EX-99.1
2
pressrelease_12102008.htm
PRESS RELEASE DATED DECEMBER 10, 2008
pressrelease_12102008.htm
PRESS
RELEASE
SYMBOLLON
PHARMACEUTICALS, INC.
37
Loring Drive, Framingham, MA 01702
Phone:
(508) 620-7676 Fax: (508) 620-7111
FOR
IMMEDIATE RELEASE
SYMBOLLON
ENTERS INTO SALE/LICENSE AGREEMENT COVERING UPPER RESPIRATORY TRACT
TECHNOLOGY
FRAMINGHAM, MA. December 10, 2008 --
Symbollon Pharmaceuticals, Inc. (OTCBB: SYMBA)
announced that on December
8, 2008 it signed a sale/license agreement with BioCide Pharma, Inc. covering
upper respiratory tract products based on Symbollon's proprietary iodine-based
technology. Under the agreement, Symbollon will transfer ownership of
its patent application covering use of its technology in the upper respiratory
tract. As partial consideration under the agreement, Symbollon will
receive an equity position in BioCide equal to 50% ownership of the
company.
Under the
terms of the agreement, BioCide will receive ownership of Symbollon's patent
application covering use of its technology in the upper respiratory tract and
obtain an exclusive license to Symbollon's other iodine-based technology for use
in the field. As partial consideration for the transfer, BioCide
issued 625,000 shares of its common stock which represents 50% of BioCide's
outstanding equity. Additionally, BioCide agreed to assume all of
Symbollon's outstanding patent fees and expenses (approximately $18,000) related
to the patent application. Under the agreement, BioCide is required
to raise $250,000 in equity during 2009 and an aggregate of $1,250,000 by the
end of 2010. So long as Symbollon retains at least a 10% ownership
position in BioCide, it has the right to appoint one member of BioCide's board
of directors. James Richards, a director of Symbollon, and Paul
Desjourdy, an officer and director of Symbollon, own the remaining outstanding
equity of BioCide. Messrs. Richards and Desjourdy are also officers
and directors of BioCide. As part of the transaction, Mr. Richards
agreed to loan BioCide $50,000 in order for BioCide to cover currently due
patent prosecution expenses related to the transferred patent
application.
"We
entered into this transaction to preserve our intellectual property in the upper
respiratory tract", stated Paul C. Desjourdy, President and Chief Executive
Officer of Symbollon. "Symbollon was not able to finance further
prosecution of the patent application. By transferring this asset to
BioCide, we believe that the required funding to develop products in the area
can be raised without dilution to Symbollon's stockholders. This will
allow Symbollon to focus its efforts on the commercialization of IoGen™, our
dietary supplement to promote breast health, and resources allowing, to develop
topical antimicrobial products based on our technology".
About 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 successfully commercial 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 arrangements with corporate partners,
(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.
CONTACT:
Paul C.
Desjourdy, President and CEO
Symbollon
Pharmaceuticals, Inc.
(508)
620-7676, x202
www.symbollon.com

EX - 99 . 1 2 pressrelease _ 12102008 . htm PRESS RELEASE DATED DECEMBER 10 , 2008 pressrelease _ 12102008 . htm PRESS RELEASE SYMBOLLON PHARMACEUTICALS , INC . 37 Loring Drive , Framingham , MA 01702 Phone : ( 508 ) 620 - 7676 Fax : ( 508 ) 620 - 7111 FOR IMMEDIATE RELEASE SYMBOLLON ENTERS INTO SALE / LICENSE AGREEMENT COVERING UPPER RESPIRATORY TRACT TECHNOLOGY FRAMINGHAM , MA . December 10 , 2008 -- Symbollon Pharmaceuticals , Inc . ( OTCBB : SYMBA ) announced that on December 8 , 2008 it signed a sale / license agreement with BioCide Pharma , Inc . covering upper respiratory tract products based on Symbollon 's proprietary iodine - based technology . Under the agreement , Symbollon will transfer ownership of its patent application covering use of its technology in the upper respiratory tract . As partial consideration under the agreement , Symbollon will receive an equity position in BioCide equal to 50 % ownership of the company . Under the terms of the agreement , BioCide will receive ownership of Symbollon 's patent application covering use of its technology in the upper respiratory tract and obtain an exclusive license to Symbollon 's other iodine - based technology for use in the field . As partial consideration for the transfer , BioCide issued 625,000 shares of its common stock which represents 50 % of BioCide 's outstanding equity . Additionally , BioCide agreed to assume all of Symbollon 's outstanding patent fees and expenses ( approximately $ 18,000 ) related to the patent application . Under the agreement , BioCide is required to raise $ 250,000 in equity during 2009 and an aggregate of $ 1,250,000 by the end of 2010 . So long as Symbollon retains at least a 10 % ownership position in BioCide , it has the right to appoint one member of BioCide 's board of directors . James Richards , a director of Symbollon , and Paul Desjourdy , an officer and director of Symbollon , own the remaining outstanding equity of BioCide . Messrs . Richards and Desjourdy are also officers and directors of BioCide . As part of the transaction , Mr . Richards agreed to loan BioCide $ 50,000 in order for BioCide to cover currently due patent prosecution expenses related to the transferred patent application . " We entered into this transaction to preserve our intellectual property in the upper respiratory tract " , stated Paul C . Desjourdy , President and Chief Executive Officer of Symbollon . " Symbollon was not able to finance further prosecution of the patent application . By transferring this asset to BioCide , we believe that the required funding to develop products in the area can be raised without dilution to Symbollon 's stockholders . This will allow Symbollon to focus its efforts on the commercialization of IoGen ™ , our dietary supplement to promote breast health , and resources allowing , to develop topical antimicrobial products based on our technology " . About 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 successfully commercial 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 arrangements with corporate partners , ( 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 . CONTACT : Paul C . Desjourdy , President and CEO Symbollon Pharmaceuticals , Inc . ( 508 ) 620 - 7676 , x202 www.symbollon.com
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.SELLING_COMPANY O O O O O O O O O O O O O O O O O O O O B-Parties.SELLING_COMPANY I-Parties.SELLING_COMPANY I-Parties.SELLING_COMPANY I-Parties.SELLING_COMPANY I-Parties.SELLING_COMPANY O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O