On June 26, 2019 CBM BioPharma Inc. ("CBM") reported that the United States Patent & Trademark Office (USPTO) has issued a Notice of Allowance and Issue Fee Due in CBM’s patent application related to the treatment of pancreatic cancer (Press release, CBM BioPharma, JUN 26, 2019, View Source;trademark-office-allows-patent-claims-for-cbm-biopharma-incs-patent-application-for-pancreatic-cancer-treatment-300875038.html [SID1234537290]).

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CBM has received from the USPTO a Notice of Allowance for patent application 15/115,393. This application is licensed from the University of Texas by CBM. Once the patent issue fee is paid, the new patent will protect one of CBM’s lead drug candidates, Gem-DHA, a novel gemcitabine derivative intended for the treatment of pancreatic cancer. Preliminary data indicates that Gem-DHA is more effective than gemcitabine in mice pancreatic cancer models. This asset is to be sold to Spherix Inc. (NASDAQ: SPEX) as part of the previously announced Asset Purchase Agreement between CBM and Spherix. The transaction is subject to shareholder approval by Spherix shareholders and other customary closing conditions.

Anthony Hayes, Spherix CEO, stated, "I am very excited by the potential of this drug and especially by the data showing that Gem-DHA works better in reducing the growth of pancreatic tumors than the first-line chemotherapy drug gemcitabine. The data indicates that Gem-DHA preferentially concentrates itself in the pancreas relative to other organs, suggesting it may be a promising candidate for further trials in pancreatic cancer. We are constantly working to return value to our shareholders and this news is another data point that establishes the value of the CBM assets."