Exhibit 99.1
SPHERIX REDUCES LOSS 50% IN FIRST QUARTER
BELTSVILLE, Md., May 12 /PRNewswire-FirstCall/ -- Spherix Incorporated
(Nasdaq: SPEX) today reported a net loss of $533,000 on sales of $5.9 million
for the three-months ended March 31, 2006, compared to a loss of $1.1 million on
sales of $5.4 million for the same period in 2005. The improvement in net loss
between periods came despite higher than expected legal fees related to our
protest of the National Recreation Reservation Service contract, and costs
incurred related to our Phase 3 clinical trial of Naturlose as a Type 2 diabetes
drug.
Spherix's newly formed, wholly-owned subsidiary, InfoSpherix Incorporated,
showed a 9% growth in revenue of $501,000, primarily due to new business and
growth in our existing business. The loss in the parent Company, which includes
our BioSpherix Division, was partially due to planned expenditures related to
research and clinical trials to promote the non-foods uses of Naturlose.
Three Months Ended March 31,
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2006 2005
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Revenue $ 5,922,164 $ 5,434,761
Operating expense 6,455,250 6,517,238
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Loss from operations $ (533,086) $ (1,082,477)
Net loss $ (533,029) $ (1,073,432)
Net loss per share $ (0.04) $ (0.09)
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.
SOURCE Spherix Incorporated
-0- 05/12/2006
/CONTACT: Spherix Investor Relations, +1-301-419-7877, info@spherix.com/
/Web site: http://www.spherix.com/
(SPEX)