NEW YORK, Nov. 27, 2018 /PRNewswire/ -- Spherix Incorporated (Nasdaq: SPEX) today announced the funding of a study for KPC34, for pancreatic cancer, specifically pancreatic ductal adenocarcinoma (PDA). PDA is considered the deadliest of major cancers and patients are in desperate need of improved therapies. Other than lung cancer, PDA is projected to kill more people than any other malignancy by the year 2030.
PDA is caused by chronic inflammatory stress associated with the increasingly common afflictions of obesity, type 2 diabetes, and pancreatitis, exacerbated by smoking and drinking. KPC34 is a candidate therapeutic because it is activated preferentially inside tumor cells to release an inhibitor of DNA replication and a separate tumor promotion inhibitor.
Annually, more than 350,000 new cases of pancreatic cancer are diagnosed across the world. According to the American Society of Clinical Oncology, a six-month course of gemcitabine, the chemotherapy drug typically used to treat advanced pancreatic cancer, costs about $23,500. Adding the drug erlotinib, which might increase survival time slightly, adds more than $16,500, for a total of more than $40,000. A study published in the journal Cancer found that stereotactic body radiotherapy, used in addition to chemotherapy, added an additional $13,700 to the total treatment cost.
Developed at Wake Forest School of Medicine, and licensed by CBM BioPharma, Inc. ("CBM"), KPC34 is a next generation treatment for acute myeloid leukemia (AML) and acute lymphoblastic leukemia (ALL) and is designed to overcome multiple resistance challenges observed with the current standard of care. For more information, please visit: www.cbmbiopharmainc.com
This new study will establish whether KPC34, alone or in combination with synergistic, standard care compounds, is a feasible therapeutic option to prevent the onset and/or progression of PDA. The goal is to advance the potential applicability of the drug for the treatment of pancreatic cancer.
Mr. Anthony Hayes, CEO of Spherix commented, "Spherix is continuing its commitment to our merger with CBM and the advancement of these potential lifesaving drugs. The prior data demonstrating that KPC34 inhibited ALL and AML in xenograft models is highly encouraging. This new study aims to determine if those positive results can be extended to PDA. If successful, we anticipate that this strategy will lead to the development of KPC34 for clinical trials in humans within the next year. Management is excited to fund this study and we are enthusiastic about its potential. We look forward to building synergies between KPC34 and the other pancreatic cancer drug licensed by CBM. My commitment and confidence in Spherix has never been stronger. Our minority ownership in the electronic scooter and bike sharing business, plus our merger with CBM and other biopharma projects, provides a diversified opportunity for growth and real advancement towards a robust company."
Spherix is committed to advancing innovation and technology by active participation in all areas of the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation. In addition to patent monetization efforts, Spherix has been transitioning to focus our efforts as a technology development company. These efforts have focused on biotechnology research and blockchain technology research. The Company's biotechnology research development includes investments in Hoth Therapeutics Inc. and the proposed merger with CBM Biopharma, Inc. ("CBM"). In the field of blockchain research, Spherix has invested in DatChat and The Bit Daily. DatChat is a privately held personal privacy platform, focused on Encrypted Communication, Internet Security and Digital Rights Management. The Bit Daily (https://www.thedailybit.news/) is a daily newsletter that summarizes the current blockchain and cryptocurrency news.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Brett Maas, Managing Partner
Phone: (646) 536-7331
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SOURCE Spherix Incorporated