| 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)                          |

| Large      accelerated filer  | Accelerated      filer   |
|---------------------------------------|----------------------------------|
| Non-accelerated      filer    | Smaller      reporting company x |

----

----

----

----

----

----

| 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 |

----

| Name                   | Age    | Position with theCompany                 |
|------------------------|--------|------------------------------------------|
|                   |   |                                     |
| Paul      C. Desjourdy | 47     | President,      Chief Executive Officer, |
|                   |   | Chief      Financial Officer, General    |
|                   |   | Counsel,      Treasurer andDirector      |

----

----

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

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

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

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

----

----

----

----

|                | Fiscal 2008             |                          | Fiscal 2007 |
|---------------------|-------------------------|-------------------------------|-------------|
|                | High                    | Low                           |        | High | Low |
|                |                    |                          |        |   |   |
| First      quarter  | $   0.90 | $    0.46 |        | $   1.25 | $    0.81 |
| Second      quarter | 0.80                    |    0.03        |        | 1.09 |    0.80 |
| Third      quarter  | 0.04                    |    0.02        |        | 1.09 |    0.75 |
| Fourth      quarter | 0.03                    |    0.01        |        | 0.94 |    0.57 |

----

----

----

----

----

----

----

|                                                             |   |                    |
|------------------------------------------------------------------|--------|-------------------------|
|                                                             |   | December      31,  |
|                                                             |   |                    | 2008 |   |   | 2007 |   |
|                                                             |   |                    |   |   |   |   |   |
| Assets                                                           |   |                    |   |   |   |   |   |
|                                                             |   |                    |   |   |   |   |   |
| Current      assets:                                             |   |                    |   |   |   |   |   |
|    Cash and cash      equivalents                 |   | $                       | 66,242 |   | $ | 1,102,381 |   |
|    Inventory                                           |   |                    | 30,085 |   |   | -  |   |
| Prepaid      expenses                                            |   |                    | 21,263 |   |   | 32,954 |   |
|                                                             |   |                    |   |   |   |   |   |
|          Total current assets                     |   |                    | 117,590 |   |   | 1,135,335 |   |
|                                                             |   |                    |   |   |   |   |   |
| Equipment and leasehold      improvements,      net of           |   |                    |   |   |   |   |   |
|         accumulated depreciation and amortization      |   |                    | 1,627 |   |   | 2,760 |   |
|                                                             |   |                    |   |   |   |   |   |
| Other      assets:                                               |   |                    |   |   |   |   |   |
|     Equity      Investments (Notes 2 and 10) |   |                    | -  |   |   | -  |   |
| Patent      and trademark costs, net of accumulated              |   |                    |   |   |   |   |   |
|        amortization                                         |   |                    | 206,216 |   |   | 302,412 |   |
| Deposit                                                          |   |                    | 2,364 |   |   | 2,364 |   |
|                                                             |   |                    |   |   |   |   |   |
|                                                             |   | $                       | 327,797 |   | $ | 1,442,871 |   |

----

|                                                                                 |   |                    |             |   |   |        |   |
|--------------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|--------|-------------|--------|
|                                                                                 |   | December      31,  |
|                                                                                 |   |                    | 2008        |   |   | 2007        |   |
|                                                                                 |   |                    |        |   |   |        |   |
|  Liabilities and Stockholders’      Equity                                |   |                    |        |
|                                                                                 |   |                    |        |   |   |        |   |
| Current      liabilities:                                                            |   |                    |        |   |   |        |   |
| Accounts      payable                                                                |   | $                       | 63,014      |   | $      | 30,017      |   |
| Accrued      clinical development expenses                                           |   |                    | 112,765     |   |   | 335,628     |   |
| Other      current liabilities                                                       |   |                    | -           |   |   | 23,143      |   |
|                                                                                 |   |                    |        |   |   |        |   |
|          Total current liabilities                                    |   |                    | 175,779     |   |   | 388,788     |   |
|                                                                                 |   |                    |        |   |   |        |   |
| Commitments (Notes      6, 7 and 10)                                                 |   |                    |        |   |   |        |   |
|                                                                                 |   |                    |        |   |   |        |   |
| Stockholders’      equity:                                                     |   |                    |        |   |   |        |   |
| Common      stock, Class A, par value $.001 per share, 93,750,000    shares          |   |                    |        |   |   |        |   |
|        authorized, 16,473,340 and 15,158,340 shares issued and      outstanding |   |                    |        |   |   |        |   |
|        as of December 31, 2008 and 2007, respectively                           |   |                    | 16,473      |   |   | 15,158      |   |
| 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                                                      |   |                    | 21,526,658  |   |   | 20,645,933  |   |
| Accumulated      deficit                                                             |   |                    | (21,391,113 | )      |   | (19,607,008 | )      |
|                                                                                 |   |                    |        |   |   |        |   |
|          Total stockholders' equity                                   |   |                    | 152,018     |   |   | 1,054,083   |   |
|                                                                                 |   |                    |        |   |   |        |   |
|                                                                                 |   | $                       | 327,797     |   | $      | 1,442,871   |   |

