May 19, 2008
Framingham Firm Faces Possible Closure
The assets of Framingham-based Symbollon Pharmaceuticals Inc. are only enough to keep the company running until the end of next month, according to its SEC filings.
Continued operations past June 30 are "dependent upon obtaining additional financing, reducing expenses and/or pursuing other strategic alternatives," the company said. It also warned that the failure of recent clinical trials for its drug IoGen, designed to treat pain associated with fibrocystic breast disease, may make it hard to raise additional money.
Symbollon also announced that its planned acquisition of the Chinese company Maidefa Pharmaceutical Co. Ltd., or Medpharm, is on hold.
Symbollon said it lost $685,663 during the first quarter of the year, compared to $1.3 million for the same quarter last year. The decreased loss was mostly a result of fewer expenses related to clinical trials of IoGen and investor relations expenses, the company said. It said it expects continued operating losses "for the foreseeable future."
The company said it is now focusing on the possibility of commercializing IoGen as a dietary supplement and of licensing or selling its antimicrobial technology. The company is also trying to reduce expenses, it said.
Continued operations past June 30 are "dependent upon obtaining additional financing, reducing expenses and/or pursuing other strategic alternatives," the company said. It also warned that the failure of recent clinical trials for its drug IoGen, designed to treat pain associated with fibrocystic breast disease, may make it hard to raise additional money.
Symbollon also announced that its planned acquisition of the Chinese company Maidefa Pharmaceutical Co. Ltd., or Medpharm, is on hold.
Symbollon said it lost $685,663 during the first quarter of the year, compared to $1.3 million for the same quarter last year. The decreased loss was mostly a result of fewer expenses related to clinical trials of IoGen and investor relations expenses, the company said. It said it expects continued operating losses "for the foreseeable future."
The company said it is now focusing on the possibility of commercializing IoGen as a dietary supplement and of licensing or selling its antimicrobial technology. The company is also trying to reduce expenses, it said.
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