SOURCE: Symbollon Pharmaceuticals, Inc.

November 14, 2007 16:59 ET

Symbollon Pharmaceuticals Announces Third Quarter 2007 Results

FRAMINGHAM, MA--(Marketwire - November 14, 2007) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the third quarter ended September 30, 2007. For the three months ended September 30, 2007, the Company reported a net loss of $667,441, or $0.05 per share, compared with a net loss of $663,043, or $0.07 per share, in the prior year. For the nine months ended September 30, 2007, the Company reported a net loss of $3,138,065, or $0.25 per share, compared with a net loss of $1,857,584, or $0.23 per share, in the prior year. The increased losses for such periods resulted primarily from increased clinical development expenses related to the ongoing clinical trials of IoGen™.

"Our IoGen Phase III pivotal trial will conclude in January 2008," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "At this juncture, we continue to focus our attention on forming a relationship with corporate partners regarding the commercialization of IoGen."

Symbollon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary drugs based on its molecular iodine technology. Symbollon has initiated a Phase III clinical trial evaluating IoGen as a potential treatment for moderate to severe cyclic pain and tenderness (clinical mastalgia) associated with fibrocystic breast disease (FBD). FBD is a condition that affects approximately 20 to 33 million women in the U.S., and there are approximately 7 to 13 million women suffering from clinical cyclic mastalgia. The Company believes IoGen also may be useful in treating and/or preventing certain other female reproductive tissue proliferation, including endometriosis, ovarian cysts, and premenopausal breast cancer.

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) future clinical trial results will support the use of IoGen for the treatment of fibrocystic breast disease, (ii) the clinical data acquired from Mimetix Inc. will be acceptable exposure data for IoGen, (iii) Symbollon will be able to obtain the resources necessary to continue as a going concern, (iv) IoGen will successfully complete the regulatory approval process, (v) competitive products will receive regulatory approval, (vi) the Company's ability to enter into new arrangements with corporate partners and (vii) such other factors as may be disclosed from time-to-time in the Company's reports as filed with the Securities and Exchange Commission. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.

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

                              Three Months Ended       Six Months Ended
                                September 30,           September 30,
                            ----------------------  ----------------------
                               2007        2006        2007        2006
                            ----------  ----------  ----------  ----------
Revenue:
  Net Product Sales         $        -  $        -  $        -  $       40
                            ----------  ----------  ----------  ----------
      Total Revenue                  -           -           -          40

Operating Expenses:
 Cost of Goods Sold                  -           -           -          40
 Research and
  Development                      473         314       2,330         946
 General and Administrative        196         357         834         924
                            ----------  ----------  ----------  ----------
      Total Operating
       Expenses                    669         671       3,164       1,910
                            ----------  ----------  ----------  ----------

Loss from Operations              (669)       (671)     (3,164)     (1,870)
Other Income  (Net)                  2           8          26          12
                            ----------  ----------  ----------  ----------
Net Loss                    $     (667) $     (663) $   (3,138) $   (1,858)
                            ==========  ==========  ==========  ==========
Basic and Diluted Net Loss
 Per Share                  $    (0.05) $    (0.07) $    (0.25) $    (0.23)
                            ==========  ==========  ==========  ==========
Weighted Average Number of
 Shares Outstanding - Basic
 and Diluted                12,648,975   9,034,085  12,600,600   7,936,822
                            ==========  ==========  ==========  ==========



                      SYMBOLLON PHARMACEUTICALS, INC.

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

                                                September 30, December 31,
                                                ------------- -------------
                                                    2007          2006
                                                ------------- -------------
ASSETS
      Cash and cash equivalents                 $         956 $       2,522
      Other Current Assets                                  7            40
      Equipment and other assets net                      285           314
                                                ------------- -------------
                                                $       1,248 $       2,876
                                                ============= =============
LIABILITIES AND SHAREHOLDERS'  EQUITY
      Liabilities
      Current liabilities                       $         362 $         302
      Other liabilities                                     -             -
                                                ------------- -------------
          Total liabilities                               362           302

      Shareholders' Equity                                886         2,574
                                                ------------- -------------
                                                $       1,248 $       2,876
                                                ============= =============

Contact Information

  • Contact:
    SYMBOLLON PHARMACEUTICALS, INC.
    37 Loring Drive
    Framingham, MA 01702
    Phone: (508) 620-7676
    Fax: (508) 620-7111