Spherix gets exclusive license option on anticancer drug

Spherix Inc (Nasdaq: SPEX) yesterday revealed it has executed an exclusive option agreement with the University of Kentucky (UK) related to its anticancer drug designated G4-1, a novel proteasome inhibitor, with the news seeing the firm’s shares rise as much as 20%.

Spherix' option includes two issued patents, US Patent Nos 9,493,439 and 9,586,946, each having expiration dates in the mid-2030's. The lead inventors for both patents are Chang-Guo Zhan, professor, and Kyung Bo Kim, associate professor, in UK's College of Pharmacy. Under the Option, Spherix has until late November to complete its due diligence and execute a license agreement for commercial development.

"Early research indicates great potential for the University of Kentucky's anticancer drug G4-1. The published data is extremely encouraging, especially the drug's benefits over already-approved drugs," stated Anthony Hayes, chief executive of Spherix. "We believe G4-1 will be a strong compliment to CBM's lead compound, the pancreatic drug Gem-DHA, for which a US patent will soon be issued. We expect it will add great value to our overall clinical development strategy and look forward to completing our diligence on this promising anticancer drug," he added.