NEW YORK, Oct. 11, 2018 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) today announced that it has entered
into a merger agreement with CBM BioPharma, Inc. ("CBM") that will transform
Spherix into an innovative pharmaceutical company with pioneering
drugs and treatments focused on the multibillion dollar oncology
therapeutics market.
CBM is a privately held pharmaceutical company with exclusive
drug development rights from world-renowned partners including Wake
Forest Innovations and the University of
Texas at Austin. CBM has a team of leading drug
development scientists who will be joining Spherix as advisors to
advance the technology. The CBM platform focuses on the treatment
of numerous cancers, including acute myeloid leukemia (AML), acute
lymphoblastic leukemia (ALL), and pancreatic cancer.
Two specific proprietary drugs that are currently being
researched are:
KPC34 (Acute Myeloid Leukemia and Acute Lymphoblastic
Leukemia
Developed at Wake Forest School of Medicine, AML and ALL drug,
KPC34, is a next generation treatment designed to overcome multiple
resistance challenges observed with the current standard of care.
KPC34 has also been shown to be more effective in AML relapse
cases, notably increasing the lifespan of mice treated with the
drug.
One competitive benefit of KPC34 includes its ability to be
orally administered. This is critical for patients that are unable
to tolerate repeated cycles of chemotherapy. In addition, it has
served to double the mean survival time of patients versus the
current standard of care treatments.
DHA-dFdC (Pancreatic Cancer Drug)
Developed at the University of Texas at
Austin, DHA-dFdC has shown positive results in preclinical
studies, inhibiting pancreatic tumor growth in clinically relevant
transgenic mouse models. DHA-dFdC also overcomes tumor cell
resistance to current chemotherapeutic drugs. Pancreatic
cancer is a deadly disease that affects millions of people around
the world.
The following doctors will be supporting the efforts of Spherix,
after the completion of the merger:
Dr. Timothy S. Pardee, MD, PhD,
an Associate Professor of Internal Medicine, Section on Hematology
and Oncology and Cancer Biology and Director of Leukemia
Translational Research at Wake Forest School of Medicine. Dr.
Pardee stated, "I am very excited at the possibility of
bringing KPC34 to the clinic in early phase clinical trials. As a
physician scientist who treats acute leukemia patients, I know
firsthand the clear unmet medical need for relapsed patients."
Dr. Gregory Kucera, a Professor
of Internal Medicine at the Wake Forest
University School of Medicine with over 28 years of research
experience on novel therapeutics for cancer treatment. His
laboratory has expertise in synthesizing therapeutics, lipid
biochemistry, and in vitro drug testing. Dr. Kucera stated,
"As a research scientist, the satisfaction of seeing a compound
like KPC34 go from the laboratory to an early stage clinical trial
is immense. I have a great sense of pride in knowing that the
work done by our research team has produced a drug that may benefit
cancer patients in the very near future."
Joining Spherix as Chief Science Officer to oversee clinical
advancement of these drugs is Dr. Tom
Wilkie who is an Associate Professor of Pharmacology at the
University of Texas Southwestern Medical
Center in Dallas. He earned both his BA at the University of California Berkeley and his PhD with
Richard Palmiter at UW Seattle, in
biochemistry. Wilkie has published 74 primary research papers and
reviews, serves on NIH, CIRM, and AACR grant review study sections.
He reviews manuscripts for multiple journals, and is Director of
the first-year graduate student core course at UT Southwestern.
Dr. Wilkie stated, "I'm delighted to join Spherix as Chief
Science Officer. The agreement between Spherix Incorporated
and CBM BioPharma will advance the exciting potential for improving
the lives of patients, family, friends, and ultimately, all of
us. Proposals for the next phase of testing are
underway."
Dr. Robert J. Vander Zanden,
Spherix's Chairman of the Board, stated, "Spherix is extremely
pleased to announce this merger with CBM, as we believe it serves
as a necessary step in our transition to a diversified
biopharmaceutical company. This deal builds upon our
investment in Hoth Therapeutics, which owns several exciting assets
in various stages of development."
Anthony Hayes, CEO of Spherix
stated, "We are very excited to welcome CBM BioPharma and its team to Spherix. It
is an exciting and transformational time for the Company. Spherix
will pay $16.5 million in stock for
100% of CBM by issuing 15 million Spherix shares to CBM at a fixed
price of $1.10 per share. I
look forward to sharing more information with our shareholders
about the merger in the upcoming weeks, via investor outreach and
our upcoming SEC filings."
About Spherix
Spherix is committed to advancing innovation by active
participation in all areas of the patent market. Spherix draws on
portfolios of pioneering technology patents to partner with and
support product innovation. Spherix has acquired over 100 patents
from Rockstar Consortium Inc., and several hundred patents issued
to Harris Corporation, covering a variety of methods and components
involved in switching, routing, networking, optical and
telecommunication sectors.
About CBM BioPharma,
Inc.
CBM BioPharma, Inc.
(www.cbmbiopharmainc.com) is a privately held pharmaceutical
company with exclusive drug development rights from world renowned
partners like Wake Forest University
and University of Texas. The Company has a team of leading
drug development scientists who help advance their
technology. The CBM platform focuses on the treatment of
numerous cancers, including acute myeloid leukemia (AML), Acute
Lymphoblastic Leukemia (ALL) and pancreatic cancer.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the SEC, not limited to Risk
Factors relating to its patent business contained therein. Thus,
actual results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
Contact:
Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone:
212-745-1373
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Email:
investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated