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Spherix Announces Restructuring

Spherix Announces Restructuring

BETHESDA, Md., Dec. 3, 2012 (GLOBE NEWSWIRE) -- Spherix Incorporated
(Nasdaq:SPEX) – today announced that, as an initial step in its restructuring
program, it has sold all of the stock of Spherix Consulting, Inc. to
ChromaDex, Inc. Dr. Claire Kruger will continue to lead Spherix Consulting,
the company she founded in 2008, as a division of ChromaDex. ChromaDex is an
innovative natural products company that provides proprietary, science-based
solutions and ingredients to the dietary supplement, food & beverage, animal
health, cosmetic, and pharmaceutical industries.

Pending completion of its review of its strategic alternatives, Spherix
Incorporated will continue to pursue development and commercialization of
innovative drug, medical, and food technologies, including food and
nutritional technologies and supplements. In connection with the disposition
of Spherix Consulting, Dr. Kruger has resigned from the position of Chief
Executive Officer and as a Director of Spherix. Dr. Robert A. Lodder, Jr. has
assumed the additional position of Principal Executive Officer of the Company
and Mr. Robert L. Clayton assumed the additional position of Corporate
Secretary, both effective immediately. In light of the renewed focus on the
Company's drug, medical and food development activities, Mr. Melissaratos, Mr.
Peter, and Dr. Lodder, also resigned from the Board of Directors. Dr. Lodder
will continue to serve as an officer.

Dr. Robert Vander Zanden, Chairman of the Board of Directors, stated, "the
divestiture of Spherix Consulting will reduce our overhead and allow our
remaining staff to better focus their energies on our drug development
activities and to concentrate on the identification of additional business
opportunities. We appreciate the valuable contributions of our departing
personnel and believe that they will be better able to serve their market and
grow the consulting business as a subsidiary of ChromaDex."

About Spherix

Spherix Incorporated was launched in 1967 as a scientific research company
under the name Biospherics Research. Biospherics has been dedicated to
developing and licensing/marketing proprietary therapeutic products for
treatment of diabetes, metabolic syndrome and atherosclerosis. For more
information, please visit www.spherix.com.

The Spherix Incorporated logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=14019

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

Spherix Incorporated Logo
 
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