SOURCE: Symbollon Pharmaceuticals, Inc.

February 14, 2007 12:28 ET

Symbollon Pharmaceuticals Completes Private Placement to Accredited Investors

Provides Update on Product Development Efforts

FRAMINGHAM, MA -- (MARKET WIRE) -- February 14, 2007 -- Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA) announced the completion of a private placement to accredited investors in December 2006 and January 2007 raising net proceeds of $2,368,038 for an aggregate of 3,213,632 shares of Class A common stock and 2,410,224 redeemable warrants. The purpose of the financing is to fund the ongoing Phase III pivotal clinical trial evaluating IoGen for the treatment of pain and tenderness associated with fibrocystic breast disease and working capital needs.

Paul Desjourdy, President and CEO of Symbollon Pharmaceuticals, commented, "We are extremely pleased that we were able to complete this private placement. We remain focused on progressing our Phase III clinical trial as we continue to take the necessary steps to seek approvals to market IoGen™ for the initial indication of breast pain associated with fibrocystic breast."

Mr. Desjourdy emphasized that, "As we enter into 2007, completing the enrollment of the IoGen Phase III study remains our number 1 priority. Presently, we have over 70 patients randomized on drug. We are expecting to randomize the remaining patients during the first half of 2007. The recently completed financing will provide us with adequate resources to compete the enrollment process."

Mr. Desjourdy further explained that, "We are interested in developing data during 2007 regarding IoGen's potential to treat such other indications as breast cancer and endometriosis. Such data should enhance the program's value and increase our ability to enter into a licensing relationship. Our other priorities for 2007 include initiating development activities for certain antimicrobial applications covered by our technology. We have identified over 6 potential products that we believe address large unmet market needs. As we await the pivotal Phase III data from the ongoing IoGen study, we are focused on building a strong clinical pipeline based on our proprietary technology."

About 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

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.

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