Pre-Merger, Tiny float and trading just above 52-week lows at .88/share
Good day everyone,
Spherix to Merge with CBM BioPharma, Inc.
UPDATE 11/26/18*** Acquisition announced this morning – Spherix Announces Ownership Interest in Electric Scooter Business, SPEX announced 25% ownership in Mellow http://www.ridemellow.com full PR – https://finance.yahoo.com/news/spherix-announces-ownership-interest-electric-132000894.html
Today we are initiating coverage on Spherix Incorporated (NASDAQ: SPEX). We believe the pending merger of Spherix Incorporated and CBM Biopharma, Inc. could propel SPEX shares to considerable gains creating significant shareholder value.
Current price $.88 per share
Outstanding shares (est.) 8.56 million
Float (est.) 8.44 million shares
52-week range $.78 to $2.42 per share
Insiders are currently (last week) buying shares.
Last month, SPEX announced that it entered into a merger agreement with CBM BioPharma, Inc. that will transform Spherix into an innovative pharmaceutical company with pioneering drugs and treatments focused on the multibillion-dollar oncology therapeutics market.
CBM BioPharma, Inc is a privately held company with exclusive drug development rights from Wake Forest Innovations and the University of Texas. The CBM BioPharma, Inc platform focuses on the treatment of numerous cancers, including acute myeloid leukemia (AML), acute lymphoblastic leukemia (ALL), and pancreatic cancer.
CBM has two specific proprietary oncology drugs that are currently being researched
KPC34 (Acute Myeloid Leukemia and Acute Lymphoblastic Leukemia) is a next generation treatment designed to overcome multiple resistance challenges observed with the current standard of care. KPC34 has also been shown to be more effective in AML relapse cases, notably increasing the lifespan of mice treated with the drug.
One competitive benefit of KPC34 includes its ability to be orally administered. This is critical for patients that are unable to tolerate repeated cycles of chemotherapy. In addition, it has served to double the mean survival time of patients versus the current standard of care treatments. DOUBLED.
The video at the link below shows remarkable results in a mouse treated with KPC34.
DHA-dFdC (Pancreatic Cancer Drug) has shown positive results in preclinical studies, inhibiting pancreatic tumor growth in clinically relevant transgenic mouse models. DHA-dFdC also overcomes tumor cell resistance to current chemotherapeutic drugs. Pancreatic cancer is a deadly disease that affects millions of people around the world.
Pre-clinical studies done with these two CBM drugs have shown great promise. SPEX has been transitioning its focus and efforts toward becoming a technology development company for the entirety of 2018.
Last month, SPEX added Dr. Rana Quraishi to the Company’s Advisory Board to assist the Company in evaluating potential opportunities in the biopharmaceutical area.
Spherix also owns, develops, acquires, and monetizes patented and unpatented intellectual properties. The company owns approximately 290 patents and patent applications in the wireless communications and telecommunication sectors. SPEX has filed several patent infringement suits and has been awarded substantial settlements and licensing agreements.
SPEX has other investments including Hoth Therapeutics Inc., a biopharmaceutical company focused on BioLexa, developed at the University of Cincinnati for patients suffering from eczema. According to the National Eczema Association, eczema affects approximately 32 million Americans and represents a $9.5 billion market in the U.S. alone.
The CBM merger is a continuance into the biopharma sector begun with the Hoth investment.
Earlier this year SPEX invested in DatChat, a company involved in online security, Ethereum mining and a newsletter (www.thebitdaily.com) that apprises users on the latest updates and events impacting the blockchain and cryptocurrencies sectors.
Recent Insider Buying
Last week insiders purchased 20,000 shares of SPEX stock, including CEO Anthony Hayes. In fact, the last nine insider transactions, dating back to May of 2017, have been buys/acquisitions.
The surviving company in the merger will be CBM so all current and future SPEX shareholders will have an opportunity to own shares in a biopharma company with three promising drug products.
SPEX shares are currently trading at 63% off their 52-week high and only 12% over their 52-week low.
SPEX shares are trading below their 50 DMA and their 200 DMA of $.95 and $1.07 respectively. The current RSI (14) is 44.60. These data indicate shares that may be oversold.
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