NEW YORK, Dec. 10, 2019
/PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) today
announced that it has closed the CBM BioPharma, Inc. transaction
and is working to develop these cancer drugs.
Building on its successful investment in Hoth Therapeutics,
Inc., Spherix now owns a diverse portfolio of early
stage small-molecule anti-cancer therapeutics. The
Spherix platform contains patented technology from leading
universities and researchers and we seek to develop our innovative
drugs through strong partnership with world renowned institutions,
such as The University of Texas at
Austin and Wake Forest University. The Company's
diverse pipeline of therapeutics includes therapies for pancreatic
cancer, acute myeloid leukemia (AML) and acute lymphoblastic
leukemia (ALL). Its pancreatic treatment has shown positive
preclinical results for inhibiting pancreatic tumor growth in
clinically relevant transgenic mouse models. The drug has
also demonstrated the potential to overcome tumor cell resistance
to current chemotherapeutic drugs. The Company's AML drug is
a next generation targeted therapeutic designed to overcome
multiple resistance mechanisms observed with the current standard
of care. In addition, Spherix is continually seeking to grow its pipeline to
treat unmet medical needs in oncology.
Anthony Hayes, CEO of Spherix,
stated, "The acquisition of these assets is yet another step in the
transformation of Spherix into a diversified biotechnology
company. These are exciting drugs and we intend to provide
additional information about these drugs and the development plan
moving forward. As the deal has evolved, we have successfully
improved the terms for Spherix shareholders, we thank our
shareholders for their support during this process."
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. Recently, the Company
has invested in and helped develop technology with Hoth
Therapeutics, Inc., DatChat, Inc. and with its recent asset
acquisition with CBM BioPharma, Inc. in December 2019.
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 estimated or anticipated future results and benefits of
Spheriz following the CBM acquisition, future opportunities for
Spherix, 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;
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; 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:
Investor Relations:
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com
Spherix:
Phone: 212-745-1373
Email: investorrelations@spherix.com
www.spherix.com
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SOURCE Spherix Incorporated