BETHESDA, Md., Sept 10 Spherix Incorporated (Nasdaq: SPEX), an innovator in biotechnology for diabetes therapy, and a provider of technical and regulatory consulting services to food, supplement, biotechnology, and pharmaceutical companies, today announced that, effective August 31, 2009, Ram R. Nimmagudda, Ph.D., has joined the company as Director of New Business Development.
Dr. Nimmagudda brings to Spherix more than 15 years of years of experience in business development, nutrition and nutraceutical industries, with particular expertise in novel food ingredients. At Spherix, Dr. Nimmagudda will be responsible for developing new business opportunities for both of Spherix's wholly-owned subsidiaries - Spherix Consulting and Biospherics.
Dr. Nimmagudda has extensive experience in research, regulatory processes, operations, supply chain management, and business development. Most recently, Dr. Nimmagudda held the position of Director of New Business Development, South Asia for DSM Functional Foods where he oversaw the strategic development and execution of the company's functional foods business plan for the region. In this role, he focused on initiating market development activities that supported the regional growth of DSM's functional food product business in South Asia, and participating in the due diligence activities of local acquisitions and subsequent integration teams.
"Ram's expertise in taking technologies from discovery to commercialization in global settings, coordinating international project teams, and directing the identification, acquisition, and development of health oriented and bioactive ingredients will be a valuable resource for all of us at Spherix," said Dr. Claire Kruger, Chief Executive Officer of Spherix. "Ram is an ideal fit for Spherix, as he has overseen regulatory programs, patent processes, technology scouting, and clinical research; and has vast knowledge in implementing consumer insights, testing concepts, and conducting market analyses. Ram's extensive experience in directing growth activities will be a tremendous asset as D-tagatose makes its way through the FDA approval process toward commercialization and as Spherix Consulting continues to grow in its scope and product offerings."
Prior to his time at DSM, Dr. Nimmagudda held the position of Director and Sr. Principal Technologist, External Technologies at Wm. Wrigley Jr. Co., where he led the Company's technology scouting and innovation programs and initiated joint development agreements with CALTECH, MIT, and other strategic industrial research companies. Before joining Wrigley, Dr. Nimmagudda served as Vice President of Technology Growth at Chr. Hansen, Inc. where he successfully initiated a growth program focused on capturing new technologies and developing novel commercialization processes to bring products to market. He also directed technology and market analysis on potential developments in the fields of medical nutrition, infant nutrition, nutraceuticals, probiotics, and bioactive proteins and peptide compounds, primarily relating to cardiovascular, gastrointestinal, oral health, and women's health. Additionally, he has developed partnerships with universities and companies to research and obtain compounds with commercial promise. Dr. Nimmagudda received his Ph.D. in Biochemistry from Mangalore University, India; his M.S. in Biochemistry from Mysore University, India; and his B.S. in Chemistry and Biology from Osmania University, India.
Spherix Incorporated was launched in 1967 as a scientific research company, under the name Biospherics Research. The company now leverages its scientific and technical expertise and experience through its two subsidiaries--Biospherics Incorporated and Spherix Consulting, Inc. Biospherics is currently running a Phase 3 clinical trial to study the use of Naturlose as a treatment for Type 2 diabetes. Its Spherix Consulting subsidiary provides scientific and strategic support for suppliers, manufacturers, distributors and retailers of conventional foods, biotechnology-derived foods, medical foods, infant formulas, food ingredients, dietary supplements, food contact substances, pharmaceuticals, medical devices, consumer products, and industrial chemicals and pesticides. For more information, please visit www.spherix.com.
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 Naturlose, 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 Naturlose 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, including our current report on Form 8-K filed on October 10, 2007. 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.
SOURCE Spherix Incorporated