----

|                                               |   |   |                                   |   |   |       |   |
|-----------------------------------------------|--------|--------|----------------------------------------|--------|--------|------------|--------|
|                                               |   |   | Year      EndedDecember      31,  |   |
|                                          |   |   | 2008                                   |   |   | 2007       |   |
|                                          |   |   |                                   |   |   |       |   |
| Revenue:                                      |   |   |                                   |   |   |       |   |
| Net      product sales                        |   | $      | 391                                    |   | $      | -          |   |
|                                          |   |   |                                   |   |   |       |   |
|        Total revenues                    |   |   | 391                                    |   |   | -          |   |
|                                          |   |   |                                   |   |   |       |   |
| Operating      expenses:                      |   |   |                                   |   |   |       |   |
| Cost      of goods sold                       |   | $      | 740                                    |   | $      | -          |   |
| Research      and development costs           |   |   | 585,528                                |   |   | 2,805,163  |   |
| General      and administrative expenses      |   |   | 1,209,352                              |   |   | 976,805    |   |
|                                          |   |   |                                   |   |   |       |   |
|        Total operating expenses          |   |   | 1,795,620                              |   |   | 3,781,968  |   |
|                                          |   |   |                                   |   |   |       |   |
| Loss from      operations                     |   |   | (1,795,229                             | )      |   | (3,781,968 | )      |
|                                          |   |   |                                   |   |   |       |   |
| Interest      income                          |   |   | 11,124                                 |   |   | 33,495     |   |
|                                          |   |   |                                   |   |   |       |   |
| Net loss                                      |   | $      | (1,784,105                             | )      | $      | (3,748,473 | )      |
|                                          |   |   |                                   |   |   |       |   |
| Basic and diluted net loss per      share of  |   |   |                                   |   |   |       |   |
|   common      stock                      |   | $      | (0.11                                  | )      | $      | (0.29      | )      |
|                                          |   |   |                                   |   |   |       |   |
| Weighted average number of      common shares |   |   |                                   |   |   |       |   |
|   outstanding - basic and      diluted   |   |   | 16,342,589                             |   |   | 13,121,712 |   |

----

|                                                                          |   |   | Common      Stock     |   |   |       |   |   |        |   |   |             |   |   |   |   |
|-------------------------------------------------------------------------------|--------|--------|----------------------------|--------|--------|------------|--------|--------|-------------|--------|--------|-------------|--------|--------|--------|--------|
|                                                                               |   |   | $.001      Par Value  |   |   | Additional |   |   |        |   |   |             |   |   |   |   |
|                                                                               |   |   | Class      A          |   |   | Paid-in    |   |   | Accumulated |   |   |             |   |   |   |   |
|                                                                               |   |   | Shares                |   |   | Amount     |   |   | Capital     |   |   | Deficit     |   |   |        |   |   | Total |   |
|                                                                          |   |   |                       |   |   |       |   |   |        |   |   |        |   |   |   |   |   |   |   |
| 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 |   |
|          Issuance of Shares – Executive Stock Grant      |   |   | 1,275,000                  |   |   | 1,275      |   |   | 636,225     |   |   | -           |   |   |   |   |   | 637,500 |   |
|          Issuance of Shares – Consultants                |   |   | 40,000                     |   |   | 40         |   |   | 30,760      |   |   | -           |   |   |   |   |   | 30,800 |   |
|          Stock Based Compensation                              |   |   |                       |   |   |       |   |   | 213,740     |   |   | -           |   |   |   |   |   | 213,740 |   |
|          Net loss for the year                                 |   |   |                            |   |   |            |   |   |             |   |   | (1,784,105  | )      |   |   |   |   | (1,784,105 | ) |
|                                                                          |   |   |                       |   |   |       |   |   |        |   |   |        |   |   |   |   |   |   |   |
| Balance,      December 31, 2008                                               |   |   | 16,473,340                 |   | $      | 16,473     |   | $      | 21,526,658  |   | $      | (21,391,113 | )      |   |   |   | $ | 152,018 |   |

