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Polydex Pharmaceuticals Ltd. Reports Continued Quarterly Profitability

Date : 12/15/2011 @ 9:00AM
Source : GlobeNewswire Inc.
Stock : Polydex Pharmaceuticals Ltd. (PN) (POLXF)
Quote : 0.72  0.0 (0.00%) @ 9:31AM
Polydex Pharmaceuticals Ltd. (PN) share price Chart

Polydex Pharmaceuticals Ltd. Reports Continued Quarterly Profitability

Polydex Pharmaceuticals Ltd. (PN) (USOTC:POLXF)
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Polydex Pharmaceuticals Limited (Pink/OTCBB:POLXF) reports financial results for its third fiscal quarter, the three-month period ended October 31, 2011, demonstrating three consistent quarters of profitability.

POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
THIRD QUARTER RESULTS, FISCAL 2012
QUARTER ENDED: October 31, 2011
(Unaudited figures, stated in US dollars)
     
  Quarter Ended 10/31/11  Quarter Ended 10/31/10
     
Sales $1,610,631 $1,027,792
     
Net Income (loss) 83,231 (21,490)
     
Earnings (loss) per common share 0.03 (0.01)
     
Weighted avg. common Shares outstanding (basic and diluted) 3,172,846 3,072,846

EBITDA (Earnings before interest, taxes, depreciation and amortization) improved by $705,295 to $563,823 for the nine months ended October 31, 2011 compared to negative $141,472 for the same period in the previous year.

Management's focus on cost reduction and increasing sales has the Company emerging from the global economic slowdown with a consistent growth trend of profitability. Competing producers of dextran-based products have retracted, and in some cases have become obsolete, providing further opportunity for growth in established and new markets.

European customer orders have continued to be on the rise during this past quarter, despite the economic turmoil being experienced in the region. That trend continues as we approach the calendar and fiscal year end. 

Management has also remained engaged with current and potential customers in North America, endeavoring to develop new markets and uses for the company's dextran-based products. Additionally, several opportunities to increase its supply lines to domestic pharmaceutical and veterinary pharmaceutical industries are being explored.

In the coming year, Management intends to explore manufacturing alliances in order to seek and fulfill orders on a larger scale than the current maximum production capacity. Developing and fostering these relationships will help the Company grow in markets that are now impracticable to supply.

The Company publicly traded shares continue to be quoted on the Pink Sheet platform (www.pinksheets.com), where the Company is currently identified as a Pink Quote OTCBB Transparent company, one that may be quoted both on the Pink Quote system and the Over The Counter Bulletin Board (OTCBB).

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry. Company website: www.Polydex.com

The Polydex Pharmaceuticals Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3414

Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may", "could", "might", "expect", "anticipate", "believe", or similar words. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.  

CONTACT: Investor Relations:
         North Arm Capital Services
         Linda Hughes
         1-877-945-1621
         Linda@northarm.com



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