TORONTO, May 4, 2011 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the "Company") reports financial results for its fiscal year ended January 31, 2011. All figures are reported in U.S. dollars.
Recent retraction in the supply chain of dextran-based raw materials has seen a growing demand for the company's core product line, resulting in an upsurge in interest and an increase in manufacturing operations during the 4th quarter to replenish inventories. With the significant growing demand for dextran-based products, the company has launched a new website to showcase its product line at www.dextran.ca.
| Fiscal Year End 2011 | Fiscal Year End 2010 | |
| Sales | $4,483,105 | $4,481,174 |
| Net Loss | (697,658) | (2,144,735) |
| Loss per common share | (0.23) | (0.70) |
|
Weighted avg. common Shares outstanding (basic and diluted) |
3,072,846 | 3,072,846 |
Loss before taxes this fiscal year amounted to $695,961, a significant improvement from the loss of $2,144,735 last year.
Sales for the 4th quarter of the fiscal year totaled $1,175,585 and net loss in the quarter was reported at $0.08 per share, whereas the company reported a loss of $0.45 in the same period of the previous year.
Management has remained focused on the manufacture and sales of the core product lines and positioned to reliably provide a consistent supply of products at a time when the economy and other factors have significantly impacted its competitors' abilities to stay the course.
Management has explored and identified new markets in India, Australia and South America, and is also finding a renewed interest from Europe, Canada and the U.S.
"This all started a few years back," remarked President and CEO George Usher. "First one, and then another, of our competitors ceased production. We sold a subsidiary manufacturing plant in Kansas in 2004 to raise money and focus on upgrading our current facility. Then we noticed a trend in diminishing customer orders, and learned that some of them were exploring cheaper supply chains out of China. We kept in touch and after a time, those customers began to return to us, noting that our supply had consistently been of the highest quality. The growing sales of our current products is the first step in our strategic plan to meet those needs in the future as well."
The Company plans to remain vigilant with cost management, and continues planning for refurbishment of the facility to further increase market share and develop refined products for expansion into the high margin clinical grade supply chain.
The Company shares are traded on the Over the Counter Bulletin Board (www.otcbb.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.