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New York, NY – March 4, 2020 — Spherix Incorporated (NASDAQ: SPEX) announced that, in light of the expected closing of its public offering tomorrow, March 5, 2020, the Hoth dividend date has been moved to Friday, March 6, 2020, so that its new shareholders may participate in the Hoth dividend.
As a result, each Spherix stockholder as of 5 p.m. Eastern Time on Friday, March 6, 2020, will be entitled to receive shares of Hoth common stock for shares of Spherix common stock held at such time by such stockholders. We expect the number of shares of Hoth Common Stock distributed per share of Spherix Common Stock to be one share of Hoth common stock for every one-hundred seventy shares of Spherix common stock held at such time. The ex-dividend date for the distribution will be announced by Nasdaq once the effectiveness of the registration statement registering the Hoth shares is determined. In the event that warrants issued in our recently announced offering are exercised between the record date and the ex-dividend date, the ratio of Spherix shares to Hoth shares may increase. We will not distribute fractional shares of Hoth common stock, and any fractional shares will be rounded down to the nearest whole share.
Spherix stockholders do not need to take any action to receive the shares of Hoth common stock, other than be a shareholder of record on March 6, 2020. Spherix stockholders do not need to pay any consideration for, surrender or exchange shares of Spherix common stock.
Mr. Anthony Hayes, CEO of Spherix stated, “This is a transformative time for Spherix. We are excited to move forward with developing our new assets. Returning capital to shareholders is an important part of our strategy, and the distribution of a portion of our holdings is another step in this endeavor. We continue to work towards becoming a diversified biopharmaceutical company with a compelling portfolio of potential compounds to develop and commercialize.”
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 public offering, the closing of the public 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.
Company 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 |
Source: Spherix Incorporated
New York, NY – October 21, 2019 – Spherix Incorporated (NASDAQ: SPEX) President and CEO, Anthony Hayes, today released a letter to shareholders outlining the Company’s plans for its previously disclosed dividend distribution.
Dear Fellow Shareholder,
As we accelerate our transformation into an innovative biotech company, I believe this is the optimal time to provide our shareholders with a detailed update. I am excited at the potential for Spherix and believe we have put several important pieces in place to drive future success.
First, October 21, 2019 is the record date for our dividend distribution. If you are a shareholder of record at 5 p.m. Eastern Standard on that date, you will receive one share of Hoth Therapeutics, Inc common stock for every 29 shares of Spherix common stock you own. The distribution of the Hoth shares is currently anticipated to occur on or about October 28, 2019, subject to effectiveness of the registration statement for such shares. Spherix will not distribute fractional shares of Hoth common stock, and any fractional shares will be rounded down to the nearest whole share.
Aside from the valuable assets already owned by Spherix, it is time to look forward and build on the successful investment in Hoth. Upon the closing of the asset acquisition from CBM BioPharma, Inc. (CBM), Spherix will acquire anticancer drugs that provide shareholders access to billion-dollar oncology markets. For example, the global acute myeloid leukemia (AML) market is expected to reach $2.2 billion by 2025 growing at CAGR 19.6% over the forecast period.
Beyond the big picture, the CBM assets provide shareholders and investors with comparable drugs to help establish value in these growing markets. For example, KPC34 treats acute myeloid leukemia and has shown tremendous promise in treating relapsed/refractory AML cancer that has a certain type of mutation. TibsovoÒ, by Agios Pharmaceuticals, Inc., also treats relapsed/refractory AML that has a certain mutation of the disease. In July of 2018, the FDA approved Tibsovo (ivosidenib) for Relapsed or Refractory Acute Myeloid Leukemia with an IDH1 Mutation after a 177-person, Phase 1 study. According to results published by Agios, Tibsovo generated $13.7 million in revenue for the second quarter of 2019 and they expect that to grow. A terrific result, when you look at the approval timeline for the drug:
- Dec 26, 2017: Agios Pharmaceuticals submits new drug application to the FDA for Ivosidenib for the treatment of patients with relapsed/refractory AML and an IDH1 Mutation.
- Feb 15, 2018: FDA accepts new drug application and grants priority review for Ivosidenib in relapsed or refractory AML with an IDH1 Mutation.
- Jul 20, 2018: FDA Approves Tibsovo (ivosidenib) for relapsed or refractory Acute Myeloid Leukemia with an IDH1 Mutation.
Tibsovo is one of three similar AML drugs that have received FDA Orphan Drug status and Fast Track designation for the treatment of AML, as well as priority review. The other two drugs are IDHIFAÒ (enasidenib) by Celgene Corporation and XOSPATAÒ (gilteritinib) by Astellas Pharma US.
