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September
16, 2002
POLYDEX
PHARMACEUTICALS REPORTS
FINANCIAL RESULTS FOR 2ND QUARTER
MANAGEMENT
FORECASTS HIGHER SALES
LEVELS FOR 3RD QUARTER
Toronto, Ontario, September 16, 2002
-- Polydex Pharmaceuticals Limited (NASDAQ:POLXF) (BSE:PXL)
has reported that second quarter net loss of $35,840 is an
increase in results over the second quarter of the previous
year. Loss per share this quarter is $0.01 as compared to
the previous year loss of $0.05. Management is pleased about
a strong recovery through a typically slower quarter and forecasts
higher sales for the coming third and fourth quarters.
Year to date Sales of $5,972,010 is an increase
over first half of last year by $26,630, which was $5,945,380.
POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
SECOND QUARTER RESULTS, FISCAL 2003
QUARTER ENDED: July 31, 2002
(Unaudited figures, stated in U.S. dollars)
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Quarter
Ended
7/31/2001
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Sales |
$
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2,647,400
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$
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2,884,189
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Net
Income (loss) |
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(35,840)
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(149,544)
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Earnings
(loss) per common share - basic |
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(0.01)
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(0.05)
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Earnings
(loss) per common share - diluted |
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(0.01)
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(0.05)
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Wtd.
avg. common shares outstanding |
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3,027,777
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3,027,477
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Polydex Pharmaceuticals Limited, with its' subsidiaries
based in Toronto, Ontario, and Lenexa, Kansas, 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
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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