TORONTO, March 01, 2016 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (OTC Pink:POLXF) announces that, due to the continuing improvement of operations, its wholly owned subsidiary, Dextran Products Limited, has secured traditional bank financing to replace the existing private mortgage at a lower interest rate, and has also secured an additional credit line of $300,000.00
“With traditional bank support,” says George Usher, President and CEO of the company, “we now have access to additional credit for investment in new equipment and plant upgrades.”
The company has utilized private lenders in the absence of traditional bank financing for the last three years, and have had limited access to any additional credit for the last six years.
The Company’s publicly traded shares continue to be quoted on the OTC Pink platform (www.otcmarkets.com/stock/POLXF/quote)
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacture of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry, and the development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market. Company website: www.Polydex.com Twitter: @PolydexPOLXF
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: North Arm Capital Services, Linda Hughes, 1-877-945-1621, Linda@northarm.com
Source:Polydex Pharmaceuticals Limited