Polydex Pharmaceuticals Issues Third Quarter Financial Report
December 15 2010 - 10:39AM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) reports financial results for its third fiscal
quarter, the three-month period ended October 31, 2010.
POLYDEX PHARMACEUTICALS LIMITED
AND SUBSIDIARIES |
THIRD QUARTER RESULTS, FISCAL
2011 |
QUARTER ENDED: October 31,
2010 |
(Unaudited figures, stated in
US dollars) |
|
|
|
|
Quarter Ended 10/31/10 |
Quarter Ended 10/31/09 |
|
|
|
Sales |
$1,027,792 |
$1,153,776 |
|
|
|
Net Income (loss) |
(21,490) |
(216,442) |
|
|
|
Earnings (loss) per common share |
(0.01) |
(0.07) |
|
|
|
Weighted avg. common Shares outstanding
(basic and diluted) |
3,072,846 |
3,072,846 |
Management's diligent focus on methods to improve profitability
has resulted in a continued trend of reduced expenses and with only
a marginal decrease in sales, has successfully reduced the net loss
for this reporting period.
Specific concentration on new and established customers in
Europe is resulting in increased orders from this region, including
newly defined interest from new potential customers of a
competitor. Further, a new potential customer has indicated a
need for a significant supply of raw dextran to meet their
manufacturing requirements, and Management looks forward to the
nurturing and development of these emerging relationships.
With this new interest in the company's powdered products,
Management will soon be able to bring online the recently installed
spray dryer when necessary testing and documentation has been
completed, in realization of the long-term strategic planning
objectives embarked upon with the refurbishment of the production
facilities in recent years.
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.
CONTACT: North Arm Capital Services
Investor Relations:
Linda Hughes
1-877-945-1621
Linda@northarm.com
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