BETHESDA, Md., Dec. 3, 2012 (GLOBE NEWSWIRE) -- Spherix Incorporated (Nasdaq:SPEX) – today announced that, as an initial step in its restructuring program, it has sold all of the stock of Spherix Consulting, Inc. to ChromaDex, Inc. Dr. Claire Kruger will continue to lead Spherix Consulting, the company she founded in 2008, as a division of ChromaDex. ChromaDex is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, animal health, cosmetic, and pharmaceutical industries.
Pending completion of its review of its strategic alternatives, Spherix Incorporated will continue to pursue development and commercialization of innovative drug, medical, and food technologies, including food and nutritional technologies and supplements. In connection with the disposition of Spherix Consulting, Dr. Kruger has resigned from the position of Chief Executive Officer and as a Director of Spherix. Dr. Robert A. Lodder, Jr. has assumed the additional position of Principal Executive Officer of the Company and Mr. Robert L. Clayton assumed the additional position of Corporate Secretary, both effective immediately. In light of the renewed focus on the Company's drug, medical and food development activities, Mr. Melissaratos, Mr. Peter, and Dr. Lodder, also resigned from the Board of Directors. Dr. Lodder will continue to serve as an officer.
Dr. Robert Vander Zanden, Chairman of the Board of Directors, stated, "the divestiture of Spherix Consulting will reduce our overhead and allow our remaining staff to better focus their energies on our drug development activities and to concentrate on the identification of additional business opportunities. We appreciate the valuable contributions of our departing personnel and believe that they will be better able to serve their market and grow the consulting business as a subsidiary of ChromaDex."
Spherix Incorporated was launched in 1967 as a scientific research company under the name Biospherics Research. Biospherics has been dedicated to developing and licensing/marketing proprietary therapeutic products for treatment of diabetes, metabolic syndrome and atherosclerosis. For more information, please visit www.spherix.com.
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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 our products, 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 products 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. 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.
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