Polydex Pharmaceuticals Ltd.

TORONTO, July 18, 2023 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTC Pink: POLXF) (the “Company” or “Polydex”) held a Special Meeting on July 14, 2023 relating to a Plan of Arrangement involving Polydex Pharmaceuticals Limited, Biospectra International Inc., and Biospectra Canada Inc., previously announced on April 27th, that upon shareholder approval, Biospectra would acquire all of the outstanding common and preferred shares of the Company for total consideration of $6,940,000, of which US$6,924,980.02 will be paid for 3,432,478 common shares outstanding and US$15,019.98 will be paid for 899,400 Class B Preferred shares outstanding. The price per common share is US$2.017. A quorum being present, the votes were counted and the plan was approved with 99.95% of the votes present in person or by proxy approving the plan as presented. The Company received an interim order approving the deal from the Ontario Court of Justice, and will now seek a final order from the Ontario Court of Justice approving the Arrangement and authorizing its closing. George Usher, the President and CEO of Polydex said “We are extremely pleased that the shareholders have overwhelmingly approved the transaction we have struck with BioSpectra.” Polydex, based in Toronto, Ontario, is engaged in the manufacturing of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry and also the development, manufacturing and marketing of biotechnology-based products for the human pharmaceutical market. The Company focuses on the manufacture and sale of Dextran and derivative products, including Iron Dextran and Dextran Sulphate and other specialty chemicals. The Company conducts its business operations through its two wholly-owned subsidiaries/divisions. The manufacture and sale of Dextran and derivative products is conducted through Dextran Products and Chemdex Inc. which is incorporated in the State of Kansas, United States. Contact:Investor Relations: Linda Hughes, PolydexIR@gmail.com Company website: www.Polydex.com

The Special Shareholders Meeting to vote on the BioSpectra Acquisition is set for July 14th, 2023TORONTO, 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, 2023Q1 ended April 30, 2022 Sales1,494,6521,155,764 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 - basic3,432,4783,432,478 - diluted3,432,4783,432,478 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.” If the Arrangement is approved by shareholders at the shareholder meeting, the Company, as required by Canadian law, will then seek a final order from the Ontario Court of Justice approving the Agreement and authorizing its closing. The Company’s publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote). The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacturing of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry, and also the development, manufacturing and marketing of biotechnology-based for products for the human pharmaceutical market. Company website: www.Polydex.com 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. Other risk factors discussed in the Company’s financial reports may also affect the actual results achieved by the Company. Contact: Investor Relations: Linda Hughes, PolydexIR@gmail.com

Company finalizing acquisition with U.S. partner in 2023TORONTO, May 01, 2023 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the “Company”) reports financial results for its fiscal year ended January 31, 2023. All figures are reported in U.S. dollars. Fiscal Year End 2023Fiscal Year End 2022 Sales4,404,489 4,229,126 Net Income(766,374) (551,627) Income per common share - basic(0.22) (0.16) - diluted(0.22) (0.16) Weighted avg. common shares Outstanding - basic3,432,478 3,432,478 - diluted3,432,478 3,432,478 Overall, the year’s results weren’t entirely unexpected given the continued uncertainty worldwide with respect to the COVID pandemic and the African Swine Fever. The global pandemic continues but remains extremely fluid. Management continues to monitor the situation carefully to maintain our COVID-19 protocols surrounding cleaning and staff safety. Given the uncertainty for the future and over the past several years, the Company (“Polydex”) entered into an agreement with BioSpectra Inc. to acquire all of the outstanding common and preferred shares of the Company for total consideration of $6,940,000. A Special Shareholders Meeting will be held on a date to be announced to vote on the acquisition. The Polydex Board reviewed Polydex’s current and historical financial condition, capital needs, liquidity, results of operations, business and competitive position, as well as Polydex’s future business plans and potential long-term value, taking into account its future prospects and costs. Based on this review and the surrounding circumstances, the Polydex Board concluded the Arrangement was the most favorable alternative available to the Polydex Shareholders. George Usher, the President and CEO of Polydex commented that “We are extremely pleased with the transaction we have struck with BioSpectra. This transaction comes as a conclusion to a long process undertaken by the Board to enhance shareholder value. We have studied multiple options and believe this is the best one for our shareholders.” The Company’s publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote). The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacturing of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry, and also the development, manufacturing and marketing of biotechnology-based for products for the human pharmaceutical market. Company website: www.Polydex.com 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. Other risk factors discussed in the Company’s financial reports may also affect the actual results achieved by the Company. Contact: Investor Relations: Linda Hughes, PolydexIR@gmail.com