December 15, 2003

POLYDEX PHARMACEUTICALS REPORTS
THIRD QUARTER RESULTS

Toronto, Ontario, December 15, 2003 -- Polydex Pharmaceuticals Limited (NASDAQ:POLXF) (BSE:PXL) reports an 6% increase sales in this quarter over the same period last year, and reported a third quarter net loss of $201,426 or $0.07 per share. The net loss is primarily due to a foreign exchange loss of $196,388, resulting from the increase in value of the Canadian dollar, and the translation of Dextran Products financial statements to U.S. dollars.

Management is in discussions with Contraceptive Research and Development Program (CONRAD) to ascertain the current development status of Ushercell and expects to provide an R&D update before fiscal year end, January 31, 2004. CONRAD, through third party sources, has provided funding for the research and development of Ushercell for several years and is expected to continue such funding into the foreseeable future.

POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
THIRD QUARTER RESULTS, FISCAL 2004
QUARTER ENDED: October 31, 2003
(Unaudited figures, stated in U.S. dollars)

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