NEW YORK, March 10, 2020 /PRNewswire/ -- Spherix
Incorporated (SPEX) ("Spherix" or the "Company"), a technology
development company committed to the fostering of innovative ideas,
announced today the closing of its previously
announced registered direct offering with several
institutional investors of 2,090,909 shares of its common stock at
a purchase price of $2.75 per share,
priced at-the-market under Nasdaq rules. The gross proceeds to the
Company from the offering totaled approximately $5.75 million, before deducting placement agent
fees and offering expenses.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The Company intends to use the net proceeds for working capital
and general corporate purposes.
The shares of common stock described above were offered by
Spherix pursuant to a shelf registration statement on Form S-3 (No.
333-220632), which was previously declared effective by the
Securities and Exchange Commission ("SEC"). A final
prospectus supplement and the accompanying prospectus relating to
the common shares was filed by Spherix with the SEC and
can be obtained at the SEC's website at www.sec.gov.
Electronic copies of the final prospectus supplement and the
accompanying prospectus relating to the registered direct offering
may also be obtained by contacting H.C. Wainwright & Co., LLC,
430 Park Avenue, New York, NY
10022, by email at placements@hcwco.com or by phone at (646)
975-6996.
This press release does not constitute an offer to buy nor will
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Spherix
Spherix was initially formed in 1967 and is currently a
biotechnology company with a diverse portfolio of small-molecule
anti-cancer therapeutics. The Company's platform consists of
patented technology from leading universities and researchers and
we are currently in the process of developing an innovative
therapeutic drug platform through strong partnerships with world
renowned educational institutions, including The University of
Texas at Austin and Wake
Forest University. Our diverse pipeline of therapeutics includes
therapies for pancreatic cancer, acute myeloid leukemia (AML) and
acute lymphoblastic leukemia (ALL). In addition, we are constantly
seeking to grow our pipe to treat unmet medical needs in
oncology.
Forward-Looking Statements
To the extent any statements made in this news release deal with
information that is not historical, these are forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the company's plans, objectives, expectations and
intentions with respect to future operations and products, the
potential of the company's technology and product candidates, the
anticipated timing of future clinical trials, and other statements
that are not historical in nature, particularly those that utilize
terminology such as "would," "will," "plans," "possibility,"
"potential," "future," "expects," "anticipates," "believes,"
"intends," "continue," "expects," other words of similar meaning,
derivations of such words and the use of future dates.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Uncertainties and risks may
cause the Spherix's actual results to be materially different than
those expressed in or implied by such forward-looking statements.
Particular uncertainties and risks include: the use of proceeds of
the offering; market and other conditions; the difficulty of
developing pharmaceutical products; obtaining regulatory and other
approvals and achieving market acceptance; general business and
economic conditions; the company's need for and ability to obtain
additional financing or partnering arrangements; and the various
risk factors (many of which are beyond Spherix's control) as
described under the heading "Risk Factors" in the preliminary
prospectus and Spherix's filings with the United States Securities
and Exchange Commission. All forward-looking statements in this
news release speak only as of the date of this news release and are
based on management's current beliefs and expectations. Spherix
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law.
Company Contact:
Investor
Relations:
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Hayden IR
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Brett Maas, Managing
Partner
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Phone: (646)
536-7331
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Email:
brett@haydenir.com
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www.haydenir.com
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Spherix:
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Phone:
212-745-1373
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Email: investorrelations@spherix.com
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www.spherix.com
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SOURCE Spherix Incorporated