TORONTO, June 15, 2010 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for the first quarter of fiscal 2011, the three-month period ending April 30, 2010. All figures are reported in U.S. dollars.
| Q.1, ending 4/30/2010 | Q.1, ending 4/30/2009 | |||
| Sales | $1,293,379 | $1,030,161 | ||
| Net Loss | (83,136) | (53,727) | ||
| Loss per common share | (0.03) | (0.02) | ||
| Weighted avg. common | ||||
| Shares outstanding (basic and diluted) | 3,072,846 | 3,072,846 |
Sales increased by just over 25% for the first fiscal quarter over the same period last year. Management is hopeful that its major customers are beginning to emerge from the global economic downturn and may be cautiously returning to increased manufacturing of their pharmaceutical products. The company has been receiving increased inquiries about product availability and pricing from long-term customers and a number of potential new ones.
The company has been in continual operation, supplying raw materials to the pharmaceutical industry, for over 40 years and is experienced in management through cycles of economic growth and recession. Cost reductions measures have resulted in a higher degree of efficiency and improved control of operational processes, and the company is poised to increase production as orders are received.
Management will continue to focus on the manufacture and sales of the core product lines that have traditionally been the backbone of the Company.
While the company is tightly controlling all costs including legal, accounting and filing fees, the company intends to continue full disclosure of its financial and operational results, which will henceforth be posted on the company website at www.Polydex.com.
The Company shares continue to be quoted and traded on the Pink Sheet platform (www.pinksheets.com).
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the 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. Company website: www.Polydex.com
The Polydex Pharmaceuticals Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3414
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, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like "may," "could," "might," "expect," "anticipate," "believe," or similar words. 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 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.