Q2 earnings slide for Spherix

BETHESDA, Md. Revenues for drug maker Spherix fell in second quarter 2010 and for the first six months of the year, according to financial data released this week.

Spherix, which develops drugs for diabetes and metabolic disorders, reported second-quarter revenues of $327,139, compared with $332,241 in second quarter 2009. Revenues for the first six months of 2010 were $659,430, compared with $692,911 last year. That translated into a net loss of $2.56 million for the quarter and $4.7 million for the first half of the year.

Spherix also announced plans to release efficacy results from a late-stage clinical trial of its D-tagatose compound in patients with Type 2 diabetes in mid-September, and is looking for a drug company to be its development partner. The company also is investigating the drug, which it acquired from the University of Kentucky Research Foundation, as a treatment for high triglycerides.

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