| Delaware         (State      of incorporation)                                                                                                                                                                                                                                                                                                                         | 36-3463683(I.R.S.      employer identification no.) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|                      37 Loring      Drive               Framingham,      Massachusetts                      (Address of principal executive offices) |  01702(Zip      Code)                          |

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| -   | Positive      cash flow from anticipated 2008 Medpharm  revenues; |
|---------------|-------------------------------------------------------------------|

| -   | Development      of product formulations using Medpharm’s experienced development      team; |
|---------------|----------------------------------------------------------------------------------------------------|

| -   | Access      to the Chinese clinical development market for its molecular iodine      technology; |
|---------------|--------------------------------------------------------------------------------------------------|

| -   | Eventual      commercialization of Symbollon’s products in high-growth Chinese      market; |
|---------------|---------------------------------------------------------------------------------------------------|

| -   | Broadening      of Medpharm sales by in-licensing of third party  products; |
|---------------|-----------------------------------------------------------------------------|

| -   | Increased      licensing of our product opportunities based on clinical data produced in      China; |
|---------------|------------------------------------------------------------------------------------------------------|

| -   | Access      to low-cost manufacturing capacity for new products;  and |
|---------------|-----------------------------------------------------------------------|

| -   | Significant      increase in human resources to facilitate  growth. |
|---------------|---------------------------------------------------------------------|

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| Listing      of United States Patents |
|---------------------------------------|
|                                  |   |   |
| Patent      Number                    |              Title |  Issue Date |
| 5,055,287                             | “Methods      to Control Color During Disinfecting Peroxidase Reactions” | October      8, 1991  |
| 5,227,161                             | “Method      to Clean and Disinfect Pathogens on the Epidermis by Applying a      Composition Containing Peroxidase, Iodide Compound and      Surfactant” | July      13, 1993  |
| 5,370,815                             | “Viscous      Epidermal Cleaner and Disinfectant” | December      6, 1994  |
| 5,389,385                             | “Treatment      of Iodine Deficiency Diseases” | February      14, 1995  |
| 5,419,902                             | “Method      for Inactivating Pathogens” | May      30, 1995  |
| 5,589,198                             | “Treatment      of Iodine Deficiency Diseases” | December      31, 1996  |
| 5,629,024                             | “Method      of Forming an Iodine Based Germicide Composition” | May      13, 1997 |
|                                  |   |   |
| 5,639,481                             | “Method      for the Therapeutic Treatment of a Mammalian Eye” | June      17, 1997 |
|                                  |   |   |
| 5,648,075                             | “Iodine      Based Germicidal Composition” | July      15, 1997 |
|                                  |   |   |
| 5,772,971                             | “Iodine-Based      Microbial Decontamination System” | June      30, 1998 |
|                                  |   |   |
| 5,849,291                             | “Ophthalmic      Non-Irritating Iodine Medicament” | December      15, 1998 |
|                                  |   |   |
| 5,885,592                             | “Method      & Pharmaceutical Compositions for Oral Administration of Molecular      Iodine” | March      23, 1999  |
| 5,910,318                             | “Treatment      of Iodine Deficiency Diseases” | June      8, 1999  |
| 5,955,101                             | “Dry      Starch-Iodine Pharmaceutical Formulations” | September      21, 1999  |
| 5,962,029                             | “Iodine      Germicides that Continuously Generate Free Molecular Iodine”  | November      5, 1999 |
| 6,019,970                             | “Treatment      of Iodine Deficiency Diseases” | February      1, 2000  |
| Re      36,605                        | “Reissue      of 08/963,900 Method to Clean and Disinfect Pathogens”  | March      7, 2000 |
| 6,248,335                             | “Stabilized      Oral Pharmaceutical Composition Containing Iodide and Iodate”  | June      19, 2001 |
| 6,261,577                             | “Non-Staining      Topical Iodine Composition”  | July      17, 2001 |
| 6,432,426                             | “Non-Staining      Topical Iodine Composition and Method” | August      13, 2002 |

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| Name                        | Age    | Position with theCompany                 |
|-----------------------------|--------|------------------------------------------|
|                        |   |                                     |
| Paul      C. Desjourdy      | 46     | President,      Chief Executive Officer, |
|                        |   | Chief      Financial Officer, General    |
|                        |   | Counsel,      Treasurer and Director     |
|                        |   |                                     |
| Jack      H. Kessler, Ph.D. | 57     | Executive      Vice President, Chief     |
|                        |   | Scientific      Officer, Secretary and   |
|                        |   | Chairman      of the Board of Directors  |

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| ·   | conducting      preclinical and clinical trials; |
|--------------------|--------------------------------------------------|

| ·   | obtaining      required regulatory approvals of drug  candidates; |
|--------------------|-------------------------------------------------------------------|

| ·   | manufacturing      any resulting products; and |
|--------------------|------------------------------------------------|

| ·   | commercializing      any resulting products. |
|--------------------|----------------------------------------------|

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|                | Fiscal 2007             |                    | Fiscal 2006 |
|---------------------|-------------------------|-------------------------|-------------|
|                | High                    | Low                     |        | High | Low |
|                |                    |                    |        |   |   |
| First      quarter  | $   1.25 | $   0.81 |        | $   1.50 | $    0.77 |
| Second      quarter | 1.09                    |    0.80  |        | 2.50 |    1.35 |
| Third      quarter  | 1.09                    |    0.75  |        | 1.80 |    0.75 |
| Fourth      quarter | 0.94                    |    0.57  |        | 1.25 |    0.75 |
|                |                    |                    |        |   |   |

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|                                                        |   |                    |
|-------------------------------------------------------------|--------|-------------------------|
|                                                        |   | December      31,  |
|                                                        |   |                    | 2007 |   |   | 2006 |   |
|                                                        |   |                    |   |   |   |   |   |
| Assets                                                      |   |                    |   |   |   |   |   |
|                                                        |   |                    |   |   |   |   |   |
| Current      assets:                                        |   |                    |   |   |   |   |   |
|    Cash and cash equivalents                 |   | $                       | 1,102,381 |   | $ | 2,521,981 |   |
| Prepaid      expenses                                       |   |                    | 32,954 |   |   | 39,519 |   |
|                                                        |   |                    |   |   |   |   |   |
|          Total current assets                |   |                    | 1,135,335 |   |   | 2,561,500 |   |
|                                                        |   |                    |   |   |   |   |   |
| Equipment and leasehold      improvements,      net of      |   |                    |   |   |   |   |   |
|         accumulated depreciation and amortization |   |                    | 2,760 |   |   | 9,465 |   |
|                                                        |   |                    |   |   |   |   |   |
| Other      assets:                                          |   |                    |   |   |   |   |   |
| Patent      and trademark costs, net of accumulated         |   |                    |   |   |   |   |   |
| amortization                                                |   |                    | 302,412 |   |   | 302,241 |   |
| Deposit                                                     |   |                    | 2,364 |   |   | 2,364 |   |
|                                                        |   |                    |   |   |   |   |   |
|                                                        |   | $                       | 1,442,871 |   | $ | 2,875,570 |   |

