Spherix Incorporated (NASDAQ: SPEX), an intellectual property development company committed to fostering of technology, today announced that it has closed its previously announced firm commitment underwritten public offering of 1,250,000 shares of its common stock at a price to the public of $2.00 per share.

The total gross proceeds of the offering are approximately $2.5 million. After deducting the underwriter's discount and other offering expenses payable by Spherix, the net proceeds to the Company are approximately $2.1 million.

Anthony Hayes, the Chief Executive Officer of Spherix, stated, "One of the purposes of this offering is to raise capital to explore potential acquisition opportunities. Looking beyond our recent investment in Hoth Therapeutics, we hope to use these proceeds to find other similar opportunities."

About Spherix Incorporated

Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by participation in the development of new technology. Spherix draws on portfolios of pioneering technology to support product innovation.