----

|                                                                                                     |   |   |                                   |    |   |       |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------|---------|--------|------------|--------|
|                                                                                                     |   |   | Year      EndedDecember      31,  |    |
|                                                                                                |   |   | 2008                                   |    |   | 2007       |   |
| Cash flows from operating      activities:                                                          |   |   |                                   |    |   |       |   |
|                                                                                                |   |   |                                   |    |   |       |   |
| Net      loss                                                                                       |   | $      | (1,784,105                             | )       | $      | (3,748,473 | )      |
| Adjustments      to reconcile net loss to net cash used in                                          |   |   |                                   |    |   |       |   |
|        operating activities:                                                                   |   |   |                                   |    |   |       |   |
|          Stock-based compensation                                                    |   |   | 851,240                                |    |   | 435,224    |   |
|          Issuance of securities for services rendered                                |   |   | 30,800                                 |    |   | 45,000     |   |
|          Depreciation and amortization                                               |   |   | 35,236                                 |    |   | 39,114     |   |
|              Loss on impairment of patents                       |   |   | 78,632                                 |    |   | -          |   |
|          Changes in operating assets and liabilities:                                |   |   |                                   |    |   |       |   |
|            Inventory                                                       |   |   | (30,085                                | )       |   | -          |   |
|            Prepaid expenses                                                |   |   | 11,691                                 |    |   | 6,565      |   |
|            Accounts payable and other current liabilities                  |   |   | (213,009                               | )  |   | 86,938     |   |
|              Net cash used in operating activities               |   |   | (1,019,600                             | )       |   | (3,135,632 | )      |
|                                                                                                |   |   |                                   |    |   |       |   |
| Cash flows from investing      activities:                                                          |   |   |                                   |    |   |       |   |
|                                                                                                |   |   |                                   |    |   |       |   |
| Patent      and trademark cost additions                                                            |   |   | (16,539                                | )       |   | (32,580    | )      |
|             Net cash used in investing activities                     |   |   | (16,539                                | )       |   | (32,580    | )      |
|                                                                                                |   |   |                                   |    |   |       |   |
| Cash flows from financing      activities:                                                          |   |   |                                   |    |   |       |   |
|                                                                                                |   |   |                                   |    |   |       |   |
| Issuance      of common stock and warrants                                                          |   |   | -                                      |    |   | 1,748,612  |   |
|             Net cash provided by financing activities                 |   |   | -                                      |    |   | 1,748,612  |   |
|                                                                                                |   |   |                                   |    |   |       |   |
| Net decrease in cash and      cash equivalents                                                 |   |   | (1,036,139                             | )       |   | (1,419,600 | )      |
|                                                                                                |   |   |                                   |    |   |       |   |
| Cash and cash      equivalents,      beginning of period                                            |   |   | 1,102,381                              |    |   | 2,521,981  |   |
|                                                                                                |   |   |                                   |    |   |       |   |
| Cash and cash      equivalents,      end of period                                                  |   | $      | 66,242                                 |    | $      | 1,102,381  |   |
|  There      were no payments made for interest or income taxes during 2008 or      2007.  |   |   |                                   |    |   |       |   |

----

| 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 the company as a going      concern.  The Company had net losses of $1,784,105 and      $3,748,473 and negative cash flows from operations of $1,019,600 and      $3,135,632 for the years ended December 31, 2008 and 2007,      respectively.  At December 31, 2008, the Company had an      accumulated deficit of $21,391,113 and negative working capital of      $58,189.  The Company does not  have adequate cash      resources to continue our base operations.  These factors raise      substantial doubt about the company’s ability to continue as a going      concern in 2009. 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. 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 and to increase      sales of IoGen, our dietary supplement marketed to promote breast health      for women.  Management is actively seeking equity and debt      financing from external investors, and is attempting to increase sales of      IoGen.  The Company is also pursuing other strategic options,      including possible sales or licenses of its technology or a sale or merger      of the Company.  In December 2008, the Company transferred      certain intellectual property in exchange for an equity stake in BioCide      Pharma, Inc., a start-up company, and the assumption of approximately      $18,000 in debt (see footnote 10 below). Failure to either obtain the      support of additional external investors to finance the Company’s      operations, increase sales of IoGen or execute our other strategic options      will cause us to cease operations in the near future.   |
|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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      2008, the Company launched IoGen as a dietary supplement for the promotion      of female breast health.  Currently, the Company is selling      IoGen through its website, www.BuyIoGen.com.  Purchases of      IoGen are made through credit card transactions.  The Company      had no accounts receivables as of December 31, 2008.                                                                                                                                                                                                                                                                             |
| Inventory                                                                                                        | Inventory      is stated at the lower of cost (determined on a first-in, first-out basis)      or market.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 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 2008, the Company wrote off      $78,632 of impaired patent costs.  The Company does not believe      that any of its other long-lived assets are impaired at December 31, 2008      or 2007.  |
| 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 represents their estimated      useful lives.                                                                                                                                                                                                                                                        |
|                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

| 2.         Summary      ofSignificantAccounting      Policies(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Intangible    Assets                                                                                                        | Intangible      assets subject to amortization consist of patents and trademarks that have      estimated useful lives ranging from 9-17 years and a weighted average      remaining useful life of 7.7 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| EquityInvestment                                                                                                            | On      December 8, 2008, the Company acquired 625,000 shares of common stock in      BioCide Pharma, Inc., a start-up venture, in exchange for a transfer of      certain patent rights and assumption of liabilities.  The      Company will account for this investment on the equity      method.  At December 31, 2008, the Company’s investment had no      recorded value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

