NEW YORK, Sept. 17, 2019 /PRNewswire/ -- Spherix
Incorporated (Nasdaq: SPEX) today announced that the Company has
executed an exclusive option agreement ("Option") with the
University of Maryland, Baltimore (UMB)
related to its anticancer drug designated PrAg-PAS, a novel protein
drug designed by re-engineering the anthrax toxin delivery
mechanism so that any one of a number of anticancer drug payloads
may be specifically transported into ovarian cancer
cells.
The Option includes rights to U.S. Patent Application Serial No.
15/747,255, which is currently under active examination at the U.S.
Patent and Trademark Office. Under the Option, Spherix has
until early December of 2019 to complete its due diligence and
execute a license agreement for commercial development.
The execution of this Option closely follows shareholder
approval on September 5th
of the Asset Purchase Agreement with CBM BioPharma, Inc. ("CBM"),
under which Spherix acquires the assets of CBM, including rights to
CBM's lead drug candidate Gem-DHA for the treatment of pancreatic
cancer (see press release dated June 26, 2019). It also follows Spherix's
execution on August 26th
of an option to license anticancer drug G4-1 from the University of Kentucky (see September 11, 2019 Press Release)
Mr. Anthony Hayes, CEO of Spherix
stated, "This invention from the University of
Maryland, Baltimore is ingenious. In simple terms,
they have modified the Anthrax toxin so that it kills cancer cells,
but not other cells. By using an elegant protein engineering
strategy, the inventors have hijacked the complex anthrax toxin
delivery mechanism to create a highly efficient drug delivery
system specific to ovarian cancer cells. In mouse models
tested, the data show that tumor growth halted following treatment
with PrAg-PAS and did not increase compared to the control
mice. The inventors also find that the drug is well-tolerated
with no obvious adverse interactions. I believe that PrAg-PAS
has the potential to strongly enhance our anticancer clinical
development program and we look forward to completing our diligence
on this promising anticancer drug."
A report of a related re-engineered PrAg's anticancer
effects has been published in Martin et al. (2015), "Targeting the
membrane-anchored serine protease testisin with a novel engineered
anthrax toxin prodrug to kill tumor cells and reduce tumor burden,"
Oncotarget Vol. 6, 32:33534-53 (the "Martin Paper") (see
https://www.ncbi.nlm.nih.gov/pubmed/26392335). According to
the Martin Paper, after the first injection of PrAg-PCIS, tumor
growth arrested and did not increase compared with vehicle treated
tumors, over the course of the experiment. In addition,
treatments with the PrAg-PCIS toxin were well-tolerated by the mice
and did not appear to have any overt off-target side effects.
Treated mice did not experience substantial weight loss and
necropsies revealed no gross abnormalities or organ damage.
"Spherix is an excellent commercial partner for this promising
technology," said Phil Robilotto,
Associate Vice President, Office of Technology Transfer at
UMB, and Director of UM Ventures, Baltimore. "They have a strong track record of
successfully collaborating with universities and we are very
excited by Spherix's goals for PrAG-PAS program."
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.
About University of Maryland,
Baltimore
The University of
Maryland, Baltimore is commercializing breakthrough
therapies, diagnostics and devices, fueling the creation of
innovative start-up companies, and attracting industry leaders and
entrepreneurs to its thriving campus. Founded in 1807 as the first
public medical school in the nation, the University is a
fast-growing biomedical research center with nationally ranked
professional schools of dentistry, law, medicine, nursing,
pharmacy, social work, an interdisciplinary graduate school as well
as a 14-acre biomedical research park. www.umaryland.edu
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