TORONTO, Sept. 15, 2010 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for the second quarter of fiscal 2011, the three-month period ending July 31, 2010. All figures are reported in U.S. dollars.
| Q.2, ending 7/31/2010 | Q.2, ending 7/31/2009 | |
| Sales | $ 986,349 | $ 1,232,799 |
| Net Loss | (345,208) | (503,902) |
| Loss per common share | (0.11) | (0.17) |
|
Weighted avg. common Shares outstanding (basic and diluted) |
3,072,846 | 3,072,846 |
Cost control initiatives implemented by Management have contributed to the reduction in net losses, despite a decrease in sales in the second quarter of fiscal 2011 as compared to the same period last year. The decrease in sales is primarily due to a reduction in orders received from a few larger customers that had experienced a slow-down in operations but remain solid customers with continued orders going forward over the next few quarters. Sales for the six-month period ending July 31, 2010 actually increased slightly from $2,262,960 (for the period ending July 31, 2009) to $2,279,728 due to increased sales in Canadian dollars in that period.
As management has continued to aggressively explore opportunities for new market penetration and increase sales of the core dextran product line, several new customers and potential customers are emerging from new sources in Europe and the United States.
The Company shares continue to be quoted on the Pink Sheets 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
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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.