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Symbollon Pharmaceuticals Announces 2005 Year-End Results

Symbollon Pharmaceuticals, Inc. (OTC BB: SYMBA) today announced financial results for the year ended December 31, 2005. The Company reported a net loss of $(645,973), or $(0.09) per share, compared with a net loss of $(2,647,108), or $(0.53) per share, in the prior year.

The improving financial situation between such periods resulted primarily from research and development collaboration revenues related to our collaboration covering IoGen, decreased clinical development expenses related to the expensing of certain intangible assets acquired from Mimetix Inc. during 2004, decreased manufacturing cost associated with the production of clinical trial materials of IoGen(TM), and variable accounting for certain stock options, partially offset by increased salaries and related employee costs and facility expenses previously allocated to manufacturing.

"2005 was a productive year for Symbollon, as we were able to initiate a Phase III pivotal clinical trial evaluating IoGen for the treatment of cyclic mastalgia (pain and tenderness) associated with fibrocystic breast disease," stated Paul C. Desjourdy, President and Chief Executive Officer of Symbollon. "As we look ahead to 2006 and beyond we await two important milestones. The outcome of the IoGen Phase III clinical trial and the initiation of the clinical development of Nasodine(TM), a new product utilizing our proprietary technology to eradicate multi-drug resistant pathogens from the nasal cavity. Nasodine is just the first of several new products that Symbollon intends to bring to market as we pursue our business strategy to build a strong, opportunistic pipeline of drugs."

Symbollon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary drugs based on its molecular iodine technology. Symbollon has initiated a Phase III clinical trial 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 certain other female reproductive tissue proliferation, including 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 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 and (vii) the Company's licensing partner for IoGen will be able to meet its obligations 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. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.

                     SYMBOLLON PHARMACEUTICALS, INC.
                           SUMMARY OF RESULTS
    (U.S. dollars, in thousands, except share and per share amounts)

                                          Year Ended December 31,
                                          ----------------------
                                             2005        2004
                                          ----------  ----------

Revenue:
  Net product sales                       $       50  $      159
  Research and development revenue               400           -
                                          ----------  ----------
     Total revenues                              450         159

Operating expenses:
  Cost of goods sold                              49         142
  Research and development                       716       1,470
  General and administrative                     634         605
  Stock-based compensation                      (297)        594
                                          ----------  ----------
      Total costs and expenses                 1,102       2,811

Loss from operations                            (652)     (2,652)
Other income  (net)                                6           5
                                          ----------  ----------
Net Loss                                  $     (646) $   (2,647)
                                          ==========  ==========

Basic and Diluted Net Loss per share      $    (0.09) $    (0.53)
                                          ==========  ==========
Weighted average number of common shares
 outstanding - basic and diluted           7,081,907   4,963,470
                                          ==========  ==========


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

                                          Year Ended December 31,
                                          ----------------------
                                             2005        2004
                                          ----------  ----------
ASSETS
  Cash and cash equivalents               $      313  $      427
  Other current assets                           369         261
  Equipment and other assets net                 392         427
                                          ----------  ----------
                                          $    1,074  $    1,115
                                          ==========  ==========
LIABILITIES AND SHAREHOLDERS'  EQUITY
  Liabilities
  Current liabilities                     $      246  $      167
  Other liabilities                                -           -
                                          ----------  ----------
     Total liabilities                           246         167

  Shareholders' equity                           828         948
                                          ----------  ----------
                                          $    1,074  $    1,115
                                          ==========  ==========

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