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POLYDEX REPORTS IMPROVED SALES PERFORMANCE FOR FISCAL THIRD QUARTER AND FIRST NINE MONTHS

 BOYNTON BEACH, Fla., Dec. 14 /PRNewswire/ -- Polydex Pharmaceuticals Limited ("Polydex") (NASDAQ Small Cap: POLXF), today reported an increase in sales for the fiscal third quarter and first nine months ended Oct. 31, 1993.
 Sales in the fiscal third quarter rose 74% to $1,752,398 from $1,009,669 reported for the same prior year interval. It was indicated all of the $742,729 gain in sales in this period was attributable to sales from the Veterinary Laboratories ("Vet Labs") plant in Lenexa, Kan., which was acquired by Polydex on Nov. 30, 1992. Vet Labs' profit margins, however, have remained lower than those of the Company's Dextran Products subsidiary due largely to higher administrative and marketing expenses at the Lenexa facility incurred to increase future sales volume. As a result, a consolidated net loss for the third quarter amounting to $219,518 was sustained, versus a net profit of $36,093 recorded in the year ago period.
 For the nine months, sales increased by 84% to $5,478,774 from $2,979,131. After giving effect to the same factors which impacted third quarter operations, a net loss of $334,498 was sustained in the fiscal 1993 nine months period versus the net profit of $238,979 recorded in the year earlier nine months.
 In commenting on operations, Thomas C. Usher, Chairman, noted that profit margins at Vet Labs are expected to improve and sales volume should continue to increase. Mr. Usher also stated that toxicity and metabolism testing involving extended dose trials of Cytochalasin-D on animals were completed this past fall. These tests were carried out at an independent FDA-registered testing facility in Rockville, Md. Cytochalasin-D, which is a component of a new AIDS drug currently under development by the Company, is a naturally occurring compound derived from a fungal metabolite. The test results, including the histology of vital organs, indicate absence of toxicity at dose levels significantly in excess of the recommended dose level for humans.
 Polydex, founded in 1972, is one of the world's leaders in the production of dextran-based products. The Company's shares are traded in the over-the-counter market under the NASDAQ symbol POLXF, and are listed on the Boston Stock Exchange (PXL).
 -0- 12/14/93
 /CONTACT: Ron Como & Associates, 212-227-3010/
 (POLXF)


CO: Polydex Pharmaceuticals Limited ST: Florida IN: MTC SU: ERN

JG-MP -- NY028 -- 3570 12/14/93 10:27 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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