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June
17, 2003
POLYDEX
REPORTS FIRST QUARTER RESULTS
Toronto, Ontario, June 17, 2003 -- Polydex Pharmaceuticals
Limited (NASDAQ:POLXF) (BSE:PXL) has reported financial
results of operations for the first quarter of fiscal 2004,
ending April 30, 2003. The Company reported sales of $3,296,518,
a decline from the $3,324,610 reported for the same period
last year; extraordinary expenses produced a net loss for
the first quarter of $289,570, or $0.10 per share. The decline
is primarily due to a larger foreign exchange loss at the
Dextran Products facility in Canada, due to a significant
increase in the value of the Canadian dollar relative to the
value of the U.S. dollar.
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Fiscal
Year End
2002
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Sales |
$
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3,296.518
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$
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3,324,610
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Net
Income (loss) |
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(289,570)
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(145,002)
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Earnings
(loss) per common share - basic |
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(0.10)
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0.05
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Earnings
(loss) per common share - diluted |
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(0.10)
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0.05
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Wtd.
avg. common shares outstanding |
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3,027,796
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3,027,777
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The Company's lead human pharmaceutical product, Ushercell,
continues to receive the development support and funding through
the Contraceptive Research and Development Program, Consortium
for Industrial Collaboration in Contraceptive Research, and
the Global Microbicide Program. Historic levels of funding
from these existing third-party sources is expected to continue.
Research and development of the Company's cystic fibrosis
product, Usherdex, continues to be funded directly by BCY
Lifesciences Inc., (www.bcylifesciences.com) pursuant to a
license agreement. Phase II human clinical trials are currently
underway in six centers across Canada. The Company expects
to receive royalty payments based upon sales and other revenues
from the developed compound.
Polydex Pharmaceuticals Ltd., based in Toronto,
Ontario, Canada, is engaged in the research, manufacture and
marketing of biotechnology-based products. Polydex's business
approach with respect to the development of the human pharmaceutical
pipeline 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 an integral part
of 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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