Polydex Pharmaceuticals Issues Third Quarter Financial Report

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
          [e-mail]