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Spherix Announces Reverse Stock Split Effective September 21, 2012



Spherix Announces Reverse Stock Split Effective September 21, 2012

BETHESDA, Md., Sept. 21, 2012 (GLOBE NEWSWIRE) -- Spherix Incorporated
(Nasdaq: SPEX) – an innovator in biotechnology for therapy in diabetes,
metabolic syndrome and atherosclerosis, and provider of technical and
regulatory consulting services to food, supplement, biotechnology and
pharmaceutical companies – today announced that it has filed a Certificate of
Amendment to its Certificate of Incorporation, as amended, to effect a
1-for-20 reverse stock split of its common stock that will become effective at
the end of business today. The reverse stock split-adjusted shares of the
Company's common stock will begin trading at the start of NASDAQ trading on
September 24, 2012. The Company's shares will continue to trade on The NASDAQ
Capital Market under the symbol "SPEX", with the fifth character "D" added to
the end of the trading symbol for a period of 20 trading days to indicate the
reverse stock split has occurred. Thereafter, the Company's symbol will revert
to its original symbol "SPEX". A new CUSIP number has been assigned to
Spherix' common stock after the reverse stock split becomes effective.

Spherix stockholders will receive instructions from their broker or from
Spherix's transfer agent, American Stock Transfer & Trust Company, LLC,
containing the appropriate reverse stock split procedures. Fractional
stockholdings will be paid out in cash based on Spherix's closing stock price
on the effective date. As a result of the reverse stock split, the number of
outstanding common shares will be reduced to approximately 208,000. The
reverse stock split will affect all stockholders uniformly and will not affect
any stockholder's ownership percentage of Spherix's common shares (except to
the extent that the reverse stock split will result in some of the
stockholders receiving cash in lieu of one or more fractional shares). Further
information on the logistics regarding the reverse split can be obtained by
contacting American Stock Transfer & Trust Company's shareholder services
department at 877 248-6417 or 718 921-8317.

The purpose of the reverse stock split is to raise the per share trading price
of the Company's common stock to better enable the Company to maintain the
listing of its common stock on The NASDAQ Capital Market ("NASDAQ"). As
previously announced, in order to maintain the Company's listing on NASDAQ, on
or before October 17, 2012, the Company's common stock must have a closing bid
price of $1.00 or more for a minimum of 10 prior consecutive trading days. If
the Company is unable to meet this requirement, the NASDAQ Listing
Qualifications Panel will issue a final determination to delist and suspend
trading of the Company's common stock. There can be no assurance that the
reverse stock split will have the desired effect of raising the closing bid
price of the Company's common stock prior to October 17, 2012, to meet this
requirement.

About Spherix

Spherix Incorporated was launched in 1967 as a scientific research company
under the name Biospherics Research. The Company now 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. For more
information, please visit www.spherix.com.

Forward-Looking Statements

This release contains forward-looking statements which are made pursuant to
provisions of Section 21E of the Securities Exchange Act of 1934. Investors
are cautioned that such statements in this release, including statements
relating to planned clinical study design, regulatory and business strategies,
plans and objectives of management and growth opportunities for existing or
proposed products, constitute forward-looking statements which involve risks
and uncertainties that could cause actual results to differ materially from
those anticipated by the forward-looking statements. The risks and
uncertainties include, without limitation, risks that product candidates may
fail in the clinic or may not be successfully marketed or manufactured, we may
lack financial resources to complete development of our products, the FDA may
interpret the results of studies differently than us, competing products may
be more successful, demand for new pharmaceutical products may decrease, the
biopharmaceutical industry may experience negative market trends, our
continuing efforts to develop products may be unsuccessful, our common stock
could be delisted from the Nasdaq Capital Market, and other risks and
challenges detailed in our filings with the U.S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on any
forward-looking statements which speak only as of the date of this release. We
undertake no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events or
circumstances that occur after the date of this release or to reflect the
occurrence of unanticipated events.
 

CONTACT: Investor Relations
         Phone: (301) 897-2564
         Email: info@spherix.com

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