Framingham Co. Treads Water
Symbollon Pharmaceuticals Inc. of Framingham, which said in May that it had only enough assets to keep running through the end of June, now says it can sustain operations through September.
For the second quarter, Symbollon reported a net loss of $693,074, compared with a net loss of $1.1 million for the same quarter last year. The company said the decreased loss was mainly because of reduced spending on investor relations and clinical trials for its drug IoGen, which is designed to treat pain associated with fibrocystic breast disease.
The company said it is working to commercialize IoGen, which failed in clinical trials, as a dietary supplement.
In May, the company reached an agreement with its CEO and CFO to terminate their employment agreements. CEO Paul C. Desjourdy has remained with the company as its sole employee on a month-to-month basis, receiving $18,000 a month.
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