SOURCE: Symbollon Pharmaceuticals, Inc.

March 31, 2010 18:15 ET

Symbollon Pharmaceuticals Announces 2009 Year-End Results

MEDFIELD, MA--(Marketwire - March 31, 2010) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) ( today announced financial results for the year ended December 31, 2009. The Company reported a net loss of $(692,372), or $(0.03) per share, compared with a net loss of $(1,784,105), or $(0.11) per share, in the prior year. The decreased loss resulted primarily from decreased clinical development expenses related to Iogen, consulting related expenses, investor relations expenses and compensation related to equity grants, partially offset by the writeoff of certain capitalized patent costs.

"Our current focus is to expand the sales of Iogen™ through both online and other retail outlets," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "We continue to pursue additional retail distribution channels for Iogen™. We are committed to making Iogen™ available in as many outlets as possible so every woman who has interest in improving her breast health has easy access to Iogen™."

In other news, the Company announced that the proposed acquisition of New Zealand Pure is on hold. The letter of intent that the Company signed to acquire New Zealand Pure is no longer binding on the parties. The parties are continuing discussions regarding a possible acquisition, but no definitive agreement has been reached. There can be no assurance provided that an agreement will be reached to complete such an acquisition, and if an agreement is reached, on what terms it might be completed.

About Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA)

Symbollon is a specialty biotechnology company focused on the development and commercialization of proprietary products based on its molecular iodine technology for women's healthcare and antimicrobials uses. For more information about Symbollon, please visit the company's website at or for more product information or to purchase Iogen visit

Forward-Looking Statement

This news release contains statements by the Company that involve risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors, including, but not limited to, the risks and uncertainties associated with whether (i) we will be able to successfully commercialize Iogen, (ii) Symbollon will be able to obtain the resources necessary to continue operations as a going concern, (iii) the Company will be able to enter into new arrangements with corporate partners, (iv) we will be able to complete the acquisition of New Zealand Pure under the terms of the letter of intent, (v) Symbollon will be able to commercialize other products and (vi) such other factors as may be disclosed from time-to-time in the Company's reports as filed with the Securities and Exchange Commission.

                          SUMMARY OF RESULTS
   (U.S. dollars, in thousands, except share and per share amounts)

                                                        Year Ended
                                                       December 31,
                                                      2009         2008
                                                  -----------  -----------

  Net product sales                               $         3  $         -
                                                  -----------  -----------
    Total revenues                                          3            -

Operating expenses:
  Cost of goods sold                                        1            -
  Research and development                                  -          586
  General and administrative                              694        1,209
                                                  -----------  -----------
    Total costs and expenses                              695        1,795

Loss from operations                                     (692)      (1,795)
Other income (net)                                          -           11
                                                  -----------  -----------
Net Loss                                          $      (692) $    (1,784)
                                                  ===========  ===========

Basic and Diluted Net Loss per share              $     (0.03) $     (0.11)
                                                  ===========  ===========

Weighted average number of common shares
 outstanding - basic and diluted                   22,106,217   16,342,589
                                                  ===========  ===========

                           BALANCE SHEET
                     (U.S. dollars, in thousands)

                                                          December 31,
                                                        2009       2008
                                                      ---------  ----------
  Cash and cash equivalents                           $      15  $       66
  Other current assets                                        1          52
  Equipment and other assets net                              5         210
                                                      ---------  ----------
                                                      $      21  $      328
                                                      =========  ==========
  Current liabilities                                 $     356  $      176
  Other liabilities                                           -           -
                                                      ---------  ----------
    Total liabilities                                       356         176

  Shareholders' equity (deficit)                           (335)        152
                                                      ---------  ----------
                                                      $      21  $      328
                                                      =========  ==========

Contact Information

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