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June
17, 2002
POLYDEX
PHARMACEUTICALS REPORTS INCREASED SALES & OPERATING PROFITS
IN FIRST QUARTER
DRUG
DEVELOPMENTS CONTINUE ON COURSE
Toronto, Ontario, June 17, 2002 --
Polydex Pharmaceuticals Limited (NASDAQ:POLXF) (BSE:PXL)
today reported financial results for the first quarter of
fiscal 2003, ended April 30, 2002. Increased sales and operating
profits during the quarter, and a decrease in expenses, resulted
in a net income for this quarter of $145,002 or $0.05 per
share, as compared to a net loss during the same period last
year of $64,855 or $0.02 per share. Sales volume for this
first quarter increased by $263,419 (9%) over the same period
in fiscal 2002, to $3,324.610.
Research and development funding has largely
been borne by grants procured by the Company's valuable research
partners. Without compromising development timelines this
has decreased the financial expenditures required by the Company
in this first quarter by 43% to $55,326 as compared to the
$97,750 spent on R&D in the same period last year. Similar
expenditures by the Company toward research and development
are expected to continue for the remainder of the year.
Development of Ushercell, the
Company's primary human pharmaceutical compound, is progressing.
With the completion of further human clinical trials and the
development of the supply chain for long-term toxicology studies
and further clinical trials, Management anticipates that Phase
II/III clinical trials will commence in the U.S., Uganda,
Nigeria and India in the near future. Ushercell
has shown promise in early testing as a discreet, safe and
effective method of contraceptive protection and is patented
for use as a contraceptive antimicrobial agent protecting
against HIV, gonorrhea, chlamydia trachomatis and herpes simplex
virus 1 and 2.
Polydex's cystic fibrosis compound, Usherdex,
has completed Phase I human clinical trials, under the direction
of Dr. Speert of the University of British Columbia and Dr.
King of the University of Alberta. On January 20, 2002, BCY
LifeSciences announced positive results from the clinical
trials, wherein Dr. Speert stated "I have been working
with low molecular weight dextran (Usherdex) in association
with cystic fibrosis for some time now. With this confirmation
of earlier work completed in my laboratory, I hope that a
larger population of individuals with lung disorders may one
day benefit from these findings and the eventual use of the
compound." Polydex has sublicensed this compound
to BCY LifeSciences Inc. and will receive a royalty stream
from any commercially viable product developed. BCY is already
planning the commencement of Phase II clinical trials in the
first half of fiscal 2003.
Further research into the development of other
human pharmaceutical and cosmetic compounds is ongoing at
Polydex, but Management remains focused on the development
of Ushercell, not just as a commercial opportunity, but also
as a moral imperative.
Polydex Pharmaceuticals Limited, based in Toronto,
Ontario, Canada, is engaged in the research, manufacturing
and marketing of biotechnology-based products for veterinary
and human pharmaceutical industries worldwide. It is Polydex's
mandate to research, develop and market veterinary pharmaceutical
products in a hands-on (concept to consumer) fashion. However,
the business approach differs with development of its human
pharmaceutical pipeline. Here, the mandate is to research
and license out potential products to valued partners for
development, thereby minimizing R&D expenditures while
retaining a royalty revenue stream from successful products.
This is the reason that the search for development partners
is so important, and is ongoing relative to all of the potential
human pharmaceutical products in the Polydex pipeline.
Note: This press release may
contain forward-looking statements, within the meaning of
Section 27A 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.
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 U.S. Food and Drug
Administration or equivalent foreign regulatory authorities
as well 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:
Polydex Pharmaceuticals Limited
George G. Usher, President
(416) 755-2231
or e-mail: gu-dextran@rogers.com
Investor
Relations
North Arm Capital Services
Linda Hughes, Toll-free 1-877-945-1621
or e-mail: Linda@northarm.com
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