UPDATE 1-Spherix gets FDA approval for trial, shares soar Tue Dec 6, 2005 03:58 PM ET (Adds details, updates share price) NEW YORK, Dec 6 (Reuters) - Spherix Inc. (SPEX.O: Quote, Profile, Research) on Tuesday said the U.S. Food and Drug Administration has agreed to allow the company to conduct a late-stage trial of its experimental diabetes drug, and its shares more than doubled.
The company said the planned Phase III trial of Naturlose to treat Type 2 diabetes, if it proves successful, would allow Spherix to seek U.S. marketing approval for the drug.
Type 2 diabetes is the most common form of diabetes. It typically develops in adulthood and is closely linked to obesity.
Spherix shares soared and were up $2.48, or 195 percent, at $3.75 in late afternoon trade on the Nasdaq.
The company, which is based in Beltsville, Maryland, said the drug had favorable results in earlier mid-stage trials conducted at the University of Maryland School of Medicine. (Additional reporting by Ransdell Pierson in New York) (Reporting by Saumyadeb Chakrabarty in Bangalore)
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