Polydex Pharmaceuticals Issues First Quarter Financial Results

Date : 06/15/2012 @ 12:15PM
Source : GlobeNewswire Inc.
Stock : Polydex Pharmaceuticals Ltd. (PC) (POLXF)
Quote : 1.3  0.0 (0.00%) @ 4:18PM
Polydex Pharmaceuticals Ltd. (PC) share price Chart

Polydex Pharmaceuticals Issues First Quarter Financial Results

Polydex Pharmaceuticals Ltd. (PC) (USOTC:POLXF)
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Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for the first quarter of fiscal 2013, the three-months ending April 30, 2012. All figures are reported in U.S. dollars.

  Q.1, ending 4/30/2012  Q.1, ending 4/30/2011
Sales $1,203,892 $1,730,838
Net Income (loss) (140,418) 147,134
Income (loss) per common share (0.04) 0.05
Weighted avg. common    
Shares outstanding (basic) 3,172,846 3,122,846

Installation of a new reactor, and replacement of components of the company's distillation equipment, resulted in a decrease in production and sales for a period of two months during the first quarter. Full production has now been resumed, with the benefit of these equipment upgrades.

"We've seen a significant demand for product over the last several quarters," said George Usher, President and CEO. "With these new opportunities emerging from overseas markets, we are planning and preparing for increased production and distribution. We now have several product registrations in process in Europe and elsewhere, and here at home, our order book continues to grow."

The Company has also been reviewing other projects in its portfolio and is actively pursuing their potential for creating new market opportunities.

The Company shares are traded on the Over the Counter Bulletin Board (www.otcbb.com). The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca.

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. 

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

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