Polydex Pharmaceuticals reports Q1 EPS (4c) vs. (2c) last year

Reports Q1 revenue $1.5M vs. $1.2M last year. 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.. 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.”