Astellas had a similar approval timeline and revenue results, reporting sales of around $22 million for Xospata in the first quarter of fiscal 2019, and has said it expects that to increase to around $140 million for the full year, with an FDA approval timeline of:
- Apr 23, 2018 Astellas Submits New Drug Applications for Approval of Gilteritinib for the Treatment of FLT3mut+ Relapsed or Refractory Acute Myeloid Leukemia.
- May 29, 2018 U.S. FDA Grants Priority Review to Astellas’ New Drug Application for Gilteritinib for the Treatment of Adult Patients with Relapsed or Refractory Acute Myeloid Leukemia (AML).
- Nov 28, 2018 Approval FDA Approves Xospata (gilteritinib) for Acute Myeloid Leukemia (AML) with a FLT3 Mutation.
The AML cancer mutation treated by KPC34 is different than the mutations treated by the drugs referenced above, but these examples show quantitative comparable for KPC34. Spherix cannot guarantee a similar result, but we have been working closely with CBM and Wake Forest University to move KPC34 forward on a similar regulatory approval process.
We understand that timelines and milestones are important. We project to have the CBM transaction closed before the end of November, subject to the satisfaction of certain closing conditions. Thereafter, we intend to continue work on the clinical trial protocol and finish the Orphan Drug application, both of which already have a working draft completed.
As you can see, the opportunities in front of us are significant, and the pathway to value creation, based on comparable companies, is well-established. I trust you share our excitement. We look forward to bringing you additional updates as they materialize.
Thank you for your continued support.
Sincerely,
Anthony Hayes
About Spherix
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Investor Relations: Hayden IR
Brett Mass, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
Spherix: Phone: 212-745-1373
Email: investorrelations@spherix.com
Source: Spherix Incorporated
New York, NY – Oct. 11, 2019 – Spherix Incorporated (Nasdaq: SPEX) today announced that on October 2, 2019, the Board of Directors of Spherix Incorporated (“Spherix”) approved a distribution to Spherix stockholders of 100,000 shares of Hoth Therapeutics, Inc. (“Hoth”) held by Spherix.
Each Spherix stockholder will be entitled to receive one (1) share of Hoth common stock for every twenty-nine (29) shares of Spherix common stock held as of 5 p.m. Eastern Time on October 21, 2019, the record date. Spherix will not distribute fractional shares of Hoth common stock, and any fractional shares will be rounded down to the nearest whole share.
Spherix stockholders do not need to take any action to receive the shares of Hoth common stock, other than be a shareholder of record on October 21, 2019. Spherix stockholders do not need to pay any consideration for, surrender or exchange shares of Spherix common stock.
Mr. Anthony Hayes, CEO of Spherix stated, “Returning capital to shareholders is an important part of our strategy, and the distribution of a portion of our holdings in Hoth is the first step in this endeavor. We continue to work towards becoming a diversified biopharmaceutical company with a compelling portfolio of potential compounds to develop and commercialize.”
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 entered into an agreement to acquire certain technology assets from CBM BioPharma, Inc.
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 proposed transaction between the parties to the Asset Purchase Agreement, the estimated or anticipated future results and benefits of the Company following the transaction, including the likelihood and ability of the parties to successfully consummate the proposed transaction, future opportunities for the combined company, 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 |
SOURCE Spherix Incorporated
About Spherix (SPEX)
Spherix Incorporated was launched in 1967 as a scientific research company.
Today Spherix presently offers a diversified commercialization platform for protected technologies.
Spherix is committed to advancing innovation by active participation in all areas of the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation. Through its recently announced acquisition of over a hundred patents from Rockstar Consortium Inc and its previously announced acquisition of several hundred patents issued to Harris Corporation, Spherix intends to expand its activities in wireless communications and telecommunication sectors including antenna technology, Wi-Fi, base station functionality, and cellular. Spherix recently announced a second settlement and license agreement under the CompuFill patents, which were acquired in September 2013, that provides further validation of the company’s capabilities to drive value from its ever growing IP portfolio.
INVESTOR RELATIONS
Spherix seeks to enhance shareholder value not only through exceptional business performance and practices, but also through responsible and effective communication with its shareholders. The latest company information relevant to the individual and institutional investor includes stock price and history, upcoming events and presentations and financial documents. Spherix is traded on the NASDAQ under the ticker symbol SPEX.
Overview:
Book Value: $10,000,000
Market Cap: $4,000,000
Float: ~2,600,000 shares I/O
Background:
Two years ago, Spherix invested approximately $700,000.00 in Hoth Therapeutics (NASDAQ: HOTH), a company with a focus on the development of drugs for Eczema. Today, Hoth Therapeutics trades with a market cap of around $50 million, about $10 million worth of the company is owned by Spherix.