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|                                                                                 |   |                    |             |   |   |        |   |
|--------------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|--------|-------------|--------|
|                                                                                 |   | December      31,  |
|                                                                                 |   |                    | 2007        |   |   | 2006        |   |
|                                                                                 |   |                    |        |   |   |        |   |
|  Liabilities and Stockholders’      Equity                                |   |                    |        |
|                                                                                 |   |                    |        |   |   |        |   |
| Current      liabilities:                                                            |   |                    |        |   |   |        |   |
| Accounts      payable                                                                |   | $                       | 30,017      |   | $      | 34,720      |   |
| Accrued      clinical development expenses                                           |   |                    | 335,628     |   |   | 242,493     |   |
| Other      current liabilities                                                       |   |                    | 23,143      |   |   | 24,637      |   |
|                                                                                 |   |                    |        |   |   |        |   |
|          Total current liabilities                                    |   |                    | 388,788     |   |   | 301,850     |   |
|                                                                                 |   |                    |        |   |   |        |   |
| Commitments (Notes      6, 7 and 10)                                                 |   |                    |        |   |   |        |   |
|                                                                                 |   |                    |        |   |   |        |   |
| Stockholders’      equity:                                                     |   |                    |        |   |   |        |   |
| Common      stock, Class A, par value $.001 per share, 93,750,000    shares          |   |                    |        |   |   |        |   |
|        authorized, 15,158,340 and 12,476,041 shares issued and      outstanding |   |                    |        |   |   |        |   |
|        as of December 31, 2007 and 2006, respectively                           |   |                    | 15,158      |   |   | 12,476      |   |
| Convertible      common stock, Class B, par value $.001                              |   |                    |        |   |   |        |   |
|        per share, 1,250,000 shares authorized and unissued                      |   |                    | -           |   |   | -           |   |
| Preferred      stock, par value $.001 per share, 5,000,000 shares                    |   |                    |        |   |   |        |   |
|        authorized and unissued                                                  |   |                    | -           |   |   | -           |   |
| Additional      paid-in capital                                                      |   |                    | 20,645,933  |   |   | 18,419,779  |   |
| Accumulated      deficit                                                             |   |                    | (19,607,008 | )      |   | (15,858,535 | )      |
|                                                                                 |   |                    |        |   |   |        |   |
|          Total stockholders' equity                                   |   |                    | 1,054,083   |   |   | 2,573,720   |   |
|                                                                                 |   |                    |        |   |   |        |   |
|                                                                                 |   | $                       | 1,442,871   |   | $      | 2,875,570   |   |

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|                                               |   |   |                                   |   |   |       |   |
|-----------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------|--------|
|                                               |   |   | Year      EndedDecember      31,  |   |
|                                          |   |   | 2007                                   |   |   | 2006       |   |
|                                          |   |   |                                   |   |   |       |   |
| Revenue:                                      |   |   |                                   |   |   |       |   |
| Net      product sales                        |   | $      | -                                      |   | $      | 39,833     |   |
|                                          |   |   |                                   |   |   |       |   |
|        Total revenues                    |   |   | -                                      |   |   | 39,833     |   |
|                                          |   |   |                                   |   |   |       |   |
| Operating      expenses:                      |   |   |                                   |   |   |       |   |
| Cost      of goods sold                       |   | $      | -                                      |   | $      | 39,833     |   |
| Research      and development costs           |   |   | 2,805,163                              |   |   | 1,748,501  |   |
| General      and administrative expenses      |   |   | 976,805                                |   |   | 1,316,395  |   |
|                                          |   |   |                                   |   |   |       |   |
|        Total operating expenses          |   |   | 3,781,968                              |   |   | 3,104,729  |   |
|                                          |   |   |                                   |   |   |       |   |
| Loss from      operations                     |   |   | (3,781,968                             | )      |   | (3,064,896 | )      |
|                                          |   |   |                                   |   |   |       |   |
| Interest      income                          |   |   | 33,495                                 |   |   | 18,112     |   |
|                                          |   |   |                                   |   |   |       |   |
| Net loss                                      |   | $      | (3,748,473                             | )      | $      | (3,046,784 | )      |
|                                          |   |   |                                   |   |   |       |   |
| Basic and diluted net loss per      share of  |   |   |                                   |   |   |       |   |
|   common      stock                      |   | $      | (0.29                                  | )      | $      | (0.36      | )      |
|                                          |   |   |                                   |   |   |       |   |
| Weighted average number of      common shares |   |   |                                   |   |   |       |   |
|   outstanding - basic and      diluted   |   |   | 13,121,712                             |   |   | 8,545,304  |   |

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|                                                                                                                                      |   |   | Common      Stock     |   |   |       |    |   |          |    |   |             |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------|--------|--------|------------|---------|--------|---------------|---------|--------|-------------|--------|--------|--------|--------|
|                                                                                                                                           |   |   | $.001      Par Value  |   |   | Additional |    |   |          |    |   |             |   |   |   |   |
|                                                                                                                                           |   |   | Class      A          |   |   | Paid-in    |    |   | Accumulated   |    |   |             |   |   |   |   |
|                                                                                                                                           |   |   | Shares                |   |   | Amount     |    |   | Capital       |    |   | Deficit     |   |   |        |   |   | Total |   |
|                                                                                                                                      |   |   |                       |   |   |       |    |   |          |    |   |        |   |   |   |   |   |   |   |
| Balance,      December 31, 2005                                                                                                           |   |   | 7,323,661                  |   | $      | 7,324      |    | $      | 13,632,830    |    | $      | (12,811,751 | )      |   |   |   | $ | 828,403 |   |
|          Issuance of Shares – Warrant Exercise                                                                       |   |   | 626,076                    |   |   | 626        |    |   | 339,048       |    |   | -           |   |   |   |   |   | 339,674 |   |
|          Issuance of Shares – Sale of Stock and Warrants                                                             |   |   | 4,536,304                  |   |   | 4,536      |    |   | 3,663,279     |    |   | -           |   |   |   |   |   | 3,667,815 |   |
|          Issuance of Shares – Consultants                                                                            |   |   | 67,000                     |   |   | 67         |    |   | 69,158        |    |   | -           |   |   |   |   |   | 69,225 |   |
|          Return of Shares – Consultants                                                                              |   |   | (77,000                    | )      |   | (77        | )  |   | (23,280       | )  |   | -           |   |   |   |   |   | (23,357 | )  |
|          Reclassification of Stock and Warrants Issued        For Prepaid      Services |   |   | -                     |   |   | -     |    |   | (30,074  | )  |   | -      |   |   |   |   |   | (30,074  | )  |
|          Stock Based Compensation                                                                                          |   |   |                       |   |   |       |    |   | 768,818       |    |   | -           |   |   |   |   |   | 768,818 |   |
|          Net loss for the year                                                                                             |   |   |                            |   |   |            |    |   |               |    |   | (3,046,784  | )      |   |   |   |   | (3,046,784 | ) |
|                                                                                                                                      |   |   |                       |   |   |       |    |   |          |    |   |        |   |   |   |   |   |   |   |
| Balance,      December 31, 2006                                                                                                           |   |   | 12,476,041                 |   |   | 12,476     |    | $      | 18,419,779    |    | $      | (15,858,535 | )      |   |   |   | $ | 2,573,720 |   |
|          Issuance of Shares – Warrant Exercise                                                                       |   |   | 15,385                     |   |   | 15         |    |   | 9,985         |    |   | -           |   |   |   |   |   | 10,000 |   |
|          Issuance of Shares – Sale of Stock and Warrants                                                             |   |   | 2,616,914                  |   |   | 2,617      |    |   | 1,735,995     |    |   | -           |   |   |   |   |   | 1,738,612 |   |
|          Issuance of Shares – Consultants                                                                            |   |   | 50,000                     |   |   | 50         |    |   | 44,950        |    |   | -           |   |   |   |   |   | 45,000 |   |
|          Stock Based Compensation                                                                                          |   |   |                       |   |   |       |    |   | 435,224       |    |   | -           |   |   |   |   |   | 435,224 |   |
|          Net loss for the year                                                                                             |   |   |                            |   |   |            |    |   |               |    |   | (3,748,473  | )      |   |   |   |   | (3,748,473 | ) |
|                                                                                                                                      |   |   |                       |   |   |       |    |   |          |    |   |        |   |   |   |   |   |   |   |
| Balance,      December 31, 2007                                                                                                           |   |   | 15,158,340                 |   | $      | 15,158     |    | $      | 20,645,933    |    | $      | (19,607,008 | )      |   |   |   | $ | 1,054,083 |   |

