SOURCE: Symbollon Pharmaceuticals, Inc.

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
                                                ============= =============
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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