Symbollon to progress IoGen alone with $13M from placement

The USA's Symbollon Pharmaceuticals has completed private placements to accredited investors raising net proceeds of over $1.3 million for an aggregate of 1,366,500 shares of Class A common stock, and a like number of redeemable warrants.

According to Paul Desjourdy, the firm's chief executive, "these funds will allow us to complete the enrollment of our ongoing Phase III pivotal clinical trial evaluating IoGen for the treatment of pain and tenderness associated with fibrocystic breast disease. Study enrollment is progressing, and we are planning an active subject recruitment campaign over the remainder of 2006 in order to complete enrollment by year-end."

In other news, Symbollon and Gardent Pharmaceuticals, (formerly Bioaccelerate Holdings) mutually terminated their exclusive worldwide licensing and co-marketing agreement covering the use of IoGen for the treatment of pain and tenderness associated with fibrocystic breast disease. Upon termination of their April 2005 deal, all rights to IoGen licensed to Gardent reverted back to Symbollon.