FRAMINGHAM, MA--(Marketwire - March 31, 2009) -
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Symbollon Pharmaceuticals, Inc |
This decreased loss resulted primarily from decreased clinical development expenses related to IoGen™, consulting related expenses and investor relations expenses, partially offset by increased compensation expenses related to equity grants.
"We launched IoGen as a dietary supplement for the promotion of breast health at the end of 2008," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "Due to our inability to promote IoGen, to date sales have been slow. We do not have sufficient cash reserves to pay our currently due obligations. The Company has not been able to raise capital. Based on our financial position, we believe that the Company must explore strategic alternatives, including sale of the Company or its assets. If we are not able to raise capital or successfully complete a strategic alternative, we will be forced to cease operations."
About Symbollon Pharmaceuticals, Inc.
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 increase sales 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 strategic alternatives, including sale of the Company or its assets, (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)
Year Ended
December 31,
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2008 2007
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Revenue:
Net product sales $ 1 $ -
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Total revenues 1 -
Operating expenses:
Cost of goods sold 1 -
Research and development 586 2,805
General and administrative 1,209 977
---------- ----------
Total costs and expenses 1,796 3,782
Loss from operations (1,795) (3,782)
Other income (net) 11 34
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Net Loss $ (1,784) $ (3,748)
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Basic and Diluted Net Loss per share $ (0.11) $ (0.29)
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Weighted average number of common shares
outstanding – basic and diluted 16,342,589 13,121,712
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SYMBOLLON PHARMACEUTICALS, INC.
BALANCE SHEET
(U.S. dollars, in thousands)
December 31,
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2008 2007
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ASSETS
Cash and cash equivalents $ 66 $ 1,102
Other current assets 52 33
Equipment and other assets, net 210 308
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$ 328 $ 1,443
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Current liabilities $ 176 $ 389
Other liabilities - -
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Total liabilities 176 389
Shareholders' equity 152 1,054
---------- ----------
$ 328 $ 1,443
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CONTACT:
Paul C. Desjourdy
President and CEO
Symbollon Pharmaceuticals, Inc.
(508) 620-7676, x202
pauldesjourdy@symbollon.com
