FRAMINGHAM, Mass., Nov. 12, 2004 (PRIMEZONE) -- Symbollon Pharmaceuticals, Inc. (OTCBB:SYMBA) today announced its operating results for the quarter ended September 30, 2004.
For the three months ended September 30, 2004, the Company reported a net loss of $471,275, or a diluted loss per share of $0.09, compared with a net loss of $169,533, or a diluted loss per share of $0.04 in the prior year. For the nine months ended September 30, 2004, the Company reported a net loss of $2,262,622, or a diluted loss per share of $0.49, compared with a net loss of $547,414, or a diluted loss per share of $0.13 in the prior year. The increased loss for such periods resulted primarily from increased clinical development expenses related to the expensing of research and development acquired from Mimetix Inc. and manufacturing cost associated with the production of clinical trial materials of IoGen(tm), variable accounting for certain stock options, and increased investor relations expenses related to our effort to raise public awareness of Symbollon, partially offset by decreased insurance expenses due to cost reduction efforts.
"We are in position to start our first phase III pivotal trial for IoGen, our compound to treat fibrocystic breast disease (FBD)," said Paul C. Desjourdy, President of Symbollon Pharmaceuticals. "We are very excited that IoGen is advancing to the final stages of its testing. IoGen has the opportunity to be the first safe and effective treatment for women with FBD. Market research indicates that there are over 20 million women suffering from the symptoms associated with FBD. That represents a significant market opportunity for IoGen."
Symbollon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary drugs based on its molecular iodine technology. Symbollon already has completed Phase I and II clinical trials evaluating IoGen as a potential treatment for moderate to severe cyclic 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 cyclic mastalgia. The Company believes IoGen also may be useful in treating and/or preventing endometriosis, ovarian cysts, and premenopausal breast cancer.
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 complete the development process for IoGen and to continue its operations, (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 (including with respect to IoGen) with corporate partners and (vii) such other factors as may be disclosed from time-to-time in the Company's reports as filed with the Securities and Exchange Commission. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.
Tables to Follow
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,
---------------------- ----------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------
Revenue:
Net Product Sales $ 39 $ 34 $ 160 $ 111
Contract Revenues -- -- -- --
License Fee
Revenues -- -- -- --
---------- ---------- ---------- ----------
Total Revenue 39 34 160 111
Operating Expenses:
Cost of Goods Sold 42 41 143 112
Research and
Development 113 86 1,268 228
General and
Administrative 129 78 415 325
Stock-based
compensation 227 -- 599 --
---------- ---------- ---------- ----------
Total Operating
Expenses 511 205 2,425 665
Loss from Operations (472) (171) (2,265) (554)
Other Income (Net) 1 1 3 7
---------- ---------- ---------- ----------
Net Loss $ (471) $ (170) $ (2,262) $ (547)
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Basic and Diluted
Net Loss Per Share $ (0.09) $ (0.04) $ (0.49) $ (0.13)
========== ========== ========== ==========
Weighted Average
Number of Shares
Outstanding - Basic
and Diluted 5,189,490 4,196,204 4,597,723 4,196,204
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SYMBOLLON PHARMACEUTICALS, INC.
BALANCE SHEET
(U.S. dollars, in thousands)
September 30, December 31,
-----------------------------
2004 2003
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ASSETS
Cash and cash equivalents $ 695 $ 618
Other Current Assets 222 152
Equipment and other assets net 428 450
------ ------
$1,345 $1,220
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Current liabilities $ 98 $ 134
Other liabilities -- --
------ ------
Total liabilities 98 134
Shareholders' Equity 1,247 1,086
------ ------
$1,345 $1,220
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