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|                                                                                                     |   |   |                                   |   |                  |          |    |
|-----------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------|--------|-----------------------|---------------|---------|
|                                                                                                     |   |   | Year      EndedDecember      31,  |   |
|                                                                                                |   |   | 2007                                   |   |                  | 2006          |    |
| Cash flows from operating      activities:                                                          |   |   |                                   |   |                  |          |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Net      loss                                                                                       |   | $      | (3,748,473                             | )      | $                     | (3,046,784    | )       |
| Adjustments      to reconcile net loss to net cash used in                                          |   |   |                                   |   |                  |          |    |
|        operating activities:                                                                   |   |   |                                   |   |                  |          |    |
|          Stock-based compensation                                                    |   |   | 435,224                                |   |                  | 768,818       |    |
|          Issuance of securities for services rendered                                |   |   | 45,000                                 |   |                  | 69,225        |    |
|          Depreciation and amortization                                               |   |   | 39,114                                 |   |                  | 52,982        |    |
|              Loss on disposition of equipment                    |   |   | -                                 |   |                  | 455           |    |
|              Loss on impairment of patents                       |   |   | -                                 |   |                  | 42,541        |    |
|          Changes in operating assets and liabilities:                                |   |   |                                   |   |                  |          |    |
|            Accounts receivable                                             |   |   | -                                      |   |                  | 234,583       |    |
|            Inventory                                                       |   |   | -                                      |   |                  | 39,833        |    |
|            Prepaid expenses                                                |   |   | 6,565                                  |   |                  | 2,496         |    |
|            Accounts payable and other current liabilities                  |   |   | 86,938                                 |   |                  | 56,321        |    |
|              Net cash used in operating activities               |   |   | (3,135,632                             | )      |                  | (1,779,530    | )       |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Cash flows from investing      activities:                                                          |   |   |                                   |   |                  |          |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Purchase      of equipment and leasehold improvements                                               |   |   | -                                      |   |                  | (745          | )       |
| Patent      and trademark cost additions                                                            |   |   | (32,580                                | )      |                  | (17,850       | )       |
|             Net cash used in investing activities                     |   |   | (32,580                                | )      |                  | (18,595       | )       |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Cash flows from financing      activities:                                                          |   |   |                                   |   |                  |          |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Issuance      of common stock and warrants                                                          |   |   | 1,748,612                              |   |                  | 4,007,489     |    |
|             Net cash provided by financing activities                 |   |   | 1,748,612                              |   |                  | 4,007,489     |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Net increase (decrease) in cash      and cash equivalents                                           |   |   | (1,419,600                             | )      |                  | 2,209,364     |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Cash and cash      equivalents,      beginning of period                                            |   |   | 2,521,981                              |   |                  | 312,617       |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Cash and cash      equivalents,      end of period                                                  |   | $      | 1,102,381                              |   | $                     | 2,521,981     |    |
|                                                                                                |   |   |                                   |   |                  |          |    |
| Supplemental disclosure of non      cash activities:                                           |   |   |                                   |   |                  |          |    |
|          Return of shares - Consultant                                               |   | $      | -                                 |   | $                     | (23,357  | )  |
|          Reclassification of stock and warrants issued for prepaid    services       |   | $      | -                                 |   | $                     | (30,074  | )  |
|                                                                                           |   | $      | -                                 |   |                $ | (53,431  | )  |
|  There      were no payments made for interest or income taxes during 2007 or      2006.  |   |   |                                   |   |                  |          |    |

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| 1.         Description      ofBusiness andBasis ofPresentation | Symbollon      Pharmaceuticals, Inc. (formerly Symbollon Corporation) was formed to      develop and commercialize proprietary iodine-based products for infection      control and treatment in biomedical and bioagricultural      industries. The      success of future operations is subject to a number of risks similar to      those of other companies in the same stage of      development.  Principal among these risks are the Company’s      cumulative operating losses, no assurance of profitable future operations,      early state of market development, competition from substitute products or      larger companies, dependence on key personnel and the uncertainty of      additional future financing as needed. The      accompanying financial statements have been prepared in conformity with      accounting principles generally accepted in the United States of America,      which contemplate continuation of our company as a going      concern.  The Company had net losses of $3,748,473 and      $3,046,784 and negative cash flows from operations of $3,135,632 and      $1,779,530 for the years ended December 31, 2007 and 2006,      respectively.  At December 31, 2007, the Company had an      accumulated deficit of $19,607,008.  The Company believes that      it has adequate cash resources to continue our base operations through      June 2008.  These factors raise substantial doubt as to our      ability to continue as a going concern. The      ability of the Company to continue as a going concern is dependent upon      the Company’s ability to receive continued financial support from the      Company’s creditors, stockholders and external investors.  In      August 2006, our licensing agreement covering IoGen was mutually      terminated.  Without a licensing partner, the Company will need      to secure a new partner to help complete the development and      commercialization of IoGen (See Note 13).  These financial      statements do not include any adjustments relating to the recoverability      and classification of recorded asset amounts, or amounts and      classification of liabilities that might be necessary should the Company      be unable to continue as a going concern and, therefore, be required to      realize the Company’s assets and discharge our liabilities in other than      the normal course of operations.  In June and August 2006,      Symbollon raised net aggregate proceeds of $1,342,340 in a private      placement of 1,366,500 shares of its Class A common stock and a like      number of warrants.  In December 2006 and January 2007,      Symbollon raised net aggregate proceeds of $2,368,038 in a private      placement of 3,213,632 shares of its Class A common stock and 2,410,224      warrants.  From September 2007 through December 2007, Symbollon      raised net aggregate proceeds of $1,704,350 in a private placement of      2,573,086 shares of its Class A common stock and a like number of      warrants.  Management plans to seek equity and debt financing      from external investors, and to actively pursue a new partner to help      complete the development and commercialization of IoGen.   |
|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.         Description      ofBusiness andBasis ofPresentation(Continued)  | Management      believes that its current resources will enable the Company to sustain      operations through June 2008.  The plan described above, if      successful, would be sufficient to meet the Company’s liabilities and      commitments as they become payable over the next twelve      months.  However, there can be no assurance that management's      plan will be successful.  Failure to obtain the support of      additional external investors to finance the Company’s operations will      cause us to curtail or cease operations and impair the Company’s ability      to continue as a going concern.  |
|------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.         Summary      ofSignificantAccounting      Policies              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Use of    Estimates                                                                                                          | The      preparation of financial statements in conformity with generally accepted      accounting principles requires management to make estimates and      assumptions that affect the reported amounts of assets and liabilities and      disclosure of contingent assets and liabilities at the date of the      financial statements and the reported amounts of revenues and expenses      during the reporting period.  Actual results could differ from      those estimates.                                                                                                                                                                                    |
| Cash and CashEquivalents                                                                                                | Cash      and cash equivalents include short-term, highly liquid investments with      maturities of less than three months when acquired.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Concentration ofCredit Risks                                                                                                 | In      2006, the Company had one customer for its IodoZyme® product and a      commercialization partner for its IoGen program.  The customer’s      and partner’s financial condition were reviewed on an ongoing basis, and      collateral was not required.  The Company believes a reserve for      potential credit losses was not necessary as of December 31,      2006.                                                                                                                                                                                                                                                                  |
|                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Long-Lived    Assets                                                                                                         | Long-lived      assets, such as intangible assets and property and equipment are evaluated      for impairment when events or changes in circumstances indicate that the      carrying amount of the assets may not be recoverable through the estimated      undiscounted future cash flows from the use of these      assets.  When any such impairment exists, the related assets are      written down to fair value.  In 2006, the Company wrote off      $42,541 of impaired patent costs.  The Company does not believe      that any of its other long-lived assets are impaired at December 31, 2007      or 2006.                          |
| Depreciation andAmortization                                                                                                 | Equipment      is stated at cost and is depreciated over its estimated useful life      (ranging from 5-7 years) using the straight-line      method.  Leasehold improvements are stated at cost and were      amortized by the straight-line method over the 10 year term of the      Company’s original lease for its offices which is less than their      estimated useful lives.                                                                                                                                                                                                                                                                              |
|                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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| 2.         Summary      ofSignificantAccounting      Policies(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Intangible    Assets                                                                                                        | Intangible      assets subject to amortization consist of patents and trademarks that have      estimated useful lives ranging from 10-17 years and a weighted average      remaining useful life of 8.6 years.  Costs related to patent      applications are capitalized as incurred and are amortized once the patent      application is accepted or are expensed if the application is rejected or      there are other circumstances that indicate that the asset is impaired (as      described above).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Income Taxes                                                                                                                | The      Company follows the liability method of accounting for income taxes, as      set forth in Statement of Financial Accounting Standard SFAS No. 109,      “Accounting For Income Taxes.”  Under this method, deferred tax      liabilities and assets are recognized for the expected future tax      consequences of temporary differences between the carrying amount and the      tax basis of assets and liabilities.  The Company records a      valuation allowance against deferred tax assets unless it is more likely      than not that such asset will be realized in future periods. In      June 2006, the FASB issued FASB Interpretation ("FIN") No. 48, Accounting for Uncertainty in      Income Taxes-an interpretation of FASB Statement No.      109  ("FIN 48"). FIN 48 prescribes a recognition      threshold and measurement attribute for the financial statement      recognition and measurement of a tax position taken or expected to be      taken in a tax return. FIN 48 also provides guidance on derecognition,      classification, treatment of interest and penalties, and disclosure of      such positions. The Company adopted the provisions of FIN 48 in the first      quarter of 2007 as required. The adoption of FIN 48 did not have a      material effect on the Company's financial statements.  |
| Fair value ofFinancialInstruments                                                                                      | The      carrying amounts of cash and cash equivalents, accounts receivable, other      current assets and accounts payable approximate fair value based on their      short-term maturities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| RevenueRecognition                                                                                                          | The      Company recognizes revenue from its product sales and licensing      arrangements in accordance with SEC Staff Accounting Bulletin No. 104,      “Revenue Recognition.”  Under these guidelines, revenue is      recognized when persuasive evidence of an arrangement exists, delivery has      occurred or services rendered, the price is fixed or determinable and      payment is reasonably assured.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Research andDevelopment                                                                                                | Research      and development costs are expensed as incurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

