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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) September 18, 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 September 18, 1997, Polydex Pharmaceuticals Limited announced that
it has signed a letter of intent to acquire 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 September 18,
1997 with respect to its announcement that it has executed a letter of
intent to acquire 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: September 22, 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
September 18, 1997 with respect to its
announcement that it has executed a letter of intent to
acquire Del Crane Medical, Inc. and associated
companies.
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Exhibit 99
COMPANY PRESS RELEASE
POLYDEX PHARMACEUTICALS TO ENTER MEDICAL MANAGEMENT FIELD
AGREES TO ACQUIRE DEL CRANE MEDICAL, AND ASSOCIATED COMPANIES
SCARBOROUGH, Ontario--(BUSINESS WIRE)--Sept. 18, 1997--Polydex Pharmaceuticals
Limited (NASDAQ: POLXF) announced today that it has signed a letter of intent to
acquire privately held Del Crane Medical, Inc. and associated companies.
Polydex Chairman Alec Keith said that the acquisition would be funded by
issuance of Polydex shares in an amount to be disclosed after valuation of Del
Crane assets. "Polydex has made a strategic decision to expand into the rapidly
growing Physicians Office Management area, and will use its expertise to design
and construct Disease-Oriented drug formularies for Physicians Practice
Management groups," said Keith.
Del Crane Medical, Inc., headquartered in Cincinnati, OH, licenses and markets
software systems for Physicians Office Management, Disease-Oriented Managed Care
and Disease-Oriented Drug Therapy. Del Crane Medical, Inc. also processes
medical and Medicare claims for clients across the United States.
Dr. Newell Crane, Chairman of Del Crane Medical and President and CEO of
Masterpiece Medical, will assume the position of President and CEO of a new
Polydex Pharmaceuticals holding company. Dr. Crane will bring 28 years of
healthcare experience to Polydex.
Up to the present time, Polydex Pharmaceuticals Limited has researched,
developed, manufactured and marketed biotechnology based products for
veterinary, human pharmaceutical and cosmetics industries worldwide. "Polydex
will continue these business lines," said Keith.
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.
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Contact:
Polydex Pharmaceuticals Limited
George G. Usher, President, 416/755-2231
[email protected]
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or
The Cavior Organization Inc., New York
Warren J. Cavior, 212/687-6070
[email protected]
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