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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES </strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549 </strong></font></div>
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      8-K</strong></font></div>
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      <div>&#160;</div>
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      REPORT</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of Report (Date of earliest event reported)</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>July
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below): </font></div>
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          <tr>
            <td align="left" valign="top" width="3%">
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          <tr>
            <td align="left" valign="top" width="3%">
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            <td align="left" valign="top" width="3%">
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    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
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      Principal Officers.</strong></font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                July 25, 2006, Polydex Pharmaceuticals Limited (the &#8220;Company&#8221;) promoted
                Sharon L. Wardlaw, 53, from Chief Financial Officer to Chief Operating
                Officer of the Company. Ms. Wardlaw has served as the Chief Financial
                Officer of the Company during the previous five
                years.</font></div>
            </td>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                July 25, 2006, the Company appointed John A. Luce, 59, as Chief Financial
                Officer of the Company. Mr. Luce has been the principal of John A.
                Luce,
                Chartered Accountant, a public accounting firm, during the previous
                five
                years. Mr. Luce will serve as an independent contractor to the Company
                and
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    <div>&#160;</div>
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      </font></div>
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      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. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
      July 25, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POLYDEX
      PHARMACEUTICALS LIMITED</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      George G.
      Usher&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></u></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">George
      G.
      Usher</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman,
      President and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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{"company-data": {"conformed-name": "POLYDEX PHARMACEUTICALS LTD/BAHAMAS", "cik": "0000317158", "assigned-sic": "2834", "irs-number": "000000000", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08366", "film-number": "06983887"}, "business-address": {"street1": "421 COMSTOCK ROAD", "street2": "SCARBOROUGH", "city": "ONTARIO CANADA", "state": "A6", "zip": "M1L 2H5", "phone": "4167552231"}, "mail-address": {"street1": "421 COMSTOCK ROAD", "street2": "SCARBOROUGH", "city": "ONTARIO CANADA", "state": "A6", "zip": "M1L 2H5"}, "former-company": [{"former-conformed-name": "POLYDEX CHEMICALS LTD/BAHAMAS", "date-changed": "19840411"}, {"former-conformed-name": "TRADING IN TANDEM WITH POLYDEX CHEMICALS LTD/CANADA", "date-changed": "19840411"}]}
UNITED
      STATES
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)
July
      25, 2006
POLYDEX
      PHARMACEUTICALS LIMITED
(Exact
      name of registrant as specified in its charter)
Commonwealth
                of the Bahamas
1-8366
None
(State
                or other jurisdiction
of
                incorporation)
(Commission
                File Number)
(IRS
                Employer
Identification
                No.)
421
                Comstock Road
Toronto,
                Ontario, Canada
M1L
                2H5
(Address
                of principal executive offices)
(Zip
                Code)
(416)
      755-2231
(Registrant's
      telephone number, including area code)
(Former
      name or former address, if changed since last report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
¨
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
¨
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
¨
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
¨
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
Item
      5.02.
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers.
(b)
On
                July 25, 2006, Polydex Pharmaceuticals Limited (the "Company") promoted
                Sharon L. Wardlaw, 53, from Chief Financial Officer to Chief Operating
                Officer of the Company. Ms. Wardlaw has served as the Chief Financial
                Officer of the Company during the previous five
                years.
(c)
On
                July 25, 2006, the Company appointed John A. Luce, 59, as Chief Financial
                Officer of the Company. Mr. Luce has been the principal of John A.
                Luce,
                Chartered Accountant, a public accounting firm, during the previous
                five
                years. Mr. Luce will serve as an independent contractor to the Company
                and
                not as an employee.
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.
Dated:
      July 25, 2006
POLYDEX
      PHARMACEUTICALS LIMITED
By:
/s/
      George G.
      Usher
George
      G.
      Usher
Chairman,
      President and
Chief
      Executive Officer