BELTSVILLE, Md., Nov. 29 /PRNewswire-FirstCall/ -- Spherix Incorporated has recently signed contracts to provide technical and regulatory consulting services to several major consumer, food, ingredient, and pharmaceutical companies. Spherix’s Health Sciences Consulting Division 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.
“I am very pleased with the progress made in our Health Sciences Division,” said Claire Kruger, CEO and Director of Health Sciences of Spherix. “Revenues earned through these efforts will add to our substantial cash reserve, and will be very useful moving forward.”
The Company further reported that its Phase 3 clinical trial of Naturlose(R) as a treatment for Type 2 diabetes is progressing on schedule. Since moving the entire study to the United States, patient recruitment has increased and, logistically, everything is moving ahead much more efficiently. The protocol for the Company’s dose ranging study has been finalized and is scheduled to begin later this year. An additional study to determine if Naturlose will work with only one dose per day is being finalized, and it is hoped that this study will begin early next year. Results from a recent trial evaluating efficacy of tagatose in toothpaste that was conducted at the University of Maryland did not show significant activity; further trials for this endpoint are being halted to focus on the diabetes market.
The diabetes drug market is now changing rapidly due to major product withdrawals. In the next strategic step forward in an effort to commercialize Naturlose as a drug to treat diabetes, contracts have been signed with two pharmaceutical market research firms to analyze the current market for Type 2 diabetes drugs and help to position Naturlose within that product space. In addition, primary market research will be conducted under these contracts with physicians and patients to determine the impact of new formulations and dosing regimens, and distributors will be surveyed to package the drug in the optimal form.
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 October 10, 2007.
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 biotechnology, and provides technical and regulatory consulting services to biotechnology and pharmaceutical companies.
Spherix’s Internet address is http://www.spherix.com.
CONTACT: Investor Relations, +1-301-419-7877, info@spherix.com
Web site: http://www.spherix.com/
