SOURCE: Symbollon Pharmaceuticals, Inc.

March 23, 2007 09:59 ET

Symbollon Pharmaceuticals Announces 2006 Year-End Results

FRAMINGHAM, MA -- (MARKET WIRE) -- March 23, 2007 -- Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the year ended December 31, 2006. The Company reported a net loss of $(3,046,784), or $(0.36) per share, compared with a net loss of $(645,973), or $(0.09) per share, in the prior year.

This increased loss resulted primarily from increased clinical development expenses related to the ongoing clinical trial of IoGen, compensation expense related to stock option grants, investor relations and other consultant costs and decreased research and development collaboration revenues from our IoGen commercialization partner.

"Despite terminating our relationship with our IoGen commercialization partner, we were able during 2006 to raise sufficient funds to enable us to enroll the Phase III pivotal clinical trial evaluating IoGen for the treatment of cyclic mastalgia (pain and tenderness) associated with fibrocystic breast disease," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "We expect to complete enrollment during the second quarter of 2007. The results of the IoGen Phase III clinical trial should then be available in the first quarter of 2008. During the coming year, we expect to initiate the clinical development of Nasodine™, a new product utilizing our proprietary technology to eradicate multi-drug resistant pathogens from the nasal cavity. Nasodine is just the first of several new products that Symbollon intends to bring to market as we pursue our business strategy to build a strong, opportunistic pipeline of drugs."

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)


                                                    Year Ended December 31,
                                                       2006        2005
                                                    ----------  ----------

Revenue:
  Net product sales                                 $       40  $       50
  Research and development revenue                           -         400
                                                    ----------  ----------
    Total revenues                                          40         450

Operating expenses:
  Cost of goods sold                                        40          49
  Research and development                               1,749         716
  General and administrative                             1,316         634
  Stock-based compensation                                   -        (297)
                                                    ----------  ----------
    Total costs and expenses                             3,105       1,102

Loss from operations                                    (3,065)       (652)
Other income  (net)                                         18           6
                                                    ----------  ----------
Net Loss                                            $   (3,047) $     (646)
                                                    ==========  ==========

Basic and Diluted Net Loss per share                $    (0.36) $    (0.09)
                                                    ==========  ==========

Weighted average number of common shares
 outstanding - basic and diluted                     8,545,304   7,081,907
                                                    ==========  ==========




                      SYMBOLLON PHARMACEUTICALS, INC.
                              BALANCE SHEET
                       (U.S. dollars, in thousands)



                                                    Year Ended December 31,
                                                       2006        2005
                                                    ----------  ----------
ASSETS
  Cash and cash equivalents                         $    2,522  $      313
  Other current assets                                      40         369
  Equipment and other assets net                           314         392
                                                    ----------  ----------
                                                    $    2,876  $    1,074
                                                    ==========  ==========


LIABILITIES AND SHAREHOLDERS'  EQUITY
  Liabilities
  Current liabilities                               $      302  $      246
  Other liabilities                                          -           -
                                                    ----------  ----------
    Total liabilities                                      302         246

  Shareholders' equity                                   2,574         828
                                                    ----------  ----------
                                                    $    2,876  $    1,074
                                                    ==========  ==========

Contact Information

  • CONTACT:
    Paul C. Desjourdy
    President and CEO
    Symbollon Pharmaceuticals, Inc.
    (508) 620-7676, x202
    www.symbollon.com