* Drug more effective in U.S than India population
* Data shows reduction in blood glucose level
* Shares up 56 pct
Oct 7 Spherix Inc (SPEX.O) said additional data
from a late-stage trial of its experimental Type 2 diabetes
drug showed a significant reduction in blood glucose level,
sending its shares up as much as 56 percent.
The company, which reported promising initial data from the
drug Naturlose last November, said the drug was more effective
in the U.S. population than in the Indian population.
Type 2 diabetes occurs when the body loses its ability to
use insulin to convert food to fuel.
Naturlose prevents the stimulation of insulin secretion,
avoiding beta cell exhaustion and naturally lowers blood
"We believe that further development in the Type 2 diabetes
indication is merited, and we look forward to engaging a
partner to continue this work," Chief Executive Claire Kruger
said in a statement.
The company's shares, which have gained 7 percent since it
signed a licensing agreement with University Of Kentucky
Research Foundation, were up 30 percent at $1.75 Thursday
morning on Nasdaq. They touched a high of $2.20 earlier in the
(Reporting by Anand Basu in Bangalore; Editing by Aradhana