Symbollon Forms Joint Venture with Internet Marketing Consortium to Promote Iogen(TM)

Beryl J. Wolk, Pioneer Mass Marketing Guru, to Lead Promotion of Iogen(TM)

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| Source: Symbollon Pharmaceuticals, Inc.

MEDFIELD, Mass., June 21, 2010 (GLOBE NEWSWIRE) -- Symbollon Pharmaceuticals, Inc. (OTCBB:SYMBA) (www.symbollon.com) has announced today it has signed a non-exclusive joint venture agreement with Internet Marketing Consortium (IMC) to promote Iogen™. The purpose of the joint venture is to utilize the proprietary internet and multi-media marketing strategies and networks to promote Iogen™ through website sales on www.buyiogen.com. IMC is part of Beryl Wolk's family-owned businesses comprising 27 autonomous companies, employing 1,250 employees, with major facilities in four states and 66 offices worldwide. The parties will share 50/50% in the profits of the joint venture. Iogen™ is the first dietary supplement formulated to promote breast health for women suffering from breast pain and breast tenderness, fibrocystic breast disease, benign breast lumps and cysts.

"It is an honor to have partnered with Beryl and his group to drive Iogen™ sales," said Paul Desjourdy, President and CEO of Symbollon Pharmaceuticals. "Beryl has decades of experience in internet and multi-media marketing, and we believe that his vast experience will be critical to accomplishing our goal of bringing Iogen™ into the lives of millions of women."

"Iogen is just the type of impact product that I like to focus on," noted Beryl Wolk. "It is important to me that women across the world become aware of the benefits of Iogen™. This could be one of the most important products for women's healthcare to come to market in a long time. We plan to make Iogen™ a household name and help improve the lives of women everywhere suffering from breast pain and breast tenderness, fibrocystic breast disease, benign breast lumps and cysts."

Beryl Wolk has had a long and accomplished career in internet and multi-media marketing signified, just to name a few of his many awards, by his selection as the winner of the 2003 National Leadership Award and the 2005 Telly "Marketing Award". Beryl was the first to use newspaper inserts for the distribution of direct response marketing in a magazine format. Clients include 175 national corporations, with complete marketing programs based on the distribution of his "Targeted Free Fall" magazine-styled newspaper inserts, incentives and involvement devices. Billions of Wolk's Family Guide newspaper inserts have been published for hundreds of companies and charities, Ford, Chrysler, GM, McDonalds, Burger King and Franklin Mint. He is the largest provider of sweepstakes in the USA and founded 55 clubs with 24 million members.

As co-founder of the Cable Advertising Bureau, Beryl is a leader in the cable industry and did the marketing for the launch, among others, of Comcast, Discovery Channel, QVC, BET and HSN.  He was co-founder and co-owner of cable television's largest circulation magazine, the "Cable Guide", which merged with TV Guide. Beryl conceived the 30-minute infomercial in 1977, and then founded the first company to produce them.  Since that time, this company has broadened its original marketing thrust of "merchandise" to include business opportunities, self-improvement, and breakthrough product marketing. The company has produced over 1,600 infomercials and can provide airing to 70 million households.

Beryl's business accomplishments transcend the world of media.  He is a co-founder of the largest kiosk company. This company, CartCade, markets products and services by way of carts (kiosks), or "stores without doors" placed in malls and train stations.  CartCade distributes surveys and literature, sells products, and conducts various forms of recruitment. Beryl has also developed Dial-A-Fax, Inc., publisher of the world's most complete fax telephone directory. Dial-A-Fax has a number-listing more than 1,500,000 company members.

Beryl's marketing connections include the IFPA, the Association of Weekly Newspapers in America. The IFPA services 40 million readers weekly and operates a predictive dialing company with the capability of 5 million calls per day. He has established a marketing network of 800 radio stations, 70 million television households, 79 magazines, 4 million sites for banner advertising placement, 12,000 newspapers on a P.I. (Per Inquiry) basis, text messaging to 130 million cell phones, and 540 million opt-in-E-mails.

About Symbollon Pharmaceuticals, Inc. (OTCBB:SYMBA)

Symbollon is a specialty life science company focused on the development and commercialization of proprietary products based on its molecular iodine technology for women's healthcare and antimicrobials uses. Iogen is a dietary supplement formulated for women suffering from the symptoms of fibrocystic breast disease, including breast pain and tenderness and benign breast lumps and cysts. For more information about Symbollon, please visit the company's website at http://www.symbollon.com. For more information about Iogen, please visit http://www.buyiogen.com.

The Symbollon Pharmaceuticals, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7640

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 successfully commercialize 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 arrangements with corporate partners,  and (iv) 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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