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SOURCE: Symbollon Pharmaceuticals, Inc.
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August 14, 2008 12:49 ET
Symbollon Pharmaceuticals Announces Second Quarter 2008 Results
FRAMINGHAM, MA--(Marketwire - August 14, 2008) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the second quarter ended June
30, 2008. For the three months ended June 30, 2008, the Company reported a
net loss of $693,074, or $0.04 per share, compared with a net loss of
$1,131,151, or $0.09 per share, in the prior year. For the six months
ended June 30, 2008, the Company reported a net loss of $1,378,737, or
$0.09 per share, compared with a net loss of $2,470,624, or $0.20 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, partially
offset by increased stock-based compensation.
"We are taking steps to commercialize IoGen as a dietary supplement,"
stated Paul C. Desjourdy, President and Chief Executive Officer of
Symbollon. "The product is expected to be available for sale by October.
Initially, the product will be sold online directly to consumers. Other
distribution channels will be explored as we move forward. We have taken
steps to reduce our expenses, primarily by the departure of our scientific
officer and a salary reduction for our president. While these steps have
extended the Company's operational horizon, we will need additional funding
before the end of 2008."
About Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) is a specialty
pharmaceutical company focused on the development and commercialization of
proprietary products 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 http://www.symbollon.com.
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) the
Company will be able to enter into new arrangements with corporate
partners, (iv) 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.
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,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenue:
Total Revenue $ - $ - $ - $ -
---------- ---------- ---------- ----------
Operating Expenses:
Research and Development 72 803 477 1,856
General and
Administrative 624 336 910 639
---------- ---------- ---------- ----------
Total Operating
Expenses 696 1,139 1,387 2,495
---------- ---------- ---------- ----------
Loss from Operations (696) (1,139) (1,387) (2,495)
Other Income 3 8 8 24
---------- ---------- ---------- ----------
Net Loss $ (693) $ (1,131) $ (1,379) $ (2,471)
========== ========== ========== ==========
Basic and Diluted Net Loss
Per Share $ (0.04) $ (0.09) $ (0.09) $ (0.20)
========== ========== ========== ==========
Weighted Average Number of
Shares Outstanding - Basic
and Diluted 16,473,340 12,583,254 16,210,400 12,576,012
========== ========== ========== ==========
SYMBOLLON PHARMACEUTICALS, INC.
BALANCE SHEET
(U.S. dollars, in thousands)
June 30, December 31,
2008 2007
------------- -------------
ASSETS
Cash and cash equivalents $ 351 $ 1,102
Other current assets 16 33
Equipment and other assets net 302 308
------------- -------------
$ 669 $ 1,443
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Current liabilities $ 219 $ 389
Other liabilities - -
------------- -------------
Total liabilities 219 389
Shareholders' equity 450 1,054
------------- -------------
$ 669 $ 1,443
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