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Spherix Reports 1st Quarter Earnings

Thursday, May 15, 2008 General News
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BETHESDA, Md, May 14 Spherix Incorporated(Nasdaq: SPEX) reported a net loss for the three months ended March 31, 2008of $1.9 million, or $0.13 per share. During this period, expendituresincluded $1 million in R&D on the company's on-going Phase 3 clinical trial inthe use of Naturlose for the treatment of Type 2 diabetes. R&D costs for thesame period in the prior year were $1.4 million and reflected the start-upcosts for the trial.
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Certain statements contained herein are "forward looking" statements asdefined in the Private Securities Litigation Reform Act of 1995. Because suchstatements include risks and uncertainties, actual results may differmaterially from those expressed or implied. Factors that could cause actualresults to differ materially from those expressed or implied include, but arenot limited to, those discussed in filings by the Company with the Securitiesand Exchange Commission, including the filing on Form 8-K made on October 10,2007.
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Spherix's mission is to create value and increase shareholder wealththrough innovations that benefit our clients and the human condition. Spherixoffers innovations in biotechnology, and provides technical and regulatoryconsulting services to biotechnology and pharmaceutical companies.

Spherix's Internet address is http://www.spherix.com.For the Three Months Ended March 31, 2008 2007 Revenue from continuing operations $143,000 $- Loss from continuing operations $(1,914,000) $(2,040,000) Loss from discontinued operations $- $(251,000) Net loss $(1,914,000) $(2,291,000) Net loss per share Continuing operations $(0.13) $(0.15) Discontinued operations $- $(0.02) Net loss per share $(0.13) $(0.16)

SOURCE Spherix Incorporated
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