June 21, 2004

POLYDEX REPORTS FIRST QUARTER PROFIT OF $1,260,668

Toronto, Ontario, June 21, 2004 -- Polydex Pharmaceuticals Limited (NASDAQ:POLXF) (BSE:PXL) has reported financial results of operations for the first quarter of fiscal 2005. These financial results include consolidated income from the Canadian subsidiary, Dextran Products Limited, for the entire three month period, as well as from the US facility, Chemdex, for a portion of this reporting period, as the sale of most of the assets of the US based operations were sold on March 4, 2004. The Company maintains a supply agreement with the new owners of the US based facility for certain raw materials and dextran-based products.

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the research, 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.

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 United States 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.

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Investor Relations
North Arm Capital Services
Linda Hughes, Toll-free 1-877-945-1621
or e-mail: Linda@northarm.com