SOURCE: Symbollon Pharmaceuticals, Inc.

November 14, 2008 15:57 ET

Symbollon Pharmaceuticals Announces Third Quarter 2008 Results

FRAMINGHAM, MA--(Marketwire - November 14, 2008) - Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) today announced financial results for the third quarter ended September 30, 2008. For the three months ended September 30, 2008, the Company reported a net loss of $157,472, or $0.01 per share, compared with a net loss of $667,441, or $0.05 per share, in the prior year. For the nine months ended September 30, 2008, the Company reported a net loss of $1,536,209, or $0.09 per share, compared with a net loss of $3,138,065, or $0.25 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™, employee compensation and investor relations expenses, partially offset by increased stock-based compensation.

"We have completed the initial manufacturing run of IoGen for sale as a dietary supplement," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "The product is expected to be available for sale within the next week. Initially, the product will be sold online directly to consumers. Other distribution channels will be explored as we move forward. We are looking to raise 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 as a dietary supplement, (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        Nine Months Ended
                             September 30,             September 30,
                        ------------------------  ------------------------
                            2008         2007         2008         2007
                        -----------  -----------  -----------  -----------
Revenue:
  Total Revenue         $         -  $         -  $         -  $         -
                        -----------  -----------  -----------  -----------

Operating Expenses:
  Research and Development        9          473          487        2,330
  General and
   Administrative               150          196        1,059          834
                        -----------  -----------  -----------  -----------
     Total Operating
       Expenses                 159          669        1,546        3,164
                        -----------  -----------  -----------  -----------

Loss from Operations           (159)        (669)      (1,546)      (3,164)
Other Income                      2            2           10           26
                        -----------  -----------  -----------  -----------
Net Loss                $      (157) $      (667) $    (1,536) $    (3,138)
                        ===========  ===========  ===========  ===========

Basic and Diluted Net
 Loss Per Share         $     (0.01) $     (0.05) $     (0.09) $     (0.25)
                        ===========  ===========  ===========  ===========
Weighted Average Number
 of Shares Outstanding
 - Basic and Diluted     16,473,340   12,648,975   16,298,687   12,600,600
                        ===========  ===========  ===========  ===========




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

                                                September 30,  December 31,
                                                     2008         2007
                                                ------------- -------------
ASSETS
      Cash and cash equivalents                 $         200 $       1,102
      Other current assets                                 22            33
      Equipment and other assets net                      303           308
                                                ------------- -------------
                                                $         525 $       1,443
                                                ============= =============
LIABILITIES AND SHAREHOLDERS'  EQUITY
      Liabilities
      Current liabilities                       $         179 $         389
      Other liabilities                                     -             -
                                                ------------- -------------
          Total liabilities                               179           389

      Shareholders' equity                                346         1,054
                                                ------------- -------------
                                                $         525 $       1,443
                                                ============= =============

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