NEW YORK, Sept. 11, 2019 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) today announced that the Company has
executed an exclusive option agreement ("Option") with the
University of Kentucky (UK) related to
its anticancer drug designated G4-1, a novel proteasome
inhibitor.
Spherix's Option includes two issued patents, United States
Patent Nos. 9,493,439 and 9,586,946, each having expiration dates
in the mid-2030's. The lead inventors for both patents are
Chang-Guo Zhan, professor, and
Kyung Bo Kim, associate professor,
in UK's College of Pharmacy. Under the Option, Spherix has until
late November to complete its due diligence and execute a license
agreement for commercial development.
"Early research indicates great potential for the University of Kentucky's anticancer drug G4-1. The
published data is extremely encouraging, especially the drug's
benefits over already-approved drugs," stated Mr. Anthony Hayes, CEO of Spherix. "We believe G4-1
will be a strong compliment to CBM's lead compound, the pancreatic
drug Gem-DHA, for which a U.S. patent will soon be issued. We
expect it will add great value to our overall clinical development
strategy and look forward to completing our diligence on this
promising anticancer drug."
"I am pleased that our team has once again identified and
completed a transaction that we believe can yield exceptional
financial benefit to Spherix and its shareholders," added
Hayes.
A report of G4-1's anticancer effects has been published in
Miller et al. (2015), Proteasome Inhibitors with Pyrazole
Scaffolds from Structure-Based Virtual Screening, J. Med.
Chem. 58:2036-2041 (the "Miller Article"). According to
the Miller Article:
- G4-1 is highly effective in mice in suppressing tumor growth in
a mouse xenograft model of prostate cancer.
- It demonstrates excellent metabolic stability profiles in mouse
and human liver microsomes, as compared with two other FDA-approved
proteasome inhibitors, bortezomib (Velcade®) and
carfilzomib (Kyprolis®) ("FDA-Approved Drugs"), which
are known to undergo rapid metabolic inactivation.
- It was identified from ~340,000 small molecule candidates
against the active site of proteosomes.
- It was highly effective in suppressing solid tumor growth in
vivo, a utility that the FDA Approved Drugs lack, as clearly
demonstrated by multiple clinical trials.
- Its anticancer effect was not negatively impacted in cancer
cell line models by acquired resistance to the FDA Approved
Drugs.
- It exhibited no apparent systemic toxicity in the xenograft
mouse model.
Announcement of Spherix's exclusive Option with the University of Kentucky follows a recent positive
report related to the issuance of a patent application, licensed by
CMB BioPharma, Inc. from the University of
Texas at Austin, covering CBM's lead drug candidate Gem-DHA,
which is intended for the treatment of pancreatic cancer (see
https://ir.spherix.com/news-releases/?qmodStoryID=6754416076980803).
The patent application (U.S. Serial No. 15/115.393) is among the
assets to be sold to Spherix as part of the previously announced
Asset Purchase Agreement between CBM and Spherix. The purchase
transaction is subject to customary closing conditions.
About Spherix
Spherix Incorporated is a technology
development company committed to the fostering of innovative ideas.
Spherix Incorporated was formed in 1967 as a scientific research
company.
Our activities generally include the acquisition and development
of technology through internal or external research and
development. In addition, we seek to acquire existing rights to
intellectual property through the acquisition of already issued
patents and pending patent applications, both in the United States and abroad. We may alone, or
in conjunction with others, develop products and processes
associated with technology development and monetizing related
intellectual property.
Forward-Looking Statements
Certain statements made
herein are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "may",
"should", "would", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential", "seem", "seek", "continue",
"future", "will", "expect", "outlook" or other similar words,
phrases or expressions. These forward-looking statements include
statements regarding Spherix's and CBM's industry, future events,
the proposed transaction between the parties to the Asset Purchase
Agreement, the estimated or anticipated future results and benefits
of the Company following the transaction, including the likelihood
and ability of the parties to successfully consummate the proposed
transaction, future opportunities for the combined company, and
other statements that are not historical facts. These statements
are based on the current expectations of Spherix's management and
are not predictions of actual performance. These statements are
subject to a number of risks and uncertainties regarding the
businesses of Spherix and the transaction, and actual results may
differ materially. These risks and uncertainties include, but are
not limited to, changes in the business environment in which
Spherix or CBM operates, including inflation and interest rates,
and general financial, economic, regulatory and political
conditions affecting the industry in which Spherix or CBM operates;
changes in taxes, governmental laws, and regulations; competitive
product and pricing activity; difficulties of managing growth
profitably; the inability of the parties to successfully or timely
consummate the proposed transaction, including the risk that any
required regulatory approvals are not obtained, are delayed or are
subject to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the transaction are
not obtained; failure to realize the anticipated benefits of the
transaction, including as a result of a delay in consummating the
transaction or a delay or difficulty in integrating the assets of
CBM; delays or failure to obtain any required approvals for the
proposed special dividend; uncertainty as to the long-term value of
Spherix's common stock; those discussed in the Spherix's Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q and other
documents of Spherix on file with the SEC or in the registration
statement that will be filed with the SEC by Spherix. There may be
additional risks that Spherix presently does not know or that
Spherix currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
provide Spherix's expectations, plans or forecasts of future events
and views as of the date of this communication. Spherix anticipates
that subsequent events and developments will cause Spherix's
assessments to change. However, while Spherix may elect to update
these forward- looking statements at some point in the future,
Spherix specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spherix's assessments as of any date subsequent to the
date of this communication.
Contact:
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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