----

| 2.         Summary      ofSignificantAccounting      Policies(Continued)  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Research andDevelopment                                                                                                | Research      and development costs are expensed as incurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| 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,                              | 2008                                             | 2007                                                   |
|------------------------------------------------|--------------------------------------------------|--------------------------------------------------------|
|                                           |                                             |                                                   |
| Equipment      and fixtures                    | $   161,610                       | $    183,836                       |
| Leasehold      improvements                    | 63,146                                           | 63,146                                                 |
|                                           |                                             |                                                   |
|                                           | 224,756                                          | 246,982                                                |
|                                           |                                             |                                                   |
|  Less      accumulated depreciation       | 223,129                                          | 244,222                                                |
|                                           |                                             |                                                   |
| Equipment      and leasehold improvements, net | $       1,627 | $        2,760 |

|   | Depreciation      expense for the years ended December 31, 2008 and 2007 totaled $1,133 and      $6,705, respectively.  |
|--------|------------------------------------------------------------------------------------------------------------------------------|

----

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

| December      31,                         | 2008                                   | 2007                                   |
|-------------------------------------------|----------------------------------------|----------------------------------------|
|                                      |                                   |                                   |
| Patent      costs                         | $    314,910       | $    476,556       |
| Trademark      costs                      | 2,444                                  | 2,444                                  |
|                                      |  317,354                          |  479,000                          |
|  Less      accumulated amortization  |  111,138                          |  176,588                          |
|  Patent      and trademark cost, net |  $    206,216 |  $    302,412 |

|                                                                                                                                                                      | Amortization      expense related to these assets is estimated to be approximately $23,421      per year in fiscal years 2009 through 2016.  Amortization      expense for the years ended December 31, 2008 and 2007 totaled $34,103 and      $32,409, 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, 2008 and 2007, 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, 2008 and 2007, 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 $30,800 and $186,007 of expense      related to these shares and warrants for the years ended December 31, 2008      and 2007, 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, outstanding redeemable warrants covering      511,961 shares were exercised, netting the Company $332,775 in cash, and      warrants covering 103,500 shares were exercised for consulting services to      be rendered to the Company over a 12-month period  The Company      accounts for these shares under EITF 96-18.  For the year ended      December 31, 2007, the Company recorded an expense of $30,002 in general      and administrative expenses in the accompanying statement of      operations.  No expense related to these shares was recognized      for the year ended December 31, 2008.  In connection with the      exercise of the redeemable warrants, the Company issued 615,461 warrants      entitling the holders thereof to purchase up to February 28, 2009 a share      of Class A common stock at a price of sixty-five cents ($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 February 2007, warrants for 15,385 shares were      exercised, netting the Company $10,000 in cash. 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.  No expense related to      these shares was recognized for the year ended December 31,      2008.  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.   |

----

| 5.         Stockholders’Equity(Continued)                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Issuance of CommonStock and Common         Stock      Purchase         Warrants(Continued) | 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.  No expense      related to these warrants was recognized for the year ended December 31,      2008. 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)                                 | On      January 18, 2008, 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 to be $30,800 which was recognized      as an expense in general and administrative expenses in the accompanying      statement of operations for the year ended December 31, 2008. On      February 7, 2008, the Company issued 900,000 and 375,000 restricted shares      to its executive officers, Merrs. Desjourdy and Kessler,      respectively.  The shares were initially to vest one-third each      of the next three anniversaries of the grant date.  On May 16,      2008, the Company fully vested the shares as part of the termination of      the executive officers’ employment agreements.  Under the      provisions of SFAS No. 123(R), the Company recorded $637,500 of      stock-based compensation for the year ended December 31, 2008, with      $450,000 and $187,500 included in general and administrative expenses and      in research and development costs, respectively. At      December 31, 2008, warrants to purchase 7,879,193 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      stock option plan expired on August 4, 2008 with options to purchase      1,225,000 shares outstanding at December 31, 2008.  No future      grants may be made 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 this plan      440,000 shares are available for future grant.                                                                                                                                                                                                                                                                                                          |