| 2.         Summary      ofSignificantAccounting      Policies(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Stock-BasedCompensation                                                                                                | Effective      January 1, 2006, the Company adopted the fair value recognition provisions      of Statement of Financial Accounting Standards No. 123 (revised 2004),      “Share-based Payment” (“SFAS No. 123R”), using the modified-prospective      transition method, which did not require restatement of prior period      results.                                                                                                                                                                                                                                                                                                                                                         |
| Loss Per Share                                                                                                              | The      Company follows SFAS No. 128, “Earnings per Share.”  Under      SFAS No. 128, basic earnings per share excludes the effect of any      dilutive options, warrants or convertible securities and is computed by      dividing the net loss available to common shareholders by the weighted      average number of common shares outstanding for the      period.  Diluted earnings per share is computed by dividing the      net loss available to common shareholders by the sum of the weighted      average number of common shares and common share equivalents computed      using the average market price for the period under the treasury stock      method.  |
| 3.         Equipment      andLeaseholdImprovements                             | Equipment      and leasehold improvements are stated at cost and consist of the      following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

| December      31,                              | 2007                                             | 2006                                                   |
|------------------------------------------------|--------------------------------------------------|--------------------------------------------------------|
|                                           |                                             |                                                   |
| Equipment      and fixtures                    | $   183,836                       | $    184,751                       |
| Leasehold      improvements                    | 63,146                                           | 63,146                                                 |
|                                           |                                             |                                                   |
|                                           | 246,982                                          | 247,897                                                |
|                                           |                                             |                                                   |
|  Less      accumulated depreciation       | 244,222                                          | 238,432                                                |
|                                           |                                             |                                                   |
| Equipment      and leasehold improvements, net | $       2,760 | $        9,465 |

|   | Depreciation      expense for the years ended December 31, 2007 and 2006 totaled $6,705 and      $14,846, respectively.  |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

----

| 4.         Patent      andTrademarkCosts | Patent      and trademark costs consist of the following:  |
|---------------------------------------------------------------------------------------|-----------------------------------------------------------------|

| December      31,                         | 2007                                   | 2006                                   |
|-------------------------------------------|----------------------------------------|----------------------------------------|
|                                      |                                   |                                   |
| Patent      costs                         | $    476,556       | $    443,976       |
| Trademark      costs                      | 2,444                                  | 2,444                                  |
|                                      |  479,000                          |  446,420                          |
|  Less      accumulated amortization  |  176,588                          |  144,179                          |
|  Patent      and trademark cost, net |  $    302,412 |  $    302,241 |

|                                                                                                                                                                      | Amortization      expense related to these assets is estimated to be approximately $33,056      per year in fiscal years 2008 through 2011.  Amortization      expense for the years ended December 31, 2007 and 2006 totaled $32,409 and      $38,136, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.         Stockholders’Equity                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Capital Stock                                                                                                                                                             | The      Company has authorized 93,750,000 shares of Class A common stock,      1,250,000 shares of Class B common stock and 5,000,000 shares of      preferred stock.  The Class A and Class B common stock      are substantially identical except that holders of Class A common      stock have the right to cast one vote for each share held and the      Class B shareholders have the right to cast five votes for each share      held.  As of December 31, 2007 and 2006, there were no      shares of Class B common stock issued and outstanding.  The      preferred stock may be issued in series, and shares of each series will      have such rights and preferences as are fixed by the Company’s Board of      Directors.  As of December 31, 2007 and 2006, there were no      shares of preferred stock issued and outstanding.  |
| Issuance of CommonStock and Common         Stock      Purchase         Warrants | The      Company accounts for certain of the shares and warrants issued for prepaid      services under EITF 96-18 “Accounting for Equity Instruments That Are      Issued to Other Than Employees for Acquiring, or in Conjunction with      Selling, Goods or Services” (EITF 96-18).  Accordingly, the      Company has recognized approximately $186,007 and $296,928 of expense      related to these shares and warrants for the years ended December 31, 2007      and 2006, respectively, in the accompanying statement of      operations.                                                                                                                                                                                                                                                                                                                                                              |

----

| 5.         Stockholders’Equity(Continued)                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuance of CommonStock and Common         Stock      Purchase         Warrants(Continued) | From      December 2005 through March 2006, redeemable warrants covering 511,961      shares were exercised, netting the Company $332,775 in cash, and 103,500      shares were exercised for consulting services to be rendered to the      Company over a 12-month period, which were expensed at the then fair value      of such shares ratably over such period.  For the years ended      December 31, 2007 and 2006, the Company recorded an expense of $30,002 and      $200,654, respectively, in general and administrative      expenses.  In connection with the exercise of the redeemable      warrants, the Company issued 615,461 warrants entitling the holder thereof      to purchase up to February 28, 2009 a share of Class A common stock at a      price of $0.65 per share.  The fair value of the new warrants      issued was estimated on the date of grant using the Black-Scholes      option-pricing model to be $462,651 and was recorded as a cost of raising      the related capital.  During March 2006, warrants for 14,615      shares were exercised, netting the Company $9,500 in      cash.  During February 2007, warrants for 15,385 shares were      exercised, netting the Company $10,000 in cash. On      September 15, 2005, the Company entered into a services agreement with      Premier Funding Services LLC.  In accordance with the services      agreement, and as partial consideration for the services provided by the      vendor, the Company agreed to issue 20,000 shares of Class A common stock      and warrants to purchase 40,000 shares of Class A common stock upon      execution of the agreement.  On November 1, 2006, the Company      issued as additional compensation to Premier 20,000 shares of Class A      common stock.  The Company accounts for these shares under EITF      96-18.  Accordingly, the Company has determined the fair value      of the shares and warrants to be $62,858 and has recognized $50,474 of      expense related to these shares and warrants for the year ended December      31, 2006, included in general and administrative expenses in the      accompanying statement of operations.  No expense related to      these shares and warrants was recognized for the year ended December 31,      2007, as such expense was recognized in 2005 and 2006 as      earned. On      June 2, 2006 and August 21, 2006, the Company sold in a private placement      to accredited investors an aggregate of 1,366,500 shares of Class A common      stock and a like number of redeemable warrants for net proceeds of      $1,342,340 in cash.  The Company also issued redeemable warrants      exercisable for 24,160 shares to the placement agent as additional      compensation.  The redeemable warrants entitle the holder      thereof to purchase at any time up to August 21, 2011 a share of Class A      common stock at a price of $1.00 per share.  The redeemable      warrants may be redeemed by Symbollon at $0.01 per warrant in the event      that the closing sales price of the ClassA |

