Author: dailymushroom

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:

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SOURCE Spherix Incorporated

NEW YORK, March 6, 2020 /PRNewswire/ — Spherix Incorporated (Nasdaq: SPEX) today announced it has executed an exclusive option agreement (“Option”) with the University of Maryland, Baltimore (UMB) for the technology set forth in Patent number 10,434,116 “Methods of Treating Coronavirus Infection.”  The present invention provides methods for treating a coronavirus infection.

This invention was made with government support under Grant Number AI095569 awarded by the National Institutes of Health. As result, the NIH has certain rights in the invention.  Under the Option, Spherix has until the end of May of 2020 to complete its due diligence and execute a license agreement for commercial development.

About Spherix

Spherix Incorporated, a Delaware corporation (the “Company”), 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

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 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.

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SOURCE Spherix Incorporated

NEW YORK, March 5, 2020 /PRNewswire/ — Spherix Incorporated (Nasdaq: SPEX) (“Spherix” or the “Company”) today announced that on March 13, 2020, the Company will officially change its name to AIkido Pharma Inc. (“AIkido”).  Effective at the start of trading on March 13, 2020, the Company’s shares will trade on the Nasdaq Capital Market under the new name and the new stock symbol will be “AIKI”.  The name change reflects the Company’s increased commitment to the use of artificial intelligence and machine learning in the drug development space.

Artificial intelligence and machine learning (“AI/ML”) is capable of increasing drug development efficiency and efficacy, while simultaneously decreasing the time and costs required to bring new drugs to market, according to the December 2019 Government Accountability Office (“GAO”) report.  Researchers are currently using machine learning to better identify novel drug targets, screen known compounds for new therapeutic applications and design new treatment candidates, among other applications.  These improvements could save lives and reduce suffering by delivering drugs to patients quicker while allowing researchers to invest more resources into areas such as rare or orphan diseases.

Mr. Anthony Hayes, Chief Executive Officer of the Company, stated, “Spherix has been transitioning itself into an innovative drug development company for some time and incorporating AI/ML has been a significant aspect of that development.  AIkido Pharma Inc., with the use of the “AI” in the name “AIkido”, is part of our effort to rebrand our company and focus our message of what we do.  Moreover, AIkido is a martial art known for using an opponent’s efforts against that opponent.  Just like this martial art, we hope to develop technologies that allows humans to use cancer’s own attributes against the disease.”

Total annual healthcare spending in the United States is projected to reach nearly $6 trillion by 2027, according to the December 2019 GAO report.  Every day, more than 10,000 Americans turn age 65, becoming eligible for Medicare. These demographic realities help illustrate the critical need to better address the effectiveness and efficiency of our nation’s health care delivery systems.

Mr. Hayes continued, “The U.S. health care system is at an important crossroads as it faces major demographic shifts, burgeoning costs and transformative technologies.  AIkido is committed to helping to address that critical need.  We look forward to providing additional developments in the near future relating to our exciting inroads into AI/ML markets.”

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

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 SEC, not limited to Risk Factors 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.

Company Contact:

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SOURCE Spherix Incorporated

NEW YORK, March 4, 2020 /PRNewswire/ — Spherix Incorporated (Nasdaq: SPEX) announced that, in light of the expected closing of its public offering tomorrow, March 5, 2020, the record date with respect to the Hoth dividend has been moved to Friday, March 6, 2020, so that its new shareholders may participate in the Hoth dividend.

We expect the number of shares of Hoth Common Stock distributed per share held 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 if you continue to hold shares of Spherix Common Stock through the ex-dividend date.  To receive the Hoth dividend, 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:

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SOURCE Spherix Incorporated

NEW YORK, March 3, 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 priced a public offering of an aggregate of 7,142,858 shares of common stock (or common stock equivalents) of the Company and warrants to purchase up to 7,142,858 shares of common stock. Each share of common stock (or common stock equivalent) is being sold together with one warrant to purchase one share of common stock, at a public offering price of $1.05 per share and accompanying warrant.  The shares of common stock (or common stock equivalents) and the accompanying warrants are being sold together in this offering, but will be issued separately and will be immediately separable upon issuance. The warrants are exercisable immediately and expire five years from the date of issuance.  Each warrant has an exercise price of $1.05.

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 $7.5 million, before deducting the placement agent’s fees and other estimated offering expenses payable by Spherix. This offering is expected to close on or about March 5, 2020, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The offering is being conducted pursuant to the registration statement on Form S-1 (File No. 333-236199), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”) on March 3, 2020. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at placements@hcwco.com or by telephone at 646-975-6996. Before investing in this offering, interested parties should read in their entirety the registration statement that the Company has filed with the SEC, which provides additional information about the Company and this offering.

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 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:

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SOURCE Spherix Incorporated

NEW YORK, March 3, 2020 /PRNewswire/ — Spherix Incorporated (Nasdaq: SPEX) today announced it has executed a Scientific Research Agreement with The University of Texas Southwestern Medical Center with the goal of using machine learning to find genetic markers in people that indicate an increased risk of developing pancreatic cancer.

As with many cancers, early detection is vital, but in pancreatic cancer, surgical intervention is currently the only effective treatment for the extension of life. Unfortunately, only 20% of individuals are diagnosed with pancreatic cancer early enough to be surgical candidates. Reliable markers for early detection will expand the number of patients who are eligible for life-extending surgery.

The goal of the machine learning is to develop panels of markers to rapidly identify patients who have initiated early events in pancreatic cancer. Moreover, it is the goal of the machine learning protocols to identify which individuals are at risk for slow or rapid progression of the disease and catalyze the development of better early detection methods. Finally, Spherix management hopes that the machine learning approach will help identify drugs best suited for individual patient treatment.

“We believe machine learning and artificial intelligence will be an important part of the future of oncology drug development and treatment,” commented Anthony Hayes, CEO of Spherix. “We hope that this machine learning will identify a list of genetic and expression markers that reveal when aggressive pancreatic cancer has commenced in high risk patients, which may lead to the extension of life for these patients. As a company, we are very excited to support this research.”

About Spherix

Spherix Incorporated, a Delaware corporation (the “Company”), 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

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 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.

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SOURCE Spherix Incorporated