Spherix Announces the Closing of $6.3 Million Registered Direct Offering
19 Noviembre 2009 - 4:01PM
PR Newswire (US)
BETHESDA, Md., Nov. 19 /PRNewswire-FirstCall/ -- Spherix
Incorporated (NASDAQ:SPEX), an innovator in biotechnology for
diabetes therapy, and a provider of technical and regulatory
consulting services to food, supplement, biotechnology and
pharmaceutical companies, announced today it closed the previously
reported $6.3 million registered direct placement to institutional
investors of 2,760,870 shares of its common stock and warrants to
purchase up to 1,104,348 additional shares of its common stock.
Each unit, consisting of one share of common stock and a warrant to
purchase 0.40 of a share of common stock, was sold for a purchase
price of $2.30 per unit. The warrants have an exercise price of
$3.25 per share and are exercisable at any time after the closing
of the transaction and before the 5th anniversary of such initial
issuance date. Net proceeds, after deducting placement agent fees
and other offering expenses, will be approximately $6 million. The
shares and warrants were offered by the Company pursuant to an
effective shelf registration statement filed with the Securities
and Exchange Commission and declared effective on October 1, 2009.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The shares of common stock and warrants may only be
offered by means of a prospectus. Copies of the final prospectus
supplement and accompanying base prospectus can be obtained from
the SEC's website at http://www.sec.gov/. Rodman & Renshaw,
LLC, a wholly owned subsidiary of Rodman & Renshaw Capital
Group, Inc. (NASDAQ:RODM), acted as the exclusive placement agent
for the transaction. About Spherix Spherix Incorporated was
launched in 1967 as a scientific research company under the name
Biospherics Research. The company now leverages its scientific and
technical expertise and experience through its two
subsidiaries--Biospherics Incorporated and Spherix Consulting, Inc.
Biospherics is currently running a Phase 3 clinical trial to study
the use of D-tagatose as an oral, monotherapy treatment for
patients with Type 2 diabetes. Its Spherix Consulting subsidiary
provides scientific and strategic support for suppliers,
manufacturers, distributors and retailers of conventional foods,
biotechnology-derived foods, medical foods, infant formulas, food
ingredients, dietary supplements, food contact substances,
pharmaceuticals, medical devices, consumer products, and industrial
chemicals and pesticides. For more information, please visit
http://www.spherix.com/. Forward-Looking Statements This release
contains forward-looking statements which are made pursuant to
provisions of Section 21E of the Securities Exchange Act of 1934.
Investors are cautioned that such statements in this release,
including statements relating to planned clinical study design,
regulatory and business strategies, plans and objectives of
management and growth opportunities for existing or proposed
products, constitute forward-looking statements which involve risks
and uncertainties that could cause actual results to differ
materially from those anticipated by the forward-looking
statements. The risks and uncertainties include, without
limitation, risks that product candidates may fail in the clinic or
may not be successfully marketed or manufactured, we may lack
financial resources to complete development of Naturlose, the FDA
may interpret the results of studies differently than us, competing
products may be more successful, demand for new pharmaceutical
products may decrease, the biopharmaceutical industry may
experience negative market trends, our continuing efforts to
develop Naturlose may be unsuccessful, our common stock could be
delisted from the Nasdaq Capital Market, and other risks and
challenges detailed in our filings with the U.S. Securities and
Exchange Commission, including our current report on Form 8-K filed
on October 10, 2007. Readers are cautioned not to place undue
reliance on any forward-looking statements which speak only as of
the date of this release. We undertake no obligation to publicly
release the results of any revisions to these forward-looking
statements that may be made to reflect events or circumstances that
occur after the date of this release or to reflect the occurrence
of unanticipated events. DATASOURCE: Spherix Incorporated CONTACT:
Investor Relations, +1-301-897-2564, Web Site:
http://www.spherix.com/
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