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Spherix (SPEX) Signs Agreement To Conduct Phase 3 Clinical Trial


5/23/2006 2:44:24 PM

BELTSVILLE, Md., May 23 /PRNewswire-FirstCall/ -- Spherix Incorporated has signed an agreement with GleneaglesCRC, a major clinical research and drug development company based in Singapore, to conduct its phase 3 clinical trial on the use of Naturlose(R) as a treatment for type 2 diabetes. Gleneagles has a record for participating in U.S. FDA approved clinical trials.

Gleneagles will conduct the main part of the trial in Australia, with patient recruitment slated to start by the end of 2006. Spherix will contract with a separate contract research organization to conduct two smaller portions of the phase 3 trial covering other demographic groups in the United States.

Spherix President and CEO Richard Levin said, "This is an important step toward realizing the potential of Naturlose as a diabetes drug. We chose Gleneagles because they have the track record, the resources, and the stature needed to conduct the phase 3 trial in a way that maximizes both the efficiency and the scientific validity of this kind of complex process."

Lance Eminger, Senior Business Development Manager for GleneaglesCRC said, "We're looking forward to working with Spherix on the trial. Diabetes is a worldwide healthcare problem, and GleneaglesCRC prides itself in helping to increase the treatment options available."

GleneaglesCRC Pte Ltd. is a wholly-owned subsidiary of Parkway Hospital Singapore Pte Ltd., one of Asia's premier fully-integrated private healthcare providers with the largest network of private hospitals and healthcare services in the region. The company's international Collaborative Hospital Network includes 12 hospitals in Australia.

Previous clinical trials show promise for Naturlose as a treatment for type 2 diabetes. These studies indicated that Naturlose can blunt the glucose spikes that occur after meals, and thus may be useful in controlling certain symptoms of type 2 diabetes. Diabetes is debilitating, widespread, and growing, now affecting more than 18.2 million people in the United States and 170 million people worldwide. Type 2 diabetes is the most common form of the disease.

Certain statements contained herein are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission, including the filing on Form 8-K made on March 3, 1999.

Under its motto, "A World of Solutions," Spherix's mission is to create value and increase shareholder wealth through innovations that benefit our clients and the human condition. Spherix offers innovations in information technology, knowledge management, and biotechnology.

Spherix's Internet address is http://www.spherix.com.

Spherix Incorporated

CONTACT: Spherix Incorporated Investor Relations, +1-301-419-7877,info@spherix.com


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