----

| 5.         Stockholders’Equity(Continued)                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuance of CommonStock and Common         Stock      Purchase         Warrants(Continued) | common      stock over twenty successive trading days is equal to or greater than      $5.00 and the average trading volume over that period is in excess of      25,000 shares per day, subject to the holder’s right to      exercise.  The fair value of the new warrants (inclusive of the      warrants issued to the placement agent) issued was estimated on the date      of grant using the Black-Scholes option-pricing model to be      $2,058,586. On      November 1, 2006, the Company entered into a services agreement with the      Number One Corporation.  In accordance with the services      agreement, and as partial consideration for the services provided by the      vendor, the Company agreed to issue 40,000 shares of Class A common stock      upon execution of the agreement.  The Company accounts for these      shares under EITF 96-18.  Accordingly, the Company has      determined the fair value of the shares and warrants to be $40,800 which      was recognized as an expense in general and administrative expenses in the      accompanying statement of operations for the year ended December 31,      2006. On      November 20, 2006, the Company entered into a services agreement with      Thomas Bruderman.  In accordance with the services agreement,      and as partial consideration for the services provided by the vendor, the      Company agreed to issue 50,000 shares of Class A common stock in January      2007.  The Company accounts for these shares under EITF      96-18.  Accordingly, the Company has determined the fair value      of the shares to be $45,000 which was recognized as an expense in general      and administrative expenses in the accompanying statement of operations      for the year ended December 31, 2007. On      December 1, 2004, the Company entered into a services agreement with Dr.      Bernard A. Eskin.  In accordance with the services agreement,      and as consideration for the services provided by Dr. Eskin, the Company      issued 5,000 shares of Class A common stock on each of December 1, 2004,      2005 and 2006.  The Company accounts for these shares under EITF      96-18.  Accordingly, for the year ended December 31, 2006 the      Company has determined the fair value of the shares issued was $5,000      which was recognized as an expense in general and administrative expenses      in the accompanying statement of operations.    |
|                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

| 5.         Stockholders’Equity(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuance ofCommon StockAnd CommonStock PurchaseWarrants(Continued)                                 | On      December 29, 2006, the Company sold in a private placement to accredited      investors an aggregate of 3,169,804 shares of Class A common stock and      2,377,353 redeemable warrants for net proceeds of $2,325,476 in      cash.  On January 15, 2007, the Company sold in a private      placement to accredited investors an aggregate of 43,828 shares of Class A      common stock and 32,871 redeemable warrants for net proceeds of $34,263 in      cash.  The Company also issued redeemable warrants exercisable      for 631,461 shares to the placement agent as additional compensation in      connection with these offerings. The      redeemable warrants entitle the holder thereof to purchase at any time up      to December 29, 2011 a share of Class A common stock at a price of $1.20      per share.  The redeemable warrants may be redeemed by Symbollon      at $0.01 per warrant in the event that the closing sales price of the      Class A common stock over twenty successive trading days is equal to or      greater than $5.00 and the average trading volume over that period is in      excess of 25,000 shares per day, subject to the holder’s right to      exercise.  The fair value of the new warrants (inclusive of the      warrants issued to the placement agent) issued was estimated on the date      of grant using the Black-Scholes option-pricing model to be      $1,420,286. On      May 14, 2007 and May 18, 2007, the Company entered into services      agreements with consultants.  In accordance with the services      agreements, and as partial consideration for the services provided by the      vendor, the Company agreed to issue warrants to purchase 200,000 shares of      Class A common stock.  The Company accounts for these shares      under EITF 96-18.  Accordingly, the Company has determined the      fair value of the shares to be $111,005 which was recognized as an expense      in general and administrative expenses in the accompanying statement of      operations for the year ended December 31, 2007. From      September through December 2007, the Company sold in a private placement      to accredited investors an aggregate of 2,573,086 shares of Class A common      stock and a like number of redeemable warrants for net proceeds of      $1,704,350 in cash.  The Company also issued redeemable warrants      exercisable for 138,301 shares to the placement agent as additional      compensation in connection with these offerings.  The redeemable      warrants entitle the holder thereof to purchase at any time up to      September 27, 2012 a share of Class A common stock at a price of $1.00 per      share.  The redeemable warrants may be redeemed by Symbollon at      $0.01 per warrant in the event that the closing sales price of the Class A      common stock over twenty successive trading days is equal to or greater      than $5.00 and the average trading volume over that period is in excess of      25,000 shares per day, subject to the holder’s right to      exercise.  The fair value of the new warrants (inclusive of the      warrants issued to the placement agent) issued was estimated on the date      of grant using the Black-Scholes option-pricing model to be      $1,458,961.  |

----

| 5.         Stockholders’Equity(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuance ofCommon StockAnd CommonStock PurchaseWarrants(Continued)                            | At      December 31, 2007, warrants to purchase 7,969,193 shares of common stock      are outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 6.         Stock      Plans                      | The      Company has adopted two stock plans:  a stock option plan and a      nonemployee directors’ stock option plan. The      stock option plan provides for the grant of incentive stock options,      nonqualified stock options and stock appreciation rights.  The      Company has reserved 3,200,000 shares for issuance under this      plan. On      May 24, 2006 the Company adopted a 2006 nonemployee directors’ stock      option plan that provides for the grant of nonstatutory stock options      automatically on January 1 of each calendar year commencing on      January 1, 2007.  The Company has reserved 500,000 shares      for issuance under the plan.  Each outside director shall be      granted an option to purchase 10,000 shares of Class A common stock      at fair market value, vesting 50% on each of the first two anniversaries      of the grant.  The nonemployee directors’ stock option plan      expires on the first business day of 2017. Under      the above plans 773,855 shares are available for future grant or      purchase. The      Company issued stock options to its employees and outside directors      pursuant to stockholder approved stock option plans.  Option      awards are generally granted with an exercise price equal to the market      price of the Company’s stock at the date of grant.  Employee      option awards generally vest over three years from the date of grant, and      outside directors option awards generally vest over two years from the      date of grant.  All option awards generally have 10-year      contractual terms.  The Company attributes stock-based      compensation cost to operations using the straight-line method over the      applicable vesting period. Under      the provisions of SFAS No. 123(R), the Company recorded $294,217 and      $527,474 of stock-based compensation for the year ended December 31, 2007      and 2006, respectively, with $183,608 and $313,270 included in general and      administrative expenses and $110,609 and $214,204 included in research and      development costs, respectively.  As of December 31, 2007 the      unrecognized stock-based  compensation cost related to      non-vested stock awards was $331,337.  This amount will be      recognized in operations over a weighted average period of 15      months.  |

