SOURCE: Symbollon Pharmaceuticals, Inc.

August 17, 2007 18:09 ET

Symbollon Pharmaceuticals Announces Second Quarter 2007 Results

FRAMINGHAM, MA--(Marketwire - August 17, 2007) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the second quarter ended June 30, 2007. For the three months ended June 30, 2007, the Company reported a net loss of $1,131,254, or $0.09 per share, compared with a net loss of $645,770, or $0.08 per share, in the prior year. For the six months ended June 30, 2007, the Company reported a net loss of $2,470,624, or $0.20 per share, compared with a net loss of $1,194,541, or $0.15 per share, in the prior year. The increased loss for such periods resulted primarily from increased clinical development expenses related to the ongoing clinical trials of IoGen™ and consulting and other service expenses.

The Company announced that the IoGen Phase III study closed its randomization phase in July with 139 patients randomized. The Company anticipates that the last randomized patients will complete the trial in January 2008. The results of the study should be available by the end of the first quarter of 2008.

"We randomized the last patient in the IoGen Phase III pivotal trial at the end of July, exceeding our target of 130 patients," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "At this juncture, our focus will be to intensify discussions with potential 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
                             June 30,                    June 30,
                    --------------------------  --------------------------
                        2007          2006          2007          2006
                    ------------  ------------  ------------  ------------
Revenue:
  Net Product
   Sales            $          -  $         40  $          -  $         40
                    ------------  ------------  ------------  ------------
     Total Revenue             -            40             -            40

Operating Expenses:
  Cost of Goods
   Sold                        -            40             -            40
  Research and
   Development               803           356         1,856           632
  General and
   Administrative            336           294           639           567
                    ------------  ------------  ------------  ------------
     Total
      Operating
      Expenses             1,139           690         2,495         1,239
                    ------------  ------------  ------------  ------------

Loss from
 Operations               (1,139)         (650)       (2,495)       (1,199)
Other Income (Net)             8             4            24             5
                    ------------  ------------  ------------  ------------
Net Loss            $     (1,131) $       (646) $     (2,471) $     (1,194)
                    ============  ============  ============  ============


Basic and Diluted
 Net Loss Per Share $      (0.09) $      (0.08) $      (0.20) $      (0.15)
                    ============  ============  ============  ============
Weighted Average
 Number of Shares
 Outstanding -
 Basic and Diluted    12,585,254     8,259,171    12,576,012     7,887,385
                    ============  ============  ============  ============






                      SYMBOLLON PHARMACEUTICALS, INC.

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



                                                  June 30,    December 31,
                                                ------------- -------------
                                                    2007          2006
                                                ------------- -------------
ASSETS
      Cash and cash equivalents                 $         550 $       2,522
      Other Current Assets                                 18            40
      Equipment and other assets net                      295           314
                                                ------------- -------------
                                                $         863 $       2,876
                                                ============= =============
LIABILITIES AND SHAREHOLDERS'  EQUITY
      Liabilities
      Current liabilities                       $         375 $         302
      Other liabilities                                     -             -
                                                ------------- -------------
          Total liabilities                               375           302

      Shareholders' Equity                                488         2,574
                                                ------------- -------------
                                                $         863 $       2,876
                                                ============= =============



Contact Information

  • Contact:
    Symbollon Pharmaceuticals, Inc.
    37 Loring Drive
    Framingham, MA 01702
    Phone: (508) 620-7676
    Fax: (508) 620-7111