November 17, 2009 (FinancialWire) — biotechnology firm Spherix Inc. (NASDAQ: SPEX) said it has received commitments from investors to purchase $6.3 million of securities in a registered direct offering. The company expects to receive net proceeds of around $6 million after deducting placement agent fees and other offering expenses.

Spherix said it has entered into securities purchase agreements with the investors under which Spherix has agreed to sell an aggregate of 2,760,870 shares of its common stock and warrants to purchase up to 1,104,348 additional shares of its common stock.

Each unit, consisting of one share of common stock and a warrant to purchase 0.40 of a share of common stock, will be sold for a purchase price of $2.30.

Spherix plans to use the proceeds to provide support for the company’s on-going development of a Type 2 diabetes drug that is currently in Phase 3 clinical trial.

The warrants to purchase additional shares will be exercisable immediately at an exercise price of $3.25 per share and will expire five years from the date they are first exercisable.

Bethesda, Maryland-based Spherix two subsidiaries include Biospherics and Spherix Consulting. Biospherics is currently running a Phase 3 clinical trial to study the use of D-tagatose as an oral, monotherapy treatment for patients with Type 2 diabetes.

Spherix 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.

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Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). Monday’s issued reports and/or recorded webcasts include Marine Harvest ASA (x: MHG), China GengSheng Minerals, Inc. (OTCBB: CHGS), Skystar Bio-Pharmaceutical Company (OTCBB: SKBI), Fortuna Silver Mines, Inc. (TSX Venture: FVI), LocatePLUS Holdings, Inc. (OTC: LPHC) and Premier Power Renewable Energy, Inc. (OTCBB: PPRW).

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