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Spherix Agrees to $6 Million Settlement to Drop Protest Over Award of National Park Service Contract Thursday October 26, 8:26 am ET
BELTSVILLE, Md., Oct. 26 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX - News) has agreed to a $6 million settlement to end its longstanding legal dispute with the U.S. Department of Agriculture over the government's award of the National Recreation Reservation Service contract to ReserveAmerica, a Ticketmaster subsidiary.
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Spherix officials are pleased with the settlement, which will provide additional finances to allow the Firm to move forward with important projects while eliminating the legal fees, effort, and uncertainty that would persist were the four-year dispute to continue.
"This is good and very welcome news," said Spherix President and CEO Richard Levin. "Financially, the settlement readily achieves fair compensation for the Company and its shareholders, and will permit us to focus on the future. It will allow us to invest more time, resources, and money in developing new products we've had planned for our reservations business, which will allow us to be even more competitive in the state and local markets where the potential for steady growth is much greater. We're happy to be able to move positively and confidently into the future."
InfoSpherix, the Company's wholly-owned subsidiary that operates its ReserveWorld business line, won two more state parks reservation contracts in the past month, and is a subcontractor on a third, smaller winning state park proposal. The settlement is expected to strengthen and expand InfoSpherix's offerings in the state and county markets, and potentially in the commercial recreation market, with advanced tools for camping and boating reservations, point-of-sale transactions, online ticketing, property management, facility rentals, and other park support functions.
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Naturlose(R) Dosage Test Shows Positive Effect Thursday October 26, 11:32 am ET Spherix to Begin Recruiting Participants for Phase 3 Diabetes Trial
BELTSVILLE, Md., Oct. 26 /PRNewswire-FirstCall/ -- Spherix Incorporated (Nasdaq: SPEX - News) has successfully completed its dose range-finding study, allowing it to continue with its Phase 3 clinical trial of Naturlose as a treatment for type 2 diabetes (see Spherix news releases dated May 23, 2006, and August 10, 2006). The tests were done on human subjects to establish the appropriate dosage and timing to be used in the upcoming trial. The Company will now recruit patients for the trial, which will take place in Australia and the United States. Company officials expect that the first participants will begin the Phase 3 clinical trial by April 2007.
ADVERTISEMENT "The test results so far have been positive," said Spherix President Richard Levin. "Not only did they determine the dose and timing for the trial, but the results corroborate what we have seen in smaller, previous tests -- that Naturlose has a beneficial effect on modulating postprandial blood glucose, an important factor in the treatment of Type 2 diabetes. We are moving forward with confidence that we have a scientifically sound foundation on which to complete the Phase 3 trial, and to anticipate a favorable outcome."
Levin said that the Company's recently announced settlement of a contract dispute (see Spherix's PR released earlier today) in its reservations business will bolster its financial ability to support Naturlose. In that settlement, Spherix agreed to accept $6 million to end the longstanding legal dispute over the award of the National Recreation Reservation Service contract. Spherix intends to use a portion of that payment to support its efforts to develop Naturlose as a marketable product. Spherix believes these funds, along with existing cash, will ensure its ability to complete the Phase 3 clinical trial.
If the Phase 3 trial establishes that Naturlose is an effective treatment for diabetes, Spherix will prepare a New Drug Application (NDA) for presentation to the Food and Drug Administration (FDA). FDA approval would give Spherix the right to market Naturlose as a diabetes drug. Naturlose has already been shown to be safe.
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