TORONTO, June 15, 2009 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTCBB:POLXF) (the "Company") reports financial results for the first quarter of fiscal 2010, the three-month period ending April 30, 2009. All figures are reported in U.S. dollars.
Q.1, ending 4/30/2009 Q.1, ending 4/30/2008
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Sales $ 1,030,161 $ 1,219,785
Net Loss (53,727) (25,622)
Loss per common share (0.02) (0.01)
Weighted avg. common
Shares outstanding
(basic and diluted) 3,072,846 3,072,846
Management is continuing to explore opportunities to increase distribution chains for existing dextran products in overseas markets, and has identified potential new customers in Europe. The decrease in sales for the first quarter is due to a substantial order produced and shipped during the same period last year that was expected to be repeated in this first quarter, but was delayed. Management now expects that repeat order in the third quarter of this fiscal year.
Management has undertaken a number of initiatives that it believes will be instrumental in leading to more profitable operations including an increased interaction with larger new and potential customers, conducting on-site visits to view production and to address future opportunities and potential concerns, thereby strengthening relationships with these customers.
Cost reductions relating to production and administration, together with a restructuring of supervisory hierarchy over production personnel have also been implemented in order to ensure a higher degree of efficiency and improve control of operational processes, including increased frequency of production meetings.
Management intends to continue to focus on the manufacture and sales of the core product lines that have traditionally been the backbone of the Company.
The Company's working capital increased to $1,412,349 at April 30, 2009 from the $1,359,946 reported at January 31, 2009.
The Company shares continue to be quoted on the Pink Sheet platform (www.pinksheets.com), where the Company is currently identified as a Pink Quote OTCBB Transparent company, one that may be quoted both on the Pink Quote system and the Over The Counter Bulletin Board (OTCBB).
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.