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Clinical Trial Research
Spherix Signs Definitive Agreement for Sale of Information Subsidiary
July 10th, 2007
Spherix Incorporated (NASDAQ:SPEX) has signed the definitive agreement to sell the stock of its subsidiary, InfoSpherix Incorporated, to The Active Network Inc. Spherix will receive $17 million in an all cash transaction ($15 million at closing and $2 million following a 15-month escrow period). This combined with the $6 million received from the NRRS settlement (see Spherix press release dated October 26, 2006), will provide the necessary funding for Spherix's transition to a biotech company. This matter will be put before Spherix's shareholders for vote at the 2007 Annual Shareholders Meeting. The Annual Meeting is tentatively scheduled to be held mid- to late-August,...
Source: Drug Law Weekly (2007-07-10)
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