----

| 6.         Stock      Plans(Continued) | 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 $213,740 and      $294,217 of stock-based compensation for the year ended December 31, 2008      and 2007, respectively, with $213,740 and $183,608 included in general and      administrative expenses and $0 and $110,609 included in research and      development costs, respectively.  As of December 31, 2008 the      unrecognized stock-based  compensation cost related to      non-vested stock awards was $65,838.  This amount will be      recognized in operations over a weighted average period of 12      months. The      following table summarizes the Company’s stock option information as of,      and for the year ended December 31,2008: |
|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                 |   Number      ofShares | WeightedAverageExercisePrice                          | Weighted      AverageRemainingContractualTerm |  AggregateIntrinsicValue      (1) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------------------------------------------------------|-----------------------------------------------|----------------------------------------|
|                                                                                                                                                                                 |                             |                                                  |                                          |                                   |
| Outstanding      at December 31, 2007                                                                                                                                                | 2,467,500                        | $       0.78       |                                          |                                   |
|    Options      granted                                                                                                                                               |  180,000                    |  $       0.53 |                                          |                                   |
|   Options      expired                                                                                                                                                     | (1,302,500)                      | $       0.62       |                                          |                                   |
|  Outstanding      at December 31, 2008                                                                                                                                          |  1,345,000                  |  $       0.90 |  7.9                                     |  $0                               |
|  Exercisable      at December 31, 2008                                                                                                                                          |  900,000                    |  $       0.99 |  7.7                                     |  $0                               |
|  (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. |

----

| 6.         Stock      Plans(Continued) | For      the years ended December 31, 2008 and 2007, the Company granted options      for 180,000 and 30,000 shares exercisable between $0.50 and $0.90 per      share.  The weighted-average grant date fair value of stock      options granted during the years ended December 31, 2008 and 2007 was      $0.39 and $0.72 per share, respectively.  No stock options were      exercised during the years ended December 31, 2008 or 2007.  |
|-------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                | 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, |
|------------------------------------------------------------------|--------|----------------------------------|
|                                                             |   | 2008                             | 2007 |
|                                                             |   |                             |   |
| Weighted-average      expected stock-price  volatility |   | 88%                              | 97% |
|                                                             |   |                             |   |
| Weighted-average      expected option life                       |   | 6      years                     | 6      years |
|                                                             |   |                             |   |
| Average      risk-free interest rate                             |   | 2.79-3.28%                       | 4.76% |
|                                                             |   |                             |   |
| 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, 2008 to reflect a forfeiture      rate. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | All      options outstanding at December 31, 2008 are categorized by the      following ranges in the tablebelow: |
|--------|------------------------------------------------------------------------------------------------------------------------|

|    SharePrice      Range |  Weighted-AverageExercisePrice | Weighted-AverageRemainingContractualLife      (years) |    Number      ofShares |
|-----------------------------------------|-------------------------------------|-------------------------------------------------------|----------------------------------------|
| $0.21      to $1.00                     | $0.83                               | 7.9                                                   | 1,240,000                              |
| $1.00      to $3.63                     | $1.80                               | 4.3                                                   | 105,000                                |
|                                    |                                |                                                  |  1,345,000                        |

----

|   | All      options exercisable at December 31, 2008 are categorized by the      following ranges in the tablebelow: |
|--------|------------------------------------------------------------------------------------------------------------------------|

|    SharePrice      Range |  Weighted-AverageExercisePrice | Weighted-AverageRemainingContractualLife      (years) |    Number      ofShares |
|-----------------------------------------|-------------------------------------|-------------------------------------------------------|----------------------------------------|
| $0.21      to $1.00                     | $0.88                               | 7.8                                                   | 795,000                                |
| $1.00      to $3.63                     | $1.80                               | 4.3                                                   | 105,000                                |
|                                    |                                |                                                  |  900,000                          |

|                                                                        | The      weighted-average fair value of options granted during the years ended      December 31, 2008 and 2007 was $0.53 and $0.90 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, 2008 and 2007 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, 2008 and 2007 but not included in the calculation of      diluted net loss per share because such shares are      antidilutive:                                          |

| December      31,   | 2008      | 2007      |
|---------------------|-----------|-----------|
|                |      |      |
| Stock      options  | 1,345,000 | 2,467,500 |
| Stock      warrants | 7,879,193 | 7,969,193 |

----

| 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,                                                    | 2008           | 2007           |
|----------------------------------------------------------------------|----------------|----------------|
|                                                                 |           |           |
| 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,                     | 2008                                                                                                     | 2007                                                                                                     |
|---------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
|                                  |                                                                                                     |                                                                                                     |
| Tax      credit carryforwards         | $      685,000                                                             | $      680,000                                                             |
| Net      operating loss carryforwards | 7,268,000                                                                                                | 7,186,000                                                                                                |
|                                  |                                                                                                     |                                                                                                     |
| Gross      deferred tax asset         | 7,953,000                                                                                                | 7,866,000                                                                                                |
|                                  |                                                                                                     |                                                                                                     |
| Deferred      tax assets valuation    |                                                                                                     |                                                                                                     |
|   allowance                 | (7,953,000)                                                                                              | (7,866,000)                                                                                              |
|                                  |                                                                                                     |                                                                                                     |
| Net      deferred tax assets          | $                 - | $                 - |

