Polydex Pharmaceuticals Issues Second Quarter Financial Results
15 Septembre 2010 - 3:00PM
Polydex Pharmaceuticals Limited (Pink
Sheets:POLXF) (the "Company") reports financial results for the
second quarter of fiscal 2011, the three-month period ending July
31, 2010. All figures are reported in U.S. dollars.
|
Q.2, ending 7/31/2010 |
Q.2, ending 7/31/2009 |
|
|
|
Sales |
$ 986,349 |
$ 1,232,799 |
|
|
|
Net Loss |
(345,208) |
(503,902) |
|
|
|
Loss per common share |
(0.11) |
(0.17) |
|
|
|
Weighted avg. common Shares outstanding
(basic and diluted) |
3,072,846 |
3,072,846 |
Cost control initiatives implemented by Management have
contributed to the reduction in net losses, despite a decrease in
sales in the second quarter of fiscal 2011 as compared to the same
period last year. The decrease in sales is primarily due to a
reduction in orders received from a few larger customers that had
experienced a slow-down in operations but remain solid customers
with continued orders going forward over the next few quarters.
Sales for the six-month period ending July 31, 2010 actually
increased slightly from $2,262,960 (for the period ending July 31,
2009) to $2,279,728 due to increased sales in Canadian dollars in
that period.
As management has continued to aggressively explore
opportunities for new market penetration and increase sales of the
core dextran product line, several new customers and potential
customers are emerging from new sources in Europe and the United
States.
The Company shares continue to be quoted on the Pink Sheets
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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