Polydex Pharmaceuticals Issues 2011 Fiscal Year End Financial Results
May 04 2011 - 6:00AM
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
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: Investor Relations:
North Arm Capital Services
Linda Hughes
1-877-945-1621
Linda@northarm.com
Polydex Pharmaceuticals (PK) (USOTC:POLXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polydex Pharmaceuticals (PK) (USOTC:POLXF)
Historical Stock Chart
From Jul 2023 to Jul 2024