NEW YORK, March 6, 2020 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) today announced it has executed an exclusive option agreement ("Option") with the University of Maryland, Baltimore (UMB) for the technology set forth in Patent number 10,434,116 "Methods of Treating Coronavirus Infection." The present invention provides methods for treating a coronavirus infection.
This invention was made with government support under Grant Number AI095569 awarded by the National Institutes of Health. As result, the NIH has certain rights in the invention. Under the Option, Spherix has until the end of May of 2020 to complete its due diligence and execute a license agreement for commercial development.
Spherix Incorporated, a Delaware corporation (the "Company"), 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
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 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