Polydex Pharmaceuticals Issues First Quarter Financial Results
June 15 2010 - 12:39PM
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.
CONTACT: North Arm Capital Services
Investor Relations:
Linda Hughes
1-877-945-1621
Linda@northarm.com
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