NEW YORK, March 9, 2020 /PRNewswire/ -- Spherix
Incorporated (SPEX) ("Spherix" or the "Company"), a technology
development company committed to the fostering of innovative ideas,
today announced that it has entered into definitive agreements with
several institutional and accredited investors for the purchase and
sale of 2,090,909 shares of Spherix's common stock, at a purchase
price of $2.75 per share, in a registered direct offering
priced at-the-market under Nasdaq rules. The closing of the
offering is expected to occur on or about March 11, 2020,
subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds to Spherix from this offering are expected to
be approximately $5.75 million,
before deducting the placement agent's fees and other estimated
offering expenses payable by Spherix. The Company intends to use
the net proceeds from this offering for working capital and general
corporate purposes.
The shares of common stock are being offered by Spherix pursuant
to a "shelf" registration statement on Form S-3 (File No.
333-222488) previously filed with the Securities and Exchange
Commission (the "SEC") on January 9, 2018 and declared
effective by the SEC on January 19, 2018. The offering will be
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the shares of common stock being offered will be filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at (646)
975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Spherix
Spherix was initially formed in 1967 and is currently a
biotechnology company with a diverse portfolio of small-molecule
anti-cancer therapeutics. The Company's platform consists of
patented technology from leading universities and researchers and
we are currently in the process of developing an innovative
therapeutic drug platform through strong partnerships with world
renowned educational institutions, including The University of
Texas at Austin and Wake
Forest University. Our diverse pipeline of therapeutics includes
therapies for pancreatic cancer, acute myeloid leukemia (AML) and
acute lymphoblastic leukemia (ALL). In addition, we are constantly
seeking to grow our pipe to treat unmet medical needs in
oncology.
Forward-Looking Statements
To the extent any statements made in this news release deal with
information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the company's plans, objectives, expectations and
intentions with respect to future operations and products, the
potential of the company's technology and product candidates, the
anticipated timing of future clinical trials, and other statements
that are not historical in nature, particularly those that utilize
terminology such as "would," "will," "plans," "possibility,"
"potential," "future," "expects," "anticipates," "believes,"
"intends," "continue," "expects," other words of similar meaning,
derivations of such words and the use of future dates.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause the Spherix's actual results to be materially different than
those expressed in or implied by such forward-looking statements.
Particular uncertainties and risks include: our ability to satisfy
the closing conditions of the registered direct offering, the
closing of the registered direct offering; the use of proceeds of
the offering; market and other conditions; the difficulty of
developing pharmaceutical products; obtaining regulatory and other
approvals and achieving market acceptance; general business and
economic conditions; the company's need for and ability to obtain
additional financing or partnering arrangements; and the various
risk factors (many of which are beyond Spherix's control) as
described under the heading "Risk Factors" in the preliminary
prospectus and Spherix's filings with the United States Securities
and Exchange Commission. All forward-looking statements in this
news release speak only as of the date of this news release and are
based on management's current beliefs and expectations. Spherix
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law.
Company 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