$500,000 Dividend – October 21, 2019 is the record date for a dividend distribution. If you are a shareholder of record of SPEX at 5 p.m. Eastern Standard on that date, you will receive one share of Hoth common stock for every 29 shares of SPEX common stock you own. Spherix will not distribute fractional shares of Hoth common stock, and any fractional shares will be rounded down to the nearest whole share.
Moving Forward:
On September 9, 2019, SPEX announced approval by shareholders to acquire assets from CBM BioPharma, Inc. (CBM). Upon the closing of the asset acquisition, Spherix will acquire anticancer drugs that provide shareholders access to billion-dollar oncology markets. CBM is currently in the process of developing two treatment candidates to be acquired by Spherix:
KPC-34 – Under early development for acute myeloid leukemia (AML) and Acute Lymphoblastic Leukemia (ALL), KPC-34 has shown early promise. Currently, Gemcitabine and Cytarabine are at the epicenter of treatment of AML and ALL. When compared to Cytarabine, KPC-34 has shown promise as a superior option. The global acute myeloid leukemia (AML) market is expected to reach $2.2 billion by 2025 growing at CAGR 19.6% over the forecast period. The global ALL market is expected to reach $3.5 billion by 2026 at 5.3% CAGR.
DHA-dFdC – DHA-dFdC is currently under development as a new drug for pancreatic cancer. Current treatment options include surgery, radiation therapy and chemotherapy, all of which are known to extend survival and relieve symptoms. Unfortunately, these treatments seldom result in a cured patient. Moreover, surgical tumor removal is only possible in under 20% of the patient population. All in all, there is a large medical need for positive therapies in this space. Positive preclinical study results suggest that DHA-dFdC is effective in inhibiting pancreatic tumor growth in clinically relevant transgenic mouse models. The pancreatic cancer market size was $2.41 billion in 2018 and estimated to grow at 7.54% CAGR, to reach $3.47 billion by 2023.
SPEX will pay about $7 million in stock, plus cash, for the acquisition of the pharmaceutical assets. However, there’s a caveat. Due to the fact that Spherix owns 20% of CBM, if and when CBM decides to sell shares associated with this deal, about 20% of the proceeds, or little more than $1 million, would come directly back to Spherix. That’s important as it means that a large portion of this deal will be completely self-funded.
MANAGEMENT
Anthony Hayes, President, Chief Executive Officer, and Director
Anthony C. Hayes is an attorney and former partner of Nelson Mullins Riley & Scarborough LLP, an AMLaw 100 firm. Mr. Hayes has successfully monetized patents through a wide variety of monetization methods, including price arbitrage and litigation licensing brought against companies such as Cisco, Broadcom, Nokia, Ericsson, Tellabs, and Alcatel-Lucent. Mr. Hayes has received national recognition during his legal career, including: Special recognition by President George W. Bush, American Board of Trial Advocates Young Lawyer of the Year; and City of Columbia “20 Under 40.” Mr. Hayes earned a Juris Doctor from Tulane University School of Law in 1995 and his B.A. in Economics from Mary Washington College in Fredericksburg, Virginia in 1990.
Darrell Dotson, Licensing & Litigation
Mr. Dotson attended Texas A&M University in College Station, Texas and received a B.S. in Biology in 1988 and a second B.S. Degree in Zoology in 1989. After graduating from college, he attended The University of Texas Health/Science Center Graduate School of Biomedical Sciences in Houston, Texas, where he received his Ph.D. in Biochemistry and Molecular Biology in 1994. After graduate school, he attended University of Houston Law Center where he earned a J.D. in 1997.He is licensed to practice in all state courts in Texas and before the United States Patent and Trademark Office. He is also licensed in the United States District Courts for the Eastern and Southern Districts of Texas. For the past 13 years, Darrell has specialized in intellectual property litigation, including analysis of the infringement, validity and enforceability of patents.
INTELLECTUAL PROPERTY
Spherix offers our shareholders opportunities to benefit from many “shots on goal” offering results from manifold investments across a broad range of industries – this portfolio diversification approach permits valuing our overall company from the multitude of investments to be made by our portfolio managers acquiring interests in diverse and disparate potential income streams.
For our shareholders:
>> We believe Spherix is an opportunity to participate in the growing patent monetization sector with a single investment that provides a diversified interest in numerous portfolios with a multitude of cash flow potentials.
>> Patent monetization is uncorrelated to any known market trends and provides diversification from traditional cyclical investments.
>> Patent monetization is an unregulated industry sector.
>> We support innovation and help to foster and grow the next generation of innovators who are leading the country’s technology revolution.
>> We are on the leading edge of a developing market trend based on the law and constitution that is launching the largest transfer of technology in history.
SOURCE: http://www.spherix.com/
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