Spherix is Granted Exclusive Option to License Anticancer Drug from the University of Kentucky

NEW YORK, Sept. 11, 2019 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) today announced that the Company has executed an exclusive option agreement ("Option") with the University of Kentucky (UK) related to its anticancer drug designated G4-1, a novel proteasome inhibitor.

Spherix's Option includes two issued patents, United States Patent Nos. 9,493,439 and 9,586,946, each having expiration dates in the mid-2030's. The lead inventors for both patents are Chang-Guo Zhan, professor, and Kyung Bo Kim, associate professor, in UK's College of Pharmacy. Under the Option, Spherix has until late November to complete its due diligence and execute a license agreement for commercial development.

"Early research indicates great potential for the University of Kentucky's anticancer drug G4-1. The published data is extremely encouraging, especially the drug's benefits over already-approved drugs," stated Mr. Anthony Hayes, CEO of Spherix. "We believe G4-1 will be a strong compliment to CBM's lead compound, the pancreatic drug Gem-DHA, for which a U.S. patent will soon be issued.  We expect it will add great value to our overall clinical development strategy and look forward to completing our diligence on this promising anticancer drug."  

"I am pleased that our team has once again identified and completed a transaction that we believe can yield exceptional financial benefit to Spherix and its shareholders," added Hayes.

A report of G4-1's anticancer effects has been published in Miller et al. (2015), Proteasome Inhibitors with Pyrazole Scaffolds from Structure-Based Virtual Screening, J. Med. Chem. 58:2036-2041 (the "Miller Article").  According to the Miller Article:

• G4-1 is highly effective in mice in suppressing tumor growth in a mouse xenograft model of prostate cancer.
• It demonstrates excellent metabolic stability profiles in mouse and human liver microsomes, as compared with two other FDA-approved proteasome inhibitors, bortezomib (Velcade®) and carfilzomib (Kyprolis®) ("FDA-Approved Drugs"), which are known to undergo rapid metabolic inactivation.
• It was identified from ~340,000 small molecule candidates against the active site of proteosomes.
• It was highly effective in suppressing solid tumor growth in vivo, a utility that the FDA Approved Drugs lack, as clearly demonstrated by multiple clinical trials.
• Its anticancer effect was not negatively impacted in cancer cell line models by acquired resistance to the FDA Approved Drugs.
• It exhibited no apparent systemic toxicity in the xenograft mouse model.

Announcement of Spherix's exclusive Option with the University of Kentucky follows a recent positive report related to the issuance of a patent application, licensed by CMB BioPharma, Inc. from the University of Texas at Austin, covering CBM's lead drug candidate Gem-DHA, which is intended for the treatment of pancreatic cancer (see https://ir.spherix.com/news-releases/?qmodStoryID=6754416076980803). The patent application (U.S. Serial No. 15/115.393) is among the assets to be sold to Spherix as part of the previously announced Asset Purchase Agreement between CBM and Spherix. The purchase transaction is subject to customary closing conditions.

About Spherix
Spherix Incorporated is a technology development company committed to the fostering of innovative ideas. Spherix Incorporated was formed in 1967 as a scientific research company.

Our activities generally include the acquisition and development of technology through internal or external research and development. In addition, we seek to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the United States and abroad. We may alone, or in conjunction with others, develop products and processes associated with technology development and monetizing related intellectual property.

Forward-Looking Statements
Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding Spherix's and CBM's industry, future events, the proposed transaction between the parties to the Asset Purchase Agreement, the estimated or anticipated future results and benefits of the Company following the transaction, including the likelihood and ability of the parties to successfully consummate the proposed transaction, future opportunities for the combined company, and other statements that are not historical facts. These statements are based on the current expectations of Spherix's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties regarding the businesses of Spherix and the transaction, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Spherix or CBM operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Spherix or CBM operates; changes in taxes, governmental laws, and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the transaction are not obtained; failure to realize the anticipated benefits of the transaction, including as a result of a delay in consummating the transaction or a delay or difficulty in integrating the assets of CBM; delays or failure to obtain any required approvals for the proposed special dividend; uncertainty as to the long-term value of Spherix's common stock; those discussed in the Spherix's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other documents of Spherix on file with the SEC or in the registration statement that will be filed with the SEC by Spherix. There may be additional risks that Spherix presently does not know or that Spherix currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Spherix's expectations, plans or forecasts of future events and views as of the date of this communication. Spherix anticipates that subsequent events and developments will cause Spherix's assessments to change. However, while Spherix may elect to update these forward- looking statements at some point in the future, Spherix specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Spherix's assessments as of any date subsequent to the date of this communication.

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