----

| 8.         Income      Taxes(Continued) | As      of December 31, 2008 and 2007, 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 2008 and 2007 was $87,000 and $1,430,000,respectively. As      of December 31, 2008, the Company has net operating loss      carryforwards totaling approximately $18,171,000.  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                             |
|                 |                                           |
| 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                                      |
| 2028                 | 950,000                                        |
|                 |                                           |
|                 | $      18,171,000                              |

|   | In      addition, the Company has available tax credit carryforwards (adjusted to      reflect provisions of the Tax Reform Act of 1986) of approximately      $685,000, which are available to offset future taxable income and income      tax liabilities, when earned or incurred.  These amounts expire      in various years through 2028.  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 2005 through 2008 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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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, 2008 and 2007 was approximately      $42,300 and $41,000, respectively. Future      minimum rental payments due are asfollows: |

| Year ending December      31, | Total                                             |
|-------------------------------|---------------------------------------------------|
|                          |                                              |
| 2009                          |    $    43,650 |
| 2010                          | 45,000                                            |
| 2011                          | 46,350                                            |
| 2012                          | 31,500                                            |
|                          |                                              |
|                          | $  166,500                              |

| 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.   On May 16, 2008, the Company modified      those employment agreements with with its principal officers to limit      their term from December 2011 to June 2008.  The Company agreed      to cover health insurance benefits for 12 months following the termination      of the employment agreements.  After the termination of his      current employment agreement, Mr. Desjourdy was employed by the Company in      his current positions at $18,000 per month on a month-to-month      basis.  For the years ended December 31, 2008 and 2007, the      aggregate amount paid to the Company’s principal officers was $345,250 and      $478,500, respectively.  |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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, 2008, no royalties have been earned under this      agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

| 9.         Commitments(Continued)           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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, 2008 and 2007 amounted to approximately $128,000      and $239,000, respectively.                                                                                                                                                                                                                                                                                     |
| 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 2008 or 2007.                                                                                                                                                                                                                                                                                                                                   |
| Employee BenefitPlan                                                                          | 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.  The Company made      contributions of $3,589 to the plan equal to 3% of employee salaries for      the first three months of the year ended December 31, 2008, and      thereafter, the Company ceased making contributions to the      plan.  |
| 10.         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 $26,294 and      $59,324 for the years ended December 31, 2008 and 2007,      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 2008 and 2007 of      the relationship is $9,600 for each year.                                |
|                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| 10.         Related      PartyTransactions(Continued)  | On      December 8, 2008 the Company signed a sale/license agreement with BioCide      Pharma, Inc. covering upper respiratory tract products based on the      Company’s proprietary iodine-based technology.  Under the      agreement, the Company transferred ownership of its patent application      covering use of its technology in the upper respiratory tract and granted      an exclusive license to its other iodine-based technology for use in the      field.  As partial consideration under the agreement, the      Company will receive 625,000 shares of common stock in BioCide which      represents 50% ownership of the company. Additionally,      BioCide agreed to assume all of the Company’s outstanding patent fees and      expenses (approximately $18,000) related to the patent      application.  Under the agreement, BioCide is required to raise      $250,000 in equity during 2009 and an aggregate of $1,250,000 by the end      of 2010.  So long as the Company retains at least a 10%      ownership position in BioCide, it has the right to appoint one member of      BioCide’s board of directors.  Two members of the Company’s      Board of Directors own the remaining outstanding equity of BioCide, and      are also officers and directors of BioCide.  As part of the      transaction, one of the directors agreed to loan BioCide $50,000 in order      for BioCide to cover currently due patent prosecution expenses related to      the transferred patent application.  Due to the uncertainty as      to the recoverability of the assets received and its related party nature,      no value has been assigned to the assets.  |
|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Item      9.  Changes in and Disagreements with Accountants on Accounting      and Financial Disclosure |
|--------|-------------------------------------------------------------------------------------------------------------------|

----

|   | Item      10.  Directors, Executive Officers and Corporate      Governance |
|--------|--------------------------------------------------------------------------------------|

|  Name                                                                        |  Age |  Director      Since | Principal      Occupation, Other Business Experience and Other      Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------------------------------------------|-----------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                              |      |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Class      I Directors to ServeUntil      the 2009 Annual Meeting of Stockholders |
|                                                                              |      |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Paul      C. Desjourdy............                                    | 47        | 1996                      | Chief      Executive Officer of Symbollon since June 2005,  President and      General Counsel of Symbollon since December 1999, Chief Financial Officer      since September 1993, and Treasurer from May 1994.  Attorney at      the law firm of Choate Hall & Stewart from 1989 to      1993.  Certified Public Accountant at Arthur Andersen & Co.      from 1983 to 1986.                                                                                                                                                                                                                                                                                                                                                          |
| Eugene      Lieberstein...........                                    | 70        | 1998                      | Law      partner at the law firm of Baker & Hostetler, LLP specializing in      patent procurement and litigation (Mr. Lieberstein and his firm serve as      patent counsel for Symbollon) since 2008.  Law partner at the      law firm of Anderson Kill & Olick, P.C. specializing in patent      procurement and litigation (Mr. Lieberstein and his firm served as patent      counsel for Symbollon) from 2000 to 2008.  Law partner at the      law firm of Wyatt, Gerber, Meller and O’Rourke specializing in patent      procurement and litigation (Mr. Lieberstein and his firm served as patent      counsel for Symbollon) from 1993 to 2000.  Patent Counsel for      Union Carbide Corporation from 1970 to 1993.  |

