Polydex Pharmaceuticals Issues Third Quarter Financial Results

Company remains profitable with strong balance sheet and cash position

Point Roberts, Washington, UNITED STATES


TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the “Company”) is pleased to report financial results for the third quarter of fiscal 2021, the period ending October 31, 2020. All figures are reported in U.S. dollars.

 Q3 ending October 31, 2020Q3 ending October 31, 2020
   
Sales1,228,8551,215,105
   
Net Income23,60773,782
   
Income per common share    - basic0.010.02
                                               - diluted0.010.02
   
Weighted avg. common shares  
Outstanding                            - basic3,432,4783,419,478
                                               - diluted3,432,4783,444.868

The company fundamentals remain strong with a good cash position and balance sheet even in light of the COVID-19 pandemic.

The demand for Native Dextran was consistent throughout the third quarter, has fluctuated in Q4 thus far, but appears to have stabilized going forward. The COVID pandemic continues to cause uncertainty with some customers, who are cautious about forecasting their needs with any clarity.

George Usher, President and CEO stated “We are pleased that we have been able to remain profitable this year, despite the worldwide impact of the Covid-19 pandemic.” He also noted that “Our customer base is largely engaged in the production of end-use pharmaceutical components both for veterinary and human use, and as such are essential businesses to be maintained, albeit with a higher level of safety protocols for workers.”

The Company’s publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote).

The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacturing of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry, and also the development, manufacturing and marketing of biotechnology-based for products for the human pharmaceutical market.

Company website: www.Polydex.com

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. Other risk factors discussed in the Company’s financial reports may also affect the actual results achieved by the Company.

Contact:

Investor Relations: Linda Hughes, PolydexIR@gmail.com