Spherix Postpones 2009 Annual Shareholders Meeting to Share Interim Diabetes Clinical Trial Data
BETHESDA, Md., March 11, 2009 /PRNewswire-FirstCall/ -- Spherix Incorporated, an innovator in biotechnology and a provider of technical and regulatory consulting services to food, supplement, biotechnology and pharmaceutical companies, today announced the postponement of its 2009 Annual Shareholders Meeting. Previously scheduled for May, the meeting will instead be held during the Fall of 2009, when it is anticipated that interim data from its pivotal Phase 3 clinical trial of Naturlose as a drug for Type 2 diabetes will be available.
The Company's Board of Directors, based on the recommendation of its senior management team, has decided to hold the meeting in early Fall so that an interim analysis of the data from the Company's Phase 3 trial can be shared with Spherix's shareholders. The date for the meeting will be set based on the Company's early analysis of the trial data. The trial is currently on schedule, and Spherix expects to have enough patients by the end of the second quarter to perform the interim analysis, with the results expected to be ready to be presented at a meeting later this year.
Dr. Claire Kruger, Chief Executive Officer of Spherix, said, "Postponing this year's Annual Shareholders Meeting until we are able to share the results of the interim analysis with our shareholders is a logical decision for us. We believe this will be a significant moment for both Spherix and its shareholders, and we are enthusiastic about the trial's potential to demonstrate the efficacy of Naturlose as a treatment for Type 2 diabetes."
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.
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.
CONTACT: Spherix Incorporated Investor Relations, +1-301-897-2564, email@example.com
Web site: http://www.spherix.com/
Ticker Symbol: (NASDAQ-NMS:SPEX)
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Posted: March 2009