POLYDEX PHARMACEUTICALS LIMITED AND SUBSIDIARIES
SECOND QUARTER RESULTS, FISCAL 2006
QUARTER ENDED: July 31, 2005
(Unaudited figures, stated in U.ashastd.

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This grant funding enabled CONRAD to commence the
second of two Phase III clinical trials to determine Ushercell's
effectiveness for the prevention of HIV and other sexually transmitted
diseases.
* More than 60 million people in the US are living with a viral sexually
transmitted infection such as genital herpes . To learn more
about ASHA, visit http://www.

transmitted reproductive

Conversion of some internal
procedures for compliance with GMP standards has been completed.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 . 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 well as
results of pending or future clinical trials.

transmitted unfpa

PRESS RELEASE Polydex Pharmaceuticals Reports Second Quarter Results

Polydex Pharmaceuticals Limited (NASDAQ: POLXF)
reports financial results for its second fiscal quarter, the three-month
period ending July 31, 2005. A Good
Manufacturing Practices certification will be required to meet production
goals by 2006. CONRAD is administered through the Department of
Obstetrics and Gynecology at Eastern Virginia Medical School (EVMS) in
Norfolk, VA, with the main office located in Arlington, VA."
Following the rally, participants made visits to their local lawmakers to
educate and update legislators on issues important to the coalition such as
protecting access to emergency contraception. Connecticut , the
U.

reproductive stds

Incorrect use of condoms can be a problem.

mobilization acceptability

"Too often, arguments of morality get in the way of sound public health,"
says James R. Allen, MD, MPH, ASHA 's president + CEO. ASHA's online material was recommended
recently in a condom write-up by Consumer Reports.
The event fell at the midpoint of CCRF's 5th Annual Capitol Day, where
advocates and activists gathered to protect women's health and learn about
emerging issues such as access to confidential health care, protecting
comprehensive sex education and information on reproductive freedom in the
gene age.
We're grateful for the support of the state's lawmakers in our efforts to
protect and expand reproductive freedom in California," said Kathy Kneer,
president of Planned Parenthood Affiliates of California. Supreme Court case which struck down state laws that had made the use of
birth control by married couples illegal.

accomplish puberty

4
billion per year. "Research
continues to demonstrate that condoms -- used consistently and correctly --
are one of the best tools in the prevention of STDs, including HIV.

unfpa satisfying

S.

Ushercell is among the leading candidates in the development of an HIV
prevention microbicide, and as such has been featured in a number of
television news stories across Canada and the US, as well as a variety of
international print articles from India, Africa , the UK and in Canada's
national newspaper, The Globe and Mail, featuring a story written by
award -winning journalist, Stephanie Nolen (Globe, May 24, 2005, AIDS: A
devastating setback in Africa but a drug from Canada offers hope)

George Usher says, "We're obviously very pleased with the development
achievements of Ushercell, and as this important research continues to gain
broader exposure and international support, I'm looking forward to
attending presentations and scientific findings at the Microbicides 2006
conference," a biennial event to be next held in Cape Town, South Africa in
April 2006., The national
nonprofit that chose Valentine's Day as National Condom Day is sticking by its
message: Love safely-passion and prevention are both important.
* Over the course of a lifetime, at least one in four Americans will
contract an STD.

motherhood puberty

Also during this quarter , preparations for a clinical trial to evaluate
Ushercell's effectiveness at treating a common disorder among
reproductive-age women, Bacterial Vaginosis (BV) remained in progress.org
(Spanish-language site for teens).
ASHA continues to deliver accurate, reliable sexual health information to
millions of people worldwide, via hotlines, state-of-the-art Web sites,
responsive e-mail services, and a variety of education programs."
June 7 also marks the 40th anniversary of Griswold v.

accomplish acceptability

S.

In this past quarter, Ushercell became the recipient of $24 million in
additional funding to CONRAD from the
United States Agency for International Development (USAID) and the Bill and
Melinda Gates Foundation.

CONRAD is a cooperating agency of USAID committed to improving reproductive
health by expanding the contraceptive choices of women and men and by
helping to prevent the transmission of HIV/AIDS and other sexually
transmitted diseases. "It's
gratifying to see so many people here who understand the importance of
protecting all forms of reproductive freedom and who wish to celebrate our
victories and plan for our future.

fibroids dysfunctions

Polydex. "And we look forward
to continuing to work with the Legislature in preventing new measures that
attempt to restrict access to reproductive health care.

sexually reproduce

Lawmakers who spoke at the rally included Senators Debra Bowen, Joe Dunn,
Deborah Ortiz , Jackie Speier and Assembly members, Rebecca Cohn, Paul Koretz,
Mark Leno, and Pedro Nava.

