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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 4, 1997
POLYDEX PHARMACEUTICALS LIMITED
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(Exact Name of Registrant as Specified in Charter)
Commonwealth of the Bahamas 1-8366 None
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
421 Comstock Road, Scarborough, Ontario, Canada M1L 2H5
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (416) 755-2231
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N/A
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On November 4, 1997, Polydex Pharmaceuticals Limited announced that
it has ended negotiations to acquire privately held Del Crane Medical, Inc. and
associated companies. A copy of the press release is attached hereto as Exhibit
99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99 Press release of Polydex Pharmaceuticals Limited dated November 4,
1997 with respect to its announcement that it has ended negotiations
to acquire privately held Del Crane Medical, Inc. and associated
companies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 7, 1997
POLYDEX PHARMACEUTICALS LIMITED
(Registrant)
By /s/ George G. Usher
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George G. Usher, President and Chief
Executive Officer
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EXHIBIT INDEX
Exhibit Number Exhibit Description
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99 Press release of Polydex Pharmaceuticals Limited dated
November 4, 1997 with respect to its announcement that
it has ended negotiations to acquire privately held
Del Crane Medical, Inc. and associated companies.
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EXHIBIT 99
POLYDEX PHARMACEUTICALS ENDS NEGOTIATIONS TO ACQUIRE DEL CRANE
Cites encouraging hospital reports on its cystic fibrosis drug
Scarborough, Ontario ...November 4, 1997... Polydex Pharmaceuticals
Limited (NASDAQ: POLXF) announced today that is has ended negotiations to
acquire privately held Del Crane Medical, Inc. and associated companies.
Polydex President George G. Usher said that the company would refocus
its strategy to step up development of its cystic fibrosis drug, Usherdex-4. "In
the past two weeks, Polydex has received encouraging hospital reports that
Usherdex-4 demonstrated its ability to reduce lung mucus from a molasses-like
level to a watery state.
"As a result of this clinical discovery, Polydex will need to increase
its production capacity of Dextran, the basic building block of Usherdex-4. The
board of directors has therefore decided to concentrate financial and personnel
resources on its cystic fibrosis drug, which might be brought to market sooner
than originally expected," Usher said
Polydex Pharmaceuticals Limited researches, develops, manufactures and
markets biotechnology based products for veterinary, human pharmaceutical and
cosmetics industries worldwide.
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NOTE: The statements in this press release may contain certain forward-looking
elements. Actual events or results may differ from the company's expectations.
In addition to the matters described in this press release, future actions by
the Food and Drug Administration or equivalent foreign regulatory authorities,
results of pending or future clinical trials, as well as risk factors listed in
the company's SEC filings, may affect the actual results achieved by the
company.
