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Spherix (SPEX) To Raise $2.6M In Private Placement

crwenews

https://static.seekingalpha.com/uploads/2012/11/9/saupload_spex.jpg SPEX, Spherix Incorporated

** SPEX reported that it has entered into definitive agreements to sell $2.6 million of shares of its common stock together with warrants to purchase additional shares of its common stock in a private placement transaction.

Under the terms of the offering, SPEX will sell an aggregate of 483,657 shares of common stock at a price of $5.324 per share along with warrants to purchase an additional 483,657 shares of common stock at an exercise price of $6.53 per share. The warrants shall be exercisable for a period of five years, but will not be effective until approved by the shareholders of SPEX.

https://static.seekingalpha.com/uploads/2012/11/9/saupload_spex_chart.jpg

SPEX leverages its scientific and technical expertise and experience through its two subsidiaries, Biospherics Incorporated and Spherix Consulting, Inc.

Biospherics is dedicated to developing and licensing/marketing proprietary therapeutic products for treatment of diabetes, metabolic syndrome and atherosclerosis. Biospherics is exploring new drugs and combinations for treatment of high triglycerides, a risk factor for atherosclerosis, myocardial infarction, and stroke.

Spherix's Consulting subsidiary provides scientific and strategic support for suppliers, manufacturers, distributors and retailers of conventional foods, biotechnology-derived foods, medical foods, infant formulas, food ingredients, dietary supplements, food contact substances, pharmaceuticals, medical devices, consumer products and industrial chemicals and pesticides.

More about SPEX at www.spherix.com.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.