SOURCE: Symbollon Pharmaceuticals, Inc.

May 16, 2008 11:44 ET

Symbollon Pharmaceuticals Announces First Quarter 2008 Results

FRAMINGHAM, MA--(Marketwire - May 16, 2008) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the first quarter ended March 31, 2008. The Company reported a net loss of $(685,663), or $(0.04) per share, compared with a net loss of $(1,339,473), or $(0.11) per share, in the prior year. The decreased loss for such period resulted primarily from decreased clinical development expenses related to the clinical trials of IoGen™ and investor relations expenses.

"In light of the recent unsuccessful IoGen clinical study, we are focused on maximizing shareholder value by leveraging the Company's proprietary technology," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "Essentially, we have two separate technology assets: women's healthcare (represented by IoGen) and antimicrobial opportunities. We are investigating the possibility of commercializing IoGen as a dietary supplement. We are also actively looking to license or sell the antimicrobial opportunities in order to generate cash and create value. At the same time, we are taking actions to reduce the Company's expenses."

In other news, the Company announced that the proposed acquisition of Medpharm is on hold. The term sheet that the Company signed to acquire Medpharm 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) is a specialty pharmaceutical company focused on the development and commercialization of proprietary drugs 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

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 proceed with the commercialization of IoGen, (ii) Symbollon will be able to obtain the resources necessary to continue operations as a going concern, (iii) Symbollon will be able to acquire the Chinese pharmaceutical company, Medpharm, (iv) the Company will be able to enter into new arrangements with corporate partners, (v) management and the Board of Directors will be able to maximize shareholder value by leveraging the Company's proprietary technology, and (v) such other factors as may be disclosed from time-to-time in the Company's reports as filed with the Securities and Exchange Commission.

                              Tables to Follow

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

                                               Three Month Ended March 31,
                                                   2008         2007
                                               ------------  ------------
Total revenues                                 $          -  $          -

Operating expenses:
   Research and development                             406         1,053
   General and administrative                           285           303
                                               ------------  ------------
      Total costs and expenses                          691         1,356

Loss from operations                                   (691)       (1,356)
Other income  (net)                                       5            17
                                               ------------  ------------
Net Loss                                       $       (686) $     (1,339)
                                               ============  ============

Basic and Diluted Net Loss per share           $      (0.04) $      (0.11)
                                               ============  ============

Weighted average number of common shares
 outstanding - basic and diluted                 15,947,461    12,566,667
                                               ============  ============

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

                                                March 31,      December 31,
                                                  2008             2007
                                               -----------     -----------
   Cash and cash equivalents                   $       585     $     1,102
   Other current assets                                 25              33
   Equipment and other assets net                      306             308
                                               -----------     -----------
                                               $       916     $     1,443
                                               ===========     ===========
   Current liabilities                         $       406     $       389
   Other liabilities                                     -               -
                                               -----------     -----------
      Total liabilities                                406             389

   Shareholders' equity                                510           1,054
                                               -----------     -----------
                                               $       916     $     1,443
                                               ===========     ===========

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