SOURCE: Symbollon Pharmaceuticals, Inc.

May 15, 2007 16:42 ET

Symbollon Pharmaceuticals Announces First Quarter 2007 Results

FRAMINGHAM, MA -- (MARKET WIRE) -- May 15, 2007 -- Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the first quarter ended March 31, 2007. The Company reported a net loss of $(1,339,473), or $(0.11) per share, compared with a net loss of $(548,547), or $(0.07) per share, in the prior year. The increased loss for such period resulted primarily from increased clinical development expenses related to the ongoing clinical trials of IoGen™ and investor relations expenses.

"We have made substantial progress in the completing the enrollment of the IoGen Phase III study, with 100 patients randomized to date and an additional 40 patients currently enrolled in the screening process," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "Based on the progress we have made, we plan to end the enrollment of the study on June 15th. The results of the IoGen Phase III clinical trial should then be available in the first quarter of 2008."

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.

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

                                                    Three Months Ended
                                                         March 31,
                                                      2007         2006
                                                  -----------  -----------

Total revenues                                   $          -  $         -

Operating expenses:
  Research and development                              1,053          276
  General and administrative                              303          274
                                                  -----------  -----------
   Total costs and expenses                             1,356          550

Loss from operations                                   (1,356)        (550)
Other income  (net)                                        17            1
                                                  -----------  -----------
Net Loss                                          $    (1,339) $      (549)
                                                  ===========  ===========

Basic and Diluted Net Loss per share              $     (0.11) $     (0.07)
                                                  ===========  ===========

Weighted average number of common shares
 outstanding - basic and diluted                   12,566,667    7,511,467
                                                  ===========  ===========

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

                                                  ------------ ------------
                                                    March 31,  December 31,
                                                       2007        2006
                                                  ------------ ------------
  Cash and cash equivalents                       $      1,561 $      2,522
  Other current assets                                      29           40
  Equipment and other assets net                           304          314
                                                  ------------ ------------
                                                  $      1,894 $      2,876
                                                  ============ ============
  Current liabilities                             $        463 $        302
  Other liabilities                                          -            -
                                                  ------------ ------------
    Total liabilities                                      463          302

  Shareholders' equity                                   1,431        2,574
                                                  ------------ ------------
                                                  $      1,894 $      2,876
                                                  ============ ============

Contact Information

    37 Loring Drive
    Framingham, MA 01702
    Phone: (508) 620-7676
    Fax: (508) 620-7111