May 2, 2004

POLYDEX PHARMACEUTICALS LIMITED - 2005 FISCAL YEAR END RESULTS

Toronto, Ontario, May 2, 2005 -- Polydex Pharmaceuticals Limited (NASDAQ:POLXF) (BSE:PXL) has announced the results for its fiscal year ending January 31, 2005. All figures are reported in US dollars.

Sales of the Company were lower for the year ending January 31, 2005, as was expected due to the sale of the United States veterinary pharmaceutical business on March 4, 2004.

Net income has increased by $1,145,910 over the previous fiscal year, resulting in earnings of $0.38 per common share. This increase in net income is primarily attributable to the gain realized on the sale of the assets of the United States veterinary pharmaceutical business.

Sales of the retained bulk pharmaceutical intermediary business increased in fiscal 2005 over fiscal 2004 by 16%, primarily due to an increased demand for products from European customers.

A copy of the Company's Annual Report on Form 10-K, including its complete fiscal year end financial statements, is available at the company website at www.Polydex.com.

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
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Linda Hughes, Toll-free 1-877-945-1621
or e-mail: Linda@northarm.com