Polydex Pharmaceuticals Issues First Quarter Financial Results

The Special Shareholders Meeting to vote on the BioSpectra Acquisition is set for July 14th, 2023

TORONTO, June 15, 2023 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the “Company”) reports financial results for the first quarter of fiscal 2024, the period ended April 30, 2023. All figures are reported in U.S. dollars.

		Q1 ended April 30, 2023	Q1 ended April 30, 2022
Sales		1,494,652	1,155,764
Net Income		(152,992)	(77,100)
Income per common share	- basic	(0.04)	(0.02)
	- diluted	(0.04)	(0.02)
Weighted avg. common shares
Outstanding	- basic	3,432,478	3,432,478
	- diluted	3,432,478	3,432,478

While the first quarter sales showed some improvement from the first quarter of fiscal 2023, the cost of goods sold increased during that period due to a delay in receipt of replacement inventory of liquid material from overseas.

Given the uncertainty for the future and over the past several years, the Company entered into a Plan of Arrangement on April 26, 2023, whereby BioSpectra will acquire all of the outstanding shares of the Company. (Press release available https://www.polydex.com/news)

On May 24, 2023, an Interim Hearing was held in the Ontario Court of Justice and the Interim Order was approved. A Special Shareholders Meeting is scheduled to be held on July 14, 2023 to vote on the acquisition. Shareholders will receive a Notice of Meeting and Information Circular prior to the meeting.

George Usher, President and CEO, noted that “the Polydex Board carefully considered the terms of the Agreement and surrounding circumstances, and has concluded that it is in the best interest of the Company, and its shareholders, to pursue completion of the Agreement, and as such the Board unanimously recommends approval of the transaction.” He added that, “this decision came after consultation with legal counsel, consideration of a number of ongoing factors, and the receipt of a Fairness Opinion, from an independent financial advisor, of the arrangement. Considering our current and historical financial condition, capital needs, liquidity, results of operations, business and competitive position, along with future plans and long-term value, this Agreement is the fairest option to bring to the Polydex shareholders.”