will present a paper "Effect of SPX106T on Lipid Profiles and Atherosclerosis", co-authored with Brittney. Metts, University of Kentucky Department of Chemistry, Dr. Dietrich Conze, Spherix Science Consultant, Dr. Claire Kruger, Chief Executive Officer of Spherix, and Dr. Lisa Cassis, Chair of Pharmacology at the University of Kentucky -- Dr. Lodder presented to investors as part of the 7 th LHA Life Sciences & Medical Technologies Virtual Conference.
  • Health Sciences Consulting
  • Recent publications: -- Dr. Nancy Booth, Spherix's Science Consultant, Drs. Kruger and Hayes, and Dr. Roger Clemens, Spherix's Senior Consultant, authored "An innovative approach to the safety evaluation of natural products: Cranberry (Vaccinium macrocarpon Aiton) leaf aqueous extract as a case study," Food and Chemical Toxicology 50, 3150–3165, 2012.
  • Recent and upcoming trade and professional shows: -- Dr. Kruger was a Guest Lecturer on June 2, 2012 at the USC Health Science Campus, where she conducted a session entitled "Working Through the GRAS Process" as part of course MPTX 514: Regulation of Foods and Dietary Supplements. -- Dr. Hayes co-chaired "Debate on Safe Intakes of Omega-3's" on June 7, 2012 as part of the GOED Exchange 2012 in Boston.

Financial Results for the Three and Six Months Ended June 30, 2012

The net loss for the second quarter of 2012 was $0.7 million or $0.18 per share, compared with a net loss of $1.0 million or $0.40 per share for the second quarter of 2011.  Research and development expense was $0.1 million in the second quarter of 2012, compared with $0.4 million in the second quarter of 2011. The decrease reflects the completion of SPX-106T preclinical studies. Working capital was $3.8 million as of June 30, 2012, compared with $4.6 million as of December 31, 2011. The Company's cash and cash equivalents as of June 30, 2012 were $4.2 million, compared with $4.9 million as of December 31, 2011. In February 2012 Spherix raised $1.15 million in a registered direct offering.

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