----

| 6.         Stock      Plans(Continued) | The      following table summarizes the Company’s stock option information as of,      and for the year ended December 31,2007: |
|-------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                 |  Number      ofShares | WeightedAverageExercisePrice                          | Weighted      AverageRemainingContractualTerm | AggregateIntrinsicValue      (1) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------|-----------------------------------------------|----------------------------------|
|                                                                                                                                                                                 |                       |                                                  |                                          |                             |
| Outstanding      at December 31, 2006                                                                                                                                                | 2,500,000                  | $       0.78       |                                          |                             |
|    Options      granted                                                                                                                                               |  30,000               |  $       0.90 |                                          |                             |
|   Options      expired                                                                                                                                                     | (62,500)                   | $       0.95       |                                          |                             |
|  Outstanding      at December 31, 2007                                                                                                                                          |  2,467,500            |  $       0.78 |  6.6                                     |  $230,963                   |
|  Exercisable      at December 31, 2007                                                                                                                                          |  1,613,750            |  $       0.73 |  5.7                                     |  $230,963                   |
|  (1)  The      intrinsic value of a stock option is the amount by which the current      market value of the underlying stock exceeds the option exercise      price. |

|   | For      the years ended December 31, 2007 and 2006, the Company granted options      for 30,000 and 1,717,500 shares exercisable between $0.87 and $0.90 per      share.  The weighted-average grant date fair value of stock      options granted during the years ended December 31, 2007 and 2006 was      $0.72 and $0.65 per share, respectively.  No stock options were      exercised during the years ended December 31, 2007 or 2006.  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The      fair value of each option granted was estimated on the date of grant using      the Black-Scholes option-pricing model with the following      assumptions:                                                                                                                                                                                                                                                                                                      |

|                                                             |   | Year      EndedDecember      31, |
|------------------------------------------------------------------|--------|----------------------------------|
|                                                             |   | 2007                             | 2006 |
|                                                             |   |                             |   |
| Weighted-average      expected stock-price  volatility |   | 97.3%                            | 64.8-102% |
|                                                             |   |                             |   |
| Weighted-average      expected option life                       |   | 6      years                     | 5-6      years |
|                                                             |   |                             |   |
| Average      risk-free interest rate                             |   | 4.76%                            | 4.32      - 4.70% |
|                                                             |   |                             |   |
| Average      dividend yield                                      |   | 0.0%                             | 0.0% |

|   | The      dividend yield of zero is based on the fact that the Company has never      paid cash dividends and has no present intention to pay cash      dividends.  Expected volatility is based on the historical      volatility of the Company’s common stock over the period commensurate with      the expected life of the options.  The risk-free interest rate      is the U.S. Treasury Strips rate on the date of grant.  The      expected life was calculated using the method outlined in SEC Staff      Accounting Bulletin Topic 14.D.2, “Expected Terms,” as the Company’s      historical experience does not provide a reasonable basis for the expected      term of the option.  Based on the recent history and current      expectations, the Company has not adjusted the calculated value of the      options for the year ended December 31, 2007 to reflect a forfeiture      rate. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6.         Stock      Plans(Continued) | All      options outstanding at December 31, 2007 are categorized by the      following ranges in the tablebelow: |
|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|

|    SharePrice      Range |  Weighted-AverageExercisePrice | Weighted-AverageRemainingContractualLife      (years) |    Number      ofShares |
|-----------------------------------------|-------------------------------------|-------------------------------------------------------|----------------------------------------|
| $0.21      to $1.00                     | $0.72                               | 6.7                                                   | 2,340,000                              |
| $1.00      to $3.63                     | $1.80                               | 4.4                                                   | 127,500                                |
|                                    |                                |                                                  |  2,467,500                        |

|   | All      options exercisable at December 31, 2007 are categorized by the      following ranges in the tablebelow: |
|--------|------------------------------------------------------------------------------------------------------------------------|

|    SharePrice      Range |  Weighted-AverageExercisePrice | Weighted-AverageRemainingContractualLife      (years) |    Number      ofShares |
|-----------------------------------------|-------------------------------------|-------------------------------------------------------|----------------------------------------|
| $0.21      to $1.00                     | $0.64                               | 5.8                                                   | 1,486,250                              |
| $1.00      to $3.63                     | $1.80                               | 4.4                                                   | 127,500                                |
|                                    |                                |                                                  |  1,613,750                        |

|                                                                        | The      weighted-average fair value of options granted during the years ended      December 31, 2007 and 2006 was $0.90 and $0.88 per share,      respectively.                                                                                                 |
|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.         Loss      Per Share | The      Company’s basic and diluted net loss per share of common stock for the      years ended December 31, 2007 and 2006 is computed by dividing the      net loss by the weighted average number of common shares outstanding      during the period.  |
|                                                                        | The      following table summarizes securities that were outstanding as of      December 31, 2007 and 2006 but not included in the calculation of      diluted net loss per share because such shares are      antidilutive:                                          |

| December      31,   | 2007      | 2006      |
|---------------------|-----------|-----------|
|                |      |      |
| Stock      options  | 2,467,500 | 2,500,000 |
| Stock      warrants | 7,969,193 | 5,040,320 |

----

| 8.         Income      Taxes | The      following table summarizes the significant differences between the benefit      that would be recognized under the United States federal statutory tax      rate and the Company’s effective tax rate for financial statement      purposes: |
|---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| December      31,                                                    | 2007           | 2006           |
|----------------------------------------------------------------------|----------------|----------------|
|                                                                 |           |           |
| United      States statutory tax rate                                | 34%            | 34%            |
| State      taxes, net of United States                               |           |           |
|    federal      tax benefit                           | 6%             | 6%             |
|                                                                 |           |           |
| Valuation      allowance provided against net                        |           |           |
|    operating      loss carry forwards and tax credits | (40%)          | (40%)          |
|                                                                 |           |           |
| Effective      tax rate                                              | -  % | -  % |

|   | Deferred      income taxes reflect the impact of “temporary differences” between the      amount of assets and liabilities for financial reporting purposes and such      amounts as measured by tax laws and regulations.  Deferred tax      assets are comprised of thefollowing: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| December      31,                     | 2007                                                                                                     | 2006                                                                                                     |
|---------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
|                                  |                                                                                                     |                                                                                                     |
| Tax      credit carryforwards         | $      680,000                                                             | $      574,000                                                             |
| Net      operating loss carryforwards | 7,186,000                                                                                                | 5,862,000                                                                                                |
|                                  |                                                                                                     |                                                                                                     |
| Gross      deferred tax asset         | 7,866,000                                                                                                | 6,436,000                                                                                                |
|                                  |                                                                                                     |                                                                                                     |
| Deferred      tax assets valuation    |                                                                                                     |                                                                                                     |
|   allowance                 | (7,866,000)                                                                                              | (6,436,000)                                                                                              |
|                                  |                                                                                                     |                                                                                                     |
| Net      deferred tax assets          | $                 - | $                 - |

----

| 8.         Income      Taxes(Continued) | As      of December 31, 2007 and 2006, the deferred tax assets have been      fully offset by valuation allowances, since the realization of such      amounts is uncertain.  The change in the valuation allowance      during 2007 and 2006 was $1,430,000 and $1,018,000,      respectively. As      of December 31, 2007, the Company has net operating loss      carryforwards totaling approximately $17,964,000.  The amount of      the net operating loss carryforwards which may be utilized in any future      period may be subject to certain limitations, based upon changes in the      ownership of the Company’s common stock.  |
|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                 | The      following is a breakdown of the net operating loss expiration      period:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|                 | Amount      of                               |
|----------------------|----------------------------------------------|
| Expiration      Date | Remaining      NOL                           |
|                 |                                         |
| 2008                 | $      743,000 |
| 2009                 | 1,514,000                                    |
| 2010                 | 1,374,000                                    |
| 2011                 | 921,000                                      |
| 2018                 | 897,000                                      |
| 2019                 | 739,000                                      |
| 2020                 | 476,000                                      |
| 2021                 | 1,387,000                                    |
| 2022                 | 612,000                                      |
| 2023                 | 638,000                                      |
| 2024                 | 2,061,000                                    |
| 2025                 | 953,000                                      |
| 2026                 | 2,319,000                                    |
| 2027                 | 3,330,000                                    |
|                 |                                         |
|                 | $      17,964,000                            |