----

| Class      II Directors Whose Terms ContinueUntil      the 2010 Annual Meeting of Stockholders |
|------------------------------------------------------------------------------------------------|
|                                                                                           |   |   |   |
| James      C. Richards, Ph.D....                                                           | 61 | 1991 | President,      Chief Executive Officer and a director of BioCide Pharma, Inc., a      privately held company focused on the development of antimicrobials, since      November 2008.  President, Chief Executive Officer and a      director of EdgeLight BioScience, Inc., a privately held company      specializing in waveguide technologies, from October 2000 to November      2008.  President, Chief Executive Officer and a director of      IntelliGene, Inc., a privately held company specializing in DNA probe      technologies, from October 1995 to September 2000.  President      and Chief Executive Officer of Symbollon from May 1991 to September      1995.  Director of business planning and development for      Gene-Trak Systems, a joint venture originally between AMOCO Corporation      and Integrated Genetics, Inc., engaged in developing diagnostic test      devices using DNA probes, from 1986 to 1990.  |
| Richard      F. Maradie...........                                                     | 61 | 1998 | Retired      since September 2000.  Senior Vice President of Commercial      Development of Oakwood Laboratories, a private biopharmaceutical company      developing drug delivery technologies, from April 1998 to September      2000.  President, Chief Executive Officer and a director of      Novavax, Inc., a public biopharmaceutical company developing topical and      oral drug delivery technologies, from March 1997 to August      1998.  President, Chief Executive Officer and a director of      Protyde Pharmaceuticals, Inc., a private biopharmaceutical company      developing products for the diagnosis and treatment of cancer, from 1994      to 1997.  Executive Vice President and Chief Operating Officer      of Platelet Research Products, Inc., a private biopharmaceutical company      developing therapeutic products derived from blood platelets, from to 1991      to 1994.  President, Chief Operating Officer and a director of      VimRx Pharmaceuticals, Inc., a public pharmaceutical company developing      therapeutics based on natural products, from 1988 to  1991. |

----

|  Name                                                                                           |  Age |  Director      Since | Principal      Occupation, Other BusinessExperience and Other      Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------------------------------------------------------------------------------------------------------|-----------|---------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Class      III Director Whose Terms ContinueUntil      the 2011 Annual Meeting of Stockholders |
|                                                                                                 |
| Jack      H. Kessler, Ph.D........                                                               | 58        | 1986                      | Chairman      of the Board of Directors of Symbollon since May      1996.  Executive Vice President of Symbollon from June 2005 to      June 2008.  Chief Scientific Officer and Secretary of Symbollon      from May 1991 to June 2008.  Chief Executive Officer of      Symbollon from December 1999 to June 2005, Executive Vice-President of      Symbollon from May 1991 to December 1999.  Symbollon's sole      stockholder, officer and director from 1986 to 1991.  From      January 1990 until May 1991, principal systems engineer for Kollsman      Manufacturing Company, a diagnostic instrument design and manufacturing      company. |
|                                                                                                 |      |                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

----

----

| Summary      Compensation Table       |
|--------------------------------------------|
| Name      and Principal Position           | Year | Salary      ($) | Bonus      ($) | Stock      Awards ($) | Total      ($) |
|                                       |   |   |   |   |   |
| Paul      C. Desjourdy                     | 2008 | $247,250 | -0- | $450,000      (2) | $697,250 |
| Chief      Executive Officer, President,   | 2007 | $278,500 | -0- | -0- | $278,500 |
| Chief      Financial Officer and Treasurer |   |   |   |   |   |
|                                       |   |   |   |   |   |
| Jack      H. Kessler (1)                   | 2008 | $100,000 | -0- | $187,500      (2) | $287,500 |
| Chief      Scientific Officer, Executive   | 2007 | $200,000 | -0- | -0- | $200,000 |
| Vice      President and Secretary          |   |   |   |   |   |

| (1) | Dr.      Kessler’s employment with the Company ended on June 30,    2008. |
|-----|---------------------------------------------------------------------------------|

