SOURCE: Symbollon Pharmaceuticals, Inc.

November 14, 2006 17:04 ET

Symbollon Pharmaceuticals Announces Third Quarter 2006 Results

FRAMINGHAM, MA -- (MARKET WIRE) -- November 14, 2006 -- Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the third quarter ended September 30, 2006. For the three months ended September 30, 2006, the Company reported a net loss of $663,043, or a diluted loss per share of $0.07, compared with a net income of $38,395, or a diluted income per share of $0.00 in the prior year. For the nine months ended September 30, 2006, the Company reported a net loss of $1,857,584, or a diluted loss per share of $0.23, compared with a net loss of $329,307, or a diluted loss per share of $0.05 in the prior year. The increased loss for such periods resulted primarily from increased clinical development expenses related to IoGen™, salaries and related costs and facility expenses previously allocated to manufacturing, and consulting and other service expenses.

"Our primary focus remains completing the IoGen Phase III pivotal clinical trial enrollment," commented Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "Enrollment is progressing and we now estimate that enrollment will continue through the first half of 2007. We are still anticipating to report the trial results before the end of 2007."

About Symbollon Pharmaceuticals, Inc.

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. Symbollon is conducting a Phase III clinical trial evaluating IoGen as a potential treatment for moderate to severe periodic 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 periodic mastalgia. The Company believes IoGen also may be useful in treating and/or preventing endometriosis, ovarian cysts, and premenopausal breast cancer. Symbollon is also in preclinical development of antimicrobial products based on the same molecular iodine technology, and intends to investigate the potential effectiveness of its technology in applications such as dermatology, oral care, upper respiratory tract conditions, urinary tract infection and wound care. 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) 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, (vii) the Company's partner for IoGen will be able to meet its financial obligation to pay for the IoGen clinical development and (viii) 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     Nine Months Ended
                                    September 30,         September 30,
                                --------------------  --------------------
                                  2006       2005       2006       2005
                                ---------  ---------  ---------  ---------
Revenue:
   Net Product Sales            $       -  $      23  $      40  $      38
   Collaboration Revenues               -        146          -        391
                                ---------  ---------  ---------  ---------
      Total Revenue                     -        169         40        429

Operating Expenses:
   Cost of Goods Sold                   -        (50)        40        (79)
   Research and Development           314        167        946        445
   General and Administrative         357         16        924        396
                                ---------  ---------  ---------  ---------
      Total Operating Expenses        671        133      1,910        762
                                ---------  ---------  ---------  ---------

Loss from Operations                 (671)        36     (1,870)      (333)
Other Income  (Net)                     8          2         12          4
                                ---------  ---------  ---------  ---------
Net Loss                        $    (663) $      38  $  (1,858) $    (329)
                                =========  =========  =========  =========

Basic and Diluted Net Loss Per
 Share                          $   (0.07) $   (0.00) $   (0.23) $   (0.05)
                                =========  =========  =========  =========

Weighted Average Number of
 Shares Outstanding - Basic     9,034,085  7,736,654  7,936,822  6,853,267
                    - Diluted   9,034,085  8,461,865  7,936,822  6,853,267
                                =========  =========  =========  =========



                        SYMBOLLON PHARMACEUTICALS, INC.

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


                                                 September 30, December 31,
                                                  ------------ ------------
                                                      2006         2005
                                                  ------------ ------------
ASSETS
   Cash and cash equivalents                      $        846 $        313
   Other Current Assets                                     13          369
   Equipment and other assets net                          370          392
                                                  ------------ ------------
                                                  $      1,229 $      1,074
                                                  ============ ============

LIABILITIES AND SHAREHOLDERS'  EQUITY
   Liabilities
   Current liabilities                            $        200 $        246
   Other liabilities                                         -            -
                                                  ------------ ------------
      Total liabilities                                    200          246

   Shareholders' Equity                                  1,029          828
                                                  ------------ ------------
                                                  $      1,229 $      1,074
                                                  ============ ============

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