|   | In      addition, the Company has available tax credit carryforwards (adjusted to      reflect provisions of the Tax Reform Act of 1986) of approximately      $680,000, which are available to offset future taxable income and income      tax liabilities, when earned or incurred.  These amounts expire      in various years through 2027.  The amount of the tax credit      carryforwards which may be utilized in any future period may be subject to      certain limitations, based upon changes in the ownership of the Company’s      common stock. The      Company files income tax returns in the U.S. federal jurisdiction and in      several state jurisdictions. For U.S. federal and state tax purposes, the      tax years 2004 through 2007 remain open to examination.  In      addition, the amount of the Company’s federal and state net operating loss      carryforwards may be subject to examination and  adjustment. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9.         Commitments  |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Facilities    Lease                                                       | The      Company leases its facilities under an operating lease that expires on      August 31, 2012.  The lease requires payment of real estate      taxes and other common area maintenance expenses.  Rent expense      for the years ended December 31, 2007 and 2006 was approximately      $41,000 and $40,000, respectively. Future      minimum rental payments due are asfollows: |

| Year ending December      31, | Total                |
|-------------------------------|----------------------|
|                          |                 |
| 2008                          | $42,300              |
| 2009                          | 43,650               |
| 2010                          | 45,000               |
| 2011                          | 46,350               |
| 2012                          | 31,500               |
|                          |                 |
|                          | $  208,800 |

| EmploymentAgreements | On      January 3, 2006, the Company entered into employment agreements with its      principal officers providing for minimum base compensation and severance      pay which expire December 31, 2008.  On February 7, 2008,      the Company entered into an amendment to those employment agreements with      its principal officers extending the expiration of the agreements to      December 31, 2011.  For the years ended December 31, 2007      and 2006, the aggregate amount paid to the Company’s principal officers      was $478,500 and $455,000, respectively. For 2008, the minimum amounts to      be paid under the new agreements total approximately $478,500 per      year.  |
|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Royalty    Agreement | A      royalty agreement with one of the inventors who assigned certain patent      rights to the Company provides for royalties based on a percentage of the      licensing revenues received by the Company from products falling within      the scope of the patent rights.  The percentage varies from 1.5%      to 5% depending on the gross revenues received, with maximum royalty      payments under the agreement not to exceed $2,884,000.  Through      December 31, 2007, no royalties have been earned under this      agreement.                                                                                                                                                                |
| ConsultingAgreements | The      Company has entered into various scientific advisory and consulting      agreements to support its development activities.  These      agreements generally expire over several future years.  Amounts      charged to operations in connection with these agreements for the years      ended December 31, 2007 and 2006 amounted to approximately $239,000      and $91,000, respectively.                                                                                                                                                                                                                                                                                                           |

----

| 9.         Commitments(Continued)           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Finder’s Fees                                                                           | The      Company has entered into agreements to pay finders’ fees for agreements      entered into with certain companies for investment or revenue      purposes.  The finders’ fees are based on a percentage of the      investment or revenue.  No amounts were paid or accrued pursuant      to any of these agreements during 2007 or 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Employee BenefitPlan                                                                          | From      January 1, 1999 through December 31, 2006, the Company had a Savings      Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA plan      covering substantially all of its employees.  The Company makes      contributions to the plan at the discretion of the Board of Directors      based upon a percentage of employee compensation as provided by the terms      of the plan.  The Company did not make any contributions to the      plan for the year ended December 31, 2006. Effective      January 1, 2007, the Company established a 401(k) plan covering its      employees.  The Company makes contributions to the plan at the      discretion of the Board of Directors based upon a percentage of employee      compensation as provided by the terms of the plan.  The Company      made contributions of $15,615 to the plan equal to 3% of employee salaries      for the year ended December 31, 2007.  |
| 10.         Major      Customers                 | For      the year ended December 31, 2006, the Company generated its net      product revenue from one customer, its exclusive marketing partner for its      bovine teat sanitizer.  No revenues were generated in 2007, as      the marketing partner has discontinued selling the product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 11.         Related      PartyTransactions  | A      member of the Board of Directors provides legal services to the      Company.  Amounts paid for legal services rendered by the      director, either individually or through his firm, totaled $59,324 and      $54,043 for the years ended December 31, 2007 and 2006,      respectively. The      Company exchanges office space for services with a company owned by the      spouse and in-law of one of the Company’s officers and      directors.  The officer and director is also a director in the      other company.  The estimated annual value for 2007 and 2006 of      the relationship is $9,600 for each year.                                                                                                                                                                                                                                                                                                                    |
|                                                                                          | A      member of the Board of Directors provided consulting services to the      Company.  Amounts paid for consulting services rendered by the      director totaled approximately none and $40,000 for the years ended      December 31, 2007 and 2006, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

| 12.         Licensing Agreement | On      April 12, 2005, Symbollon entered into an exclusive worldwide licensing      and co-marketing agreement covering the use of IoGen for the treatment of      cyclic pain and tenderness in humans with Bioaccelerate Holdings      Inc.  (“Bioaccelerate”).  Under the terms of the      agreement, Bioaccelerate was required to fund ongoing Phase III      development of IoGen through its wholly owned subsidiary, Amilar      Pharmaceuticals.  Bioaccelerate had the primary responsibility      for the commercialization of IoGen, and Symbollon was to oversee the      future clinical development efforts necessary to seek marketing approval      for IoGen.  The parties were to share in any net profits upon      commercialization. At      December 31, 2005, the Company had $84,583 of deferred research and      development collaboration revenue related to the Bioaccelerate      arrangement.  Prior to its termination, the Company assessed      collectibility under the Bioaccelerate arrangement as being uncertain and      reversed the deferred revenue. On      August 23, 2006, the parties mutually terminated the agreement with all      rights to IoGen licensed under the agreement to Bioaccelerate reverting      back to Symbollon.  (See Note 1).                                                                                                                        |
|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13.         Subsequent Events   | On      March 7, 2008, the Company signed a term sheet with all shareholders of      Xi’an Maidefa Pharmaceutical Co., Ltd. (“Medpharm”) to acquire      Medpharm.  Medpharm is a fully-integrated pharmaceutical company      currently marketing 23 products to the dairy and aquaculture markets in      China.  Medpharm was founded by Dr. Yongjun Duan, the former      director of research and development of Symbollon. Under      the term sheet, Medpharm will be acquired for $1.5      million.  Symbollon will acquire approximately 64% of the      company in a stock swap for Symbollon shares valued at approximately      $960,000 and acquire an option to purchase for approximately $540,000 the      remainder of the company for cash.  The option is exercisable at      any time after the initial closing over the remainder of      2008.  The initial closing for 64% of Medpharm is expected to      occur during April 2008.  Symbollon’s stock shall be valued at      the 20 business day weighted average of the closing price as quoted on the      OTC Bulletin Board preceding the closing, not to exceed $1.42 per      share.  The acquisition contemplated by the term sheet is      subject, among other things, to entering into a definitive agreement among      the parties, completion of due diligence, and receipt of Chinese      governmental agency approval. |

----

|        Item      8.  |  Changes      in and Disagreements with Accountants on Accounting and Financial      Disclosure |
|--------------------------------|------------------------------------------------------------------------------------------------------|

----

|        Item 9. |   Directors,      Executive Officers, Promoters and Control Persons and Corporate      Governance; Compliance with Section 16(a) of the Exchange    Act |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        Item 11. |   Security      Ownership of Certain Beneficial Owners and Management and Related      Stockholder Matters |
|----------------------|----------------------------------------------------------------------------------------------------------------------|

----

|   | 2 | Form      of Stock Option Agreement to be entered into between the Company and each      option holder. |
|--------|---|---------------------------------------------------------------------------------------------------------|

|   | 4 | Employment      Agreement, dated January 3, 2006, between the Company and Dr. Jack H.      Kessler, as amended on February 7,2008. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------|

|   | 5 | Employment      Agreement, dated January 3, 2006, between the Company and Paul C.      Desjourdy, as amended on February 7,2008. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------|

