NEW YORK, Oct. 1, 2019 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) President and CEO, Anthony Hayes, today released a letter to shareholders.
Dear Fellow Shareholders,
As previously stated, Spherix is moving forward diligently with the dividend distribution. Spherix shareholders who are owners of record on the record date to be set by the Spherix board of directors, will be paid the dividend. That process is on track and moving forward. We intend to announce a record date shortly.
In addition, I wanted to provide some additional information about the CBM assets that are part of the planned acquisition. Like other AML drugs that treat certain indications, KPC34 may qualify for Fast Track designation for the treatment of certain types of AML, as well as priority review by the FDA. Developed at Wake Forest School of Medicine, KPC34 is a proprietary next generation drug that combines a DNA damaging agent with a targeted therapy designed to overcome multiple resistance mechanisms observed with gemcitabine, the current standard of care. KPC34 has also been shown to be more effective in AML relapse cases, notably increasing the lifespan of mice treated with the drug. The competitive benefits of KPC34 include oral application for patients that cannot tolerate repeated cycles of chemotherapy, doubling the mean survival time verse some of the current standard of care treatments and studies further show high activity levels against human AML cells.
Upon the closing of the CBM asset purchase, and following the dividend distribution, we will further update the market on the CBM assets and the status of our other strategic acquisitions. We understand the desire by shareholders to receive the proposed dividend and information about Company activities during a tumultuous market. We hope this release provides additional information and assure you we are working diligently to move matters forward.
Thank you for being a shareholder of Spherix.
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Spherix Incorporated