February 28, 2005

COMPANY FOUNDER AND VICE CHAIRMAN
THOMAS C. USHER
DECEASED AT AGE 90

Toronto, Ontario, February 28, 2005 -- Polydex Pharmaceuticals Limited (NASDAQ:POLXF) George Usher, President and CEO of Polydex Pharmaceuticals Limited, is deeply saddened to announce the death of his father, company founder and Vice Chairman, Thomas C. Usher, over the weekend. Mr. Usher Sr. had been healthy up until the time of his death, and passed away suddenly.

"My father founded this company on fundamental scientific principles, utilizing very basic materials and molecules to create great things. His specific talent, in envisioning new and innovative health applications based on our most basic core product line, has launched research and development programs into possible treatments for cystic fibrosis and other lung ailments, contraception and HIV prevention, cosmetics and pharmaceuticals. His legacy remains in what we do."

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 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:

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