Spherix Announces Results of Annual Shareholders Meeting
BETHESDA, Md., Nov. 19 /PRNewswire-FirstCall/ -- Spherix
Incorporated (NASDAQ:SPEX) , an innovator in biotechnology
for diabetes therapy, and a provider of technical and regulatory
consulting services to food, supplement, biotechnology and
pharmaceutical companies, today announced the results of Tuesday's
Annual Meeting of Shareholders.
At the meeting, shareholders of Spherix Incorporated (NASDAQ:SPEX) elected the following members to
the Board of Directors:
-- Douglas T. Brown, Senior VP and Manager of Corporate Banking
Government Contracting, PNC Bank
-- Claire L. Kruger, Chief Executive Officer and Chief Operating Officer,
Spherix
-- Gilbert V. Levin, Ph.D., Chairman Emeritus and Founder, Spherix
-- Robert A. Lodder, Jr., President, Spherix; and Professor, College of
Pharmacy, University of Kentucky
-- Aris Melissaratos, Senior Advisor to the President of Johns Hopkins
University
-- Thomas B. Peter, former Vice President, GlaxoSmithKline
-- Robert J. Vander Zanden, Ph.D., former Vice President, R&D, Kraft
Foods International
In addition, Grant Thornton LLP was ratified as the Company's
independent accountants for the year 2009, and the shareholders
authorized the Board of Directors to determine when and if to
effect the reverse stock split of the common stock, within a range
of 1:5 to 1:20, at any time within eighteen (18) months of this
meeting.
At the meeting, Dr. Vander Zanden, Chairman of the Board,
stated, "The success of Spherix over the past two years has been
the result of hard work, and great collaboration, by both the Board
and the Corporate Officers. We still have a long way to go, but the
team is taking the proper course necessary to successfully
commercialize D-tagatose. We believe we are on the right path and
we're working diligently to get there."
Dr. Kruger, CEO, added, "I am proud to report that Spherix has
reached a number of key milestones, each of which we hope will
increase the potential for the Company to realize its goal of
commercializing D-tagatose as a novel treatment option for patients
with Type 2 diabetes."
Dr. Lodder, President, elaborated on the results of the
compound's recent interim analysis, "Results of the blinded interim
data analysis of the Phase 3 trial demonstrate a significant
reduction in variability of HbA1c levels, the primary endpoint of
the trial, increasing the statistical power to observe a
significant result. The observed data to-date indicate that the
change in variability of HbA1c from baseline is favorable, and that
the current sample size gives the study sufficient power to achieve
the statistical significance for protocol defined differences
between control and D-tagatose in HbA1c when the study reaches the
planned number of patients completing treatment.
"The analysis noted that the results of the secondary variables,
LDL, HDL, triglycerides, and body mass index (BMI), are very
striking and are in agreement with that of the HbA1c results. These
results demonstrate a significant decrease in the mean BMI at all
time points evaluated compared to baseline. A consistent decrease
of BMI and serum triglycerides was observed at each visit, with the
difference in triglycerides becoming significant by the last two
patient visits. A statistically significant reduction in HDL and
LDL was also seen compared to baseline."
Dr. Kruger concluded the Company's formal remarks by saying,
"Turning now to our ongoing and developing commercialization
strategy, there is no point in doing clinical trials unless the
company plans to market the drug as a result. The Company needed to
raise $6.3 million in new capital on Monday to remain on track to
commercialize its drug, D-tagatose, and at the end of the day, the
shareholders owned shares in a company with a better chance of
success. In addition, our Spherix Consulting subsidiary, which may
be overshadowed at times by the exciting events and news that comes
out of the Biospherics subsidiary, continues to grow and generate a
critical revenue stream for the company."
At a Board of Directors meeting later the same day, the
following slate of Corporate Officers was elected:
-- Robert Vander Zanden, Chairman of the Board
-- Claire Kruger, Chief Executive Officer and Chief Operating Officer
-- Robert Lodder, President
-- Robert Clayton, Chief Financial Officer and Treasurer
-- Katherine Brailer, Corporate Secretary and Director of Administrative
Services
About Spherix
Spherix Incorporated was launched in 1967 as a scientific
research company, under the name Biospherics Research. The company
now leverages its scientific and technical expertise and experience
through its two subsidiaries-Biospherics Incorporated and Spherix
Consulting, Inc. Biospherics is currently running a Phase 3
clinical trial to study the use of Naturlose as a treatment for
Type 2 diabetes. Its Spherix Consulting subsidiary provides
scientific and strategic support for suppliers, manufacturers,
distributors and retailers of conventional foods,
biotechnology-derived foods, medical foods, infant formulas, food
ingredients, dietary supplements, food contact substances,
pharmaceuticals, medical devices, consumer products, and industrial
chemicals and pesticides. For more information, please visit
www.spherix.com.
Forward-Looking Statements
This release contains forward-looking statements which are made
pursuant to provisions of Section 21E of the Securities Exchange
Act of 1934. Investors are cautioned that such statements in this
release, including statements relating to planned clinical study
design, regulatory and business strategies, plans and objectives of
management and growth opportunities for existing or proposed
products, constitute forward-looking statements which involve risks
and uncertainties that could cause actual results to differ
materially from those anticipated by the forward-looking
statements. The risks and uncertainties include, without
limitation, risks that product candidates may fail in the clinic or
may not be successfully marketed or manufactured, we may lack
financial resources to complete development of Naturlose, the FDA
may interpret the results of studies differently than us, competing
products may be more successful, demand for new pharmaceutical
products may decrease, the biopharmaceutical industry may
experience negative market trends, our continuing efforts to
develop Naturlose may be unsuccessful, our common stock could be
delisted from the Nasdaq Capital Market, and other risks and
challenges detailed in our filings with the U.S. Securities and
Exchange Commission, including our current report on Form 8-K filed
on October 10, 2007. Readers are cautioned not to place undue
reliance on any forward-looking statements which speak only as of
the date of this release. We undertake no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances that
occur after the date of this release or to reflect the occurrence
of unanticipated events.
Source: Spherix Incorporated
CONTACT: Investor Relations of Spherix Incorporated,
+1-301-897-2564,
info@spherix.com
Web Site: http://www.spherix.com/
Posted: November 2009