----

| Signature                   | Title                                    |        Date |
|-----------------------------|------------------------------------------|------------------------------------------------|
|                        |                                     |                                           |
| /s/      Paul C. Desjourdy  | President,      Chief Executive Officer, | March      31, 2008                            |
| Paul      C. Desjourdy      | Treasurer,      Chief Financial Officer, |                                           |
|                        | General      Counsel, and Director       |                                           |
|                        | (Principal      Executive, Financial     |                                           |
|                        | and      Accounting Officer)             |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
| /s/      Jack H. Kessler    | Executive      Vice President,           | March      31, 2008                            |
| Jack      H. Kessler        | Chief      Scientific Officer,           |                                           |
|                        | Secretary      and Chairman              |                                           |
|                        | of      the Board of Directors           |                                           |
|                        |                                     |                                           |
| /s/      James C. Richards  | Director                                 | March      31, 2008                            |
| James      C. Richards      |                                     |                                           |
|                        |                                     |                                           |
| /s/      Richard F. Maradie | Director                                 | March      31, 2008                            |
| Richard      F. Maradie     |                                     |                                           |
|                        |                                     |                                           |
| /s/      Eugene Lieberstein | Director                                 | March      31, 2008                            |
| Eugene      Lieberstein     |                                     |                                           |
|                        |                                     |                                           |

----

| 3.1 | Amended      Certificate of Incorporation of the Company. (previously filed as exhibit      3.1 to Form 10-KSB for the year ended December 31, 2005 and incorporated      by reference) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Amended      By-Laws of the Company. (previously filed as exhibit 3.2 to Form 10-QSB      for the quarter ended June 30, 1999 and incorporated by      reference) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Agreement      of Merger, dated as of August 4, 1993, between the Company and Symbollon      Corporation, a Massachusetts corporation (including Certificate of Merger      and other state filings). (previously filed as exhibit number 3.3 of the      Registration Statement (the “Registration Statement”) on Form SB-2      (Registration No. 33-68828) filed on November 24, 1993 and declared      effective on December 7, 1993, and incorporated by    reference) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Form      of Specimen Class A Common Stock Certificate. (previously filed as exhibit      number 4.2 of the Registration Statement and incorporated by      reference) |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | 1993      Stock Option Plan of the Company, as amended. (incorporated by reference      to Exhibit C to the Company’s 2005 Annual  Stockholders Meeting      Proxy Statement filed under cover of Schedule 14A dated May 4,      2005) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Employment      Agreement, dated January 3, 2006, between the Company and Paul C.      Desjourdy.  (previously filed as exhibit number 10.1 to Form 8-K      filed on January 6, 2006 and incorporated by  reference) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Amendment      to Employment Agreement, dated February 7, 2008, between the Company and      Paul C. Desjourdy.  * |
|------|------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Employment      Agreement, dated January 3, 2006, between the Company and Dr. Jack H.      Kessler.  (previously filed as exhibit number 10.2 to Form 8-K      filed on January 6, 2006 and incorporated by  reference) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Amendment      to Employment Agreement, dated February 7, 2008, between the Company and      Jack H. Kessler.  * |
|------|----------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Commercial      Lease, dated April 20, 2007,  between Pine Street Realty Trust      and the Company.  (previously filed as exhibit number 10.1 to      Form 10-QSB for the quarter ended March 31, 2007 and incorporated by      reference) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Form      of Indemnification Agreement between the Company and each officer and      director of the Company. (previously filed as exhibit number 10.6 of the      Registration Statement and incorporated by  reference) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | Agreement,      dated August 31, 1992, among the Company, Dr. Jack H. Kessler and Dr.      Robert Rosenbaum. (previously filed as exhibit number 10.8 of the      Registration Statement and incorporated by  reference) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9 | Form      of Stock Option Agreement to be entered into between the Company and each      option holder. (previously filed as exhibit number 10.10 to Form 10-KSB      for the year ended December 31, 1993 and incorporated by      reference) |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.10 | 2006      Non-Employee Directors’ Stock Option Plan of the Company. (previously      filed as exhibit number 10.1 to Form 8-K filed on May 30, 2006 and      incorporated by reference) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.11 | 1995      Non-Employee Directors’ Stock Option Plan of the Company. (previously      filed as exhibit number 10.1 to Form 10-QSB for the quarter ended June 30,      1995 and incorporated by reference) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Form      of Warrant for the purchase of shares of Class A Common Stock, dated as of      February 28, 2006, issued to certain purchasers of the Company’s      securities (previously filed as an exhibit number 10.1 to Form 8-K filed      on March 7, 2006 and incorporated byreference) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Licensing      and Co-Marketing Agreement, effective on April 12, 2005, by and between      the Company and Bioaccelerate Holdings Inc. (previously filed as exhibit      number 10.1 to Form 10-QSB for the quarter ended March 31, 2005 and      incorporated by reference) ** |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.14 | Form      of Warrant for the purchase of shares of Class A Common Stock, dated as of      February 28, 2006, issued to certain purchasers of the Company’s      securities (previously filed as exhibit number 10.1 to Form 8-K filed on      March 7, 2006 and incorporated byreference) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.15 | Securities      Purchase Agreement, dated as of June 2, 2006, between Symbollon and      certain purchasers of Symbollon’s securities. (previously filed as exhibit      number 10.1 to Form 8-K filed on June 7, 2006 and incorporated by      reference) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.16 | Form      of Redeemable Warrant expiring on June and August 2011 for the purchase of      shares of Class A common stock issued to certain purchasers of Symbollon’s      securities. (previously filed as exhibit number 10.2 to Form 8-K filed on      June 7, 2006 and incorporated byreference) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.17 | Registration      Rights Agreement, dated as of June 2, 2006, between Symbollon and certain      purchasers of Symbollon’s securities. (previously filed as exhibit number      10.3 to Form 8-K filed on June 7, 2006 and incorporated by      reference) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.18 | Form      of Redeemable Warrant expiring December 2011 for the purchase of shares of      Class A common stock issued to certain purchasers of Symbollon’s      securities. (previously filed as exhibit number 10.22 to the Registration      Statement on Form SB-2 (Registration No. 333-140200) filed on January 25,      2007 (the “2007 Registration Statement”) and declared effective on      February 7, 2007, and incorporated byreference) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.19 | Form      of Subscription Agreement, dated as of December 29, 2006, between      Symbollon and certain purchasers of Symbollon’s securities. (previously      filed as exhibit number 10.23 to the 2007 Registration      Statement) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.20 | Securities      Purchase Agreement, dated as of September 27, 2007, between Symbollon and      certain purchasers of Symbollon’s securities (previously filed as exhibit      number 10.1 to Form 10-QSB for the quarter ended September 30, 2007 and      incorporated by reference) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21 | Form      of Subscription Agreement, dated as of September 27, 2007, between      Symbollon and certain purchasers of Symbollon’s securities (previously      filed as exhibit number 10.2 to Form 10-QSB for the quarter ended      September 30, 2007 and incorporated by  reference) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.22 | Form      of Redeemable Warrant expiring on September 2012 for the purchase of      shares of Class A common stock issued to certain purchasers of Symbollon’s      securities (previously filed as exhibit number 10.3 to Form 10-QSB for the      quarter ended September 30, 2007 and incorporated by      reference) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.23 | Registration      Rights Agreement, dated as of September 27 2007, between Symbollon and      certain purchasers of Symbollon’s securities (previously filed as exhibit      number 10.4 to Form 10-QSB for the quarter ended September 30, 2007 and      incorporated by reference) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification      of the Chief Executive Officer and Chief Financial Officer required by      Securities Exchange Act Rule 13a-14(a) as adopted pursuant to      Section 302 of the Sarbanes-Oxley Act of 2002.  * |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification      of the Chief Executive Officer and Chief Financial Officer required by      Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.      * |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | Filed      herewith. |
|---|----------------------|

| ** | Indicates      that material has been omitted and confidential treatment has been granted      or requested therefore.  All such omitted material has been      filed separately with the Commission pursuant to Rule    24b-2. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----