SOURCE: Symbollon Pharmaceuticals, Inc.

November 21, 2005 14:52 ET

Symbollon Pharmaceuticals Announces Third Quarter 2005 Results

FRAMINGHAM, MA -- (MARKET WIRE) -- November 21, 2005 -- Symbollon Pharmaceuticals, Inc. (OTC BB: SYMBA) today announced a net income for the quarter ended September 30, 2005.

For the three months ended September 30, 2005, the Company reported a net income of $38,395, or a diluted income per share of $0.00, compared with a net loss of $471,275, or a diluted loss per share of $0.09 in the prior year. For the nine months ended September 30, 2005, the Company reported a net loss of $329,307, or a diluted loss per share of $0.05, compared with a net loss of $2,262,622, or a diluted loss per share of $0.49 in the prior year. The improving financial situation for such periods resulted primarily from research and development collaboration revenues related to our new collaboration covering IoGen, decreased clinical development expenses related to the expensing of certain intangible assets acquired from Mimetix Inc. during 2004, decreased manufacturing cost associated with the production of clinical trial materials of IoGen™, and variable accounting for certain stock options, partially offset by increased salaries and related costs and facility expenses previously allocated to manufacturing.

"We believe that our IoGen clinical development program will help establish IoGen as an essential therapy for any women with fibrocystic breast disease," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "We currently have a Phase III pivotal clinical trial underway evaluating IoGen for the treatment of cyclic mastalgia (pain and tenderness) associated with fibrocystic breast disease. We will be initiating a Phase II study to evaluate IoGen's clinical effects on proliferative benign breast tissue. Currently, women with fibrocystic breast disease have no safe and effective therapies available."

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 about 24 million women in the U.S., and there are approximately 7 million women suffering from clinical cyclic mastalgia. The Company believes IoGen also may be useful in treating and/or preventing 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 complete the development process for IoGen and to continue its operations, (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       Nine Months Ended
                                 September 30,           September 30,
                            ----------  ----------  ----------  ----------
                               2005        2004        2005        2004
                            ----------  ----------  ----------  ----------
Revenue:
   Net Product Sales        $       23  $       39  $       38  $      160
   Collaboration Revenues          146           -         390           -
                            ----------  ----------  ----------  ----------
      Total Revenue                169          39         428         160

Operating Expenses:
   Cost of Goods Sold               23          42          37         143
   Research and Development        229         113         495       1,268
   General and
    Administrative                 110         129         497         415
   Stock-based compensation       (229)        227        (268)        599
                            ----------  ----------  ----------  ----------
      Total Operating
       Expenses                    133         511         761       2,425

Income (Loss) from
 Operations                         36        (472)       (333)     (2,265)
Other Income  (Net)                  2           1           4           3
                            ----------  ----------  ----------  ----------
Net Loss                    $       38  $     (471) $     (329) $   (2,262)
                            ==========  ==========  ==========  ==========

Net Income (Loss) Per Share
   - Basic                  $     0.00  $    (0.09) $    (0.05) $    (0.49)
   - Diluted                      0.00       (0.09)      (0.05)      (0.49)
                            ==========  ==========  ==========  ==========
Weighted Average Number of
 Shares Outstanding
   - Basic                   7,736,654   5,189,490   6,853,267   4,597,723
   - Diluted                 8,461,865   5,189,490   6,853,267   4,597,723
                            ==========  ==========  ==========  ==========


                                     SYMBOLLON PHARMACEUTICALS, INC.
                                             BALANCE SHEET
                                     (U.S. dollars, in thousands)

                                      September 30,  December 31,
                                          2005         2004
ASSETS                                 ----------   ----------
  Cash and cash equivalents            $     391    $      427
  Other Current Assets                       547           261
  Equipment and other assets net             402           427
                                       ----------   ----------
                                       $   1,340    $    1,115
                                       ==========   ==========
LIABILITIES AND SHAREHOLDERS'  EQUITY
  Liabilities
  Current liabilities                  $     172    $      167
  Other liabilities                            -             -
                                       ----------   ----------
     Total liabilities                       172           167

Shareholders' Equity                       1,168           948
                                       $   1,340    $    1,115
                                       ==========   ==========

Contact Information

  • CONTACT:
    Paul C. Desjourdy
    President and CEO
    Symbollon Pharmaceuticals, Inc.
    (508) 620-7676, x202
    www.symbollon.com

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