Implicit in
this are the right of men and women to be informed and to have access to
safe, effective, affordable, and acceptable methods of family planning of
their choice, and the right to appropriate health-care services that enable
women to safely go through pregnancy and childbirth.

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07) 0.

Polydex Website

Management also continues to seek strategic bio-pharmaceutical alliances
for the future commercial development of Ushercell , while maintaining
production with outsourced GMP facilities that have successfully produced
and shipped hundred of thousands of individual dose units of Ushercell to
clinical trial sites in the U.quierosaber.org.

reproductive reproduce

This has
contributed to keeping the cost of production of Ushercell to a minimum ,
while maintaining consistent production of units for the various clinical
trial sites. 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.

fhi transmitted

With the contraceptive trial now completed, and the BV trial preparing to
commence, Management anticipates that either of these indications could
present an opportunity to bring Ushercell to market ahead of results from
the HIV prevention trials which are anticipated to last several years.

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is
engaged in the research, 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.C.

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Management has been examining ways to increase
production and decrease costs of operation to meet the challenges of the
changing operating environment., Brazil, India and Africa. Abstinence and monogamy are important public
health messages, but to think these messages alone will fix the problem is
shortsighted at best and dangerous at worst," states Allen.ashastd.

listservs stds

"With more than 18
million new cases of sexually transmitted infections each year, we must access
every available option to stem the tide of this epidemic.
"I'm proud to be part of a statewide coalition that has advocated for
policies to meet the unique needs of women for more than 30 years," said Rocio
Cordoba, president of the California Coalition for Reproductive Freedom.

epigee reproductive

07) 0. avg.

George Usher, President and CEO, says, "We have opportunities for growth
with our current customer base, as well as forging into new markets, and
are working to increase overall quality and production to meet sales
objectives .

puberty sexually

Currently, the global contraception market alone is valued at US$4.

ASHA was established 90 years ago as a nonprofit organization devoted to
STD prevention. SACRAMENTO, Calif ., Protecting and expanding access
to reproductive health care is the focal point of a rally today organized by
the California Coalition for Reproductive Freedom.

Reproductive health implies that people are able to have a
satisfying and safe sex life and that they have the capability to reproduce
and the freedom to decide if, when, and how often to do so.

implies reproline

"

Planning for anticipated growth in demand for the Company's core product
line, we are investing part of the capital gained from the sale of the
Kansas facility to implement a series of refurbishments to the Toronto
facility, and acquiring new equipment."
"Humans are sexual beings.

acceptability stds

CONRAD, in collaboration with Family Health International, has
also recently completed a Phase II clinical trial assessing the efficacy of
Ushercell as a contraceptive, for which a report is expected in mid-2006. A complete discussion of condom
guidelines is available from ASHA at http://www.org,
http://www.

ippf cervical

common
shares outstanding 3,052,296 3,037,463

A number of factors have affected the net income of the Company this
quarter. Fluctuating currency exchange rates continue to have an affect on
margins and profitability, and more recently, rising energy costs and
subsequent effect on the price of raw materials has contributed to the
decline in net income. The organization remains at the forefront of efforts to create
a social environment that promotes responsible sexual behavior and improves
the health of people, families, and communities.

Hundreds of Activists Rally for Reproductive Freedom

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dollars)

Quarter ended 7/31/2005 Quarter ended 7/31/2004

Sales $ 1,273,470 $ 1,338,409

Net Income (loss) (228,432) 12,759

Earnings (loss) per
common share - basic (0.00

Wtd.

'Love Safely' Is Public Health Message for Valentine's Day

The American Social Health Association Urges
Condom Education and Use

RESEARCH TRIANGLE PARK, N.

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00

Earnings (loss) per
common share - diluted (0.
The American Social Health Association (ASHA), a 90-year-old nonprofit
dedicated to sexually transmitted disease (STD) prevention, says condom use
remains a cornerstone of the public health response to this nation's STD
epidemic."

Here are the facts:
* Every year, there are more than 18 million new cases of STDs. More than 400 activists
from across the state gathered at the noontime rally on the North Steps of the
Capitol.

unfpa puberty

To accomplish the necessary upgrades, we can expect that
increased capital expenditures will continue through fiscal year end of
January 2006. As
Bacterial Vaginosis may act as a co-factor in the heterosexual transmission
of HIV, the impact of vaginal microbicides on Bacterial Vaginosis warrants
further study.

Please visit the Company's website: www.

The California Coalition for Reproductive Freedom (CCRF) is a coalition of
more than 40 organizations dedicated to ensuring that every woman has the
community support and access to make informed personal decisions about her
physical and sexual health and well-being, including comprehensive health
care, healthy pregnancies and safely preventing and ending pregnancies.

Reproductive health is defined by the World Health Organization as a state of physical, mental, and
social well-being in all matters relating to the reproductive system at all
stages of life.