POLYDEX PHARMACEUTICALS LIMITED
NASDAQ : POLXF

POLYDEX PHARMACEUTICALS LIMITED

November 29, 2006 11:20 ET

Microbicides Featured in Nasdaq World AIDS Day Ceremony

Canadian Microbicide Developer Polydex Pharmaceuticals to Participate in Panel Discussion and Closing Bell Ceremony

TORONTO--(CCNMatthews - November 29, 2006) - Polydex Pharmaceuticals Limited (NASDAQ: POLXF) is proud to announce their upcoming participation in the World AIDS Day ceremony at the Nasdaq Stock Market on December 1, 2006. Polydex has been listed on the Nasdaq Stock Exchange for more than 34 years and is the only commercial microbicide developer in Canada. Their product, Ushercell, is currently in Phase III clinical trials in Africa and India, which is being managed by the Arlington-based research organization CONRAD.

In addition to George Usher, President, Chairman and CEO of Polydex, three CEO's involved in HIV prevention or treatment will participate in a panel discussion and the closing bell ceremony. Emilio A. Emini, Ph.D. Executive Vice President, Vaccine Research and Development for Wyeth Pharmaceuticals will moderate the panel discussion.

Mr. Usher said, "We're honored Nasdaq chose us to participate in this event commemorating World AIDS Day and appreciate the opportunity to highlight the crucial need for microbicides. We're very grateful to the research team at CONRAD who have, with the support of USAID, the Bill and Melinda Gates Foundation and others, performed extensive clinical trials on Ushercell, making it a leading candidate in microbicide development," said Mr. Usher.

Recent U.N. figures indicate that nearly 40 million people globally are infected with the HIV virus, and the accelerating rate of new infections is far out-pacing potential treatment programs. With more than half of new infections in America and elsewhere occurring in women, the development of a female-initiated prevention option has become crucial to stemming the tide of this worldwide pandemic. Microbicides are gels or creams that women will be able to apply vaginally to prevent HIV infection.

"CONRAD has been a strong supporter of Ushercell and we're pleased that Polydex has gained recognition within the public and private sectors," said Dr. Henry Gabelnick, executive director of CONRAD.

Ushercell is a clear, odorless gel made from simple cotton fibers. It has an excellent safety profile and a broad spectrum of potential indications, including preventing transmission of the bacteria and viruses responsible for HIV/AIDS, gonorrhea, chlamydia, bacterial vaginosis, human papilloma virus and herpes 1 and 2. Ushercell has also shown a high degree of efficacy as a contraceptive.

Polydex was recently awarded Frost & Sullivan's 2006 Innovative Product of the Year Award, recognizing best practices in the development of Ushercell.

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. CONRAD is administered through the Department of Obstetrics and Gynecology at Eastern Virginia Medical School (EVMS) in Norfolk, VA. These trials receive significant support from USAID and the Bill and Melinda Gates Foundation.

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.

Please visit the Company's website: www.Polydex.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. 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.


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