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December
15, 2004
POLYDEX
PHARMACEUTICALS LIMITED - THIRD QUARTER RESULTS
Toronto, Ontario, December 15, 2004 -- Polydex Pharmaceuticals
Limited (NASDAQ:POLXF) (BSE:PXL) has announced third quarter
results for fiscal 2005. All figures are reported in US dollars.
POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
THIRD QUARTER RESULTS, FISCAL 2005
QUARTER ENDED: October 31, 2004
(Unaudited figures, stated in U.S. dollars)
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Sales |
$
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1,205,859
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$
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3,681,305
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Net
loss |
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(240,552)
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(201,426)
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Earnings
per common share - basic |
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(0.08)
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(0.07)
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Earnings
per common share - diluted |
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(0.08)
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(0.07)
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Wtd.
avg. common shares outstanding |
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3,042,296
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3,027,796
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Net loss increased in large part due to economic factors
including higher raw material costs, energy costs and the
decrease in the value of the United States dollar. Sales figures
are down from the third quarter of the previous year due to
the sale of the finished dosage facility in Kansas earlier
this year. (See Company press release 3/5/04 http://www.polydex.com/v2/news/04-03-05.html)
Improving product quality and achieving cost reductions remain
Management priorities toward improving margins. Additionally,
the Company has entered into forward contracts to lock in
exchange rates and reduce currency risk exposure.
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.
CONTACT:
Investor
Relations
North Arm Capital Services
Linda Hughes, Toll-free 1-877-945-1621
or e-mail: Linda@northarm.com
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