| (2) | Messrs.      Desjourdy and Kessler were issued 900,000 and 375,000 restricted shares of      Class A common stock, respectively, on February 7, 2008 (the shares vest      one-third each of the first three anniversaries).  Amounts set      forth in this column represent the aggregate grant date fair value of      these shares, computed in accordance with FAS 123R and recognized for      financial statement purposes. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Outstanding      Equity Awards at Fiscal Year-End  |
|---------------------------------------------------------|
|   Name                                        | Number      of Securities Underlying Unexercised Options (#)    Exercisable | Number      of Securities Underlying Unexercised Options (#)    Unexercisable |  Option      Exercise Price ($) |   Option      Expiration Date |
|                                                    |   |   |   |   |
| Paul      C. Desjourdy                                  | 400,000 | 200,000      (1) | $0.87 | 1/3/2016 |
|                                                    | 350,000 | 50,000      (2) | $0.90 | 12/29/2016 |
|                                                    |   |   |   |   |

|   | _____________________________ |
|--------|-------------------------------|

| (1)   | These      options vest on January 3, 2009. |
|-----------------|---------------------------------------------|

| (2)   | These      options vest on December 29,2009. |
|-----------------|----------------------------------------------|

----

| Option      Exercises and Stock Vested  |
|----------------------------------------------|
|                                         |   | Number      ofSharesAcquired      on Vesting(#)(d) | ValueRealized      onVesting($)(e) |
|  Paul      C. Desjourdy                 |   |       900,000 |  $36,000      (1) |
|  Jack      H. Kessler                   |   |         375,000 |  $15,000      (1) |
|                                         |   |   |   |

|   | _____________________________ |
|--------|-------------------------------|

| (1) | Based      on the closing stock price on May 16,2008. |
|-----|-------------------------------------------------------|

----

| Director      Compensation  |
|----------------------------------|
|  Name                       | Fees      Earned or Paid in Cash ($) |  Option      Awards ($) | All      Other Compensation ($) |  Total      ($) |
|                             |   |   |   |   |
| James      C. Richards           | -0- | $23,405      (1) (2) | -0- | $23,405 |
|                             |   |   |   |   |
| Richard      F. Maradie          | -0- | $23,405      (1) (3) | -0- | $23,405 |
|                             |   |   |   |   |
| Eugene      Lieberstein          | -0- | $23,405      (1) (4) | $26,294      (5) | $49,699 |

|   | _____________________________ |
|--------|-------------------------------|

| (1)   | Represents      options to purchase 10,000 and 50,000 shares of Class A Common Stock      granted on January 2, 2008 and February 7, 2008, respectively (options      vest one-half each of the first two anniversaries; are exercisable at      $0.65 and $0.50, respectively, per share and have a 10 year      term).  Amounts set forth in this Column represent the grant      date fair value of these options, computed in accordance with FAS 123R and      recognized for financial statements purposes, was estimated on the date of      grant using the Black-Scholes option-pricing model with the following      assumptions: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                             |   | Year      EndedDecember      31, 2008 |
|------------------------------------------------------------------|--------|---------------------------------------|
|                                                             |   |                                  |
| Weighted-average      expected stock-price  volatility |   | 88%                                   |
|                                                             |   |                                  |
| Weighted-average      expected option life                       |   | 6      years                          |
|                                                             |   |                                  |
| Average      risk-free interest rate                             |   | 2.79-3.28%                            |
|                                                             |   |                                  |
| Average      dividend yield                                      |   | 0.0%                                  |

| (2)   | Dr.      Richards has options having a 10 year term to purchase 115,000 shares      outstanding at December 31, 2008 by grants on February 7, 2008 for 50,000,      May 19, 2004 for 25,000, annual grants of 2,500 each on the first business      day of each year for an aggregate of 20,000 pursuant our 1995 Non-Employee      Directors’ Stock Option Plan and annual grants of 10,000 on the first      business day of 2007 and 2008 pursuant to our 2006 Non-Employee Directors’      Stock Option Plan.  In addition, he received a grant of options      for 10,000 shares on the first business day of 2009 pursuant to our 2006      Non-Employee Directors’ Stock OptionPlan. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Mr.      Maradie has options having a 10 year term to purchase 115,000 shares      outstanding at December 31, 2008 by grants on February 7, 2008 for 50,000,      May 19, 2004 for 25,000, annual grants of 2,500 each on the first business      day of each year for an aggregate of 20,000 pursuant our 1995 Non-Employee      Directors’ Stock Option Plan and annual grants of 10,000 on the first      business day of 2007 and 2008 pursuant to our 2006 Non-Employee Directors’      Stock Option Plan.  In addition, he received a grant of options      for 10,000 shares on the first business day of 2009 pursuant to our 2006      Non-Employee Directors’ Stock OptionPlan. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Mr.      Lieberstein has options having a 10 year term to purchase 115,000 shares      outstanding at December 31, 2008 by grants on February 7, 2008 for 50,000,      May 19, 2004 for 25,000, annual grants of 2,500 each on the first business      day of each year for an aggregate of 20,000 pursuant our 1995 Non-Employee      Directors’ Stock Option Plan and annual grants of 10,000 on the first      business day of 2007 and 2008 pursuant to our 2006 Non-Employee Directors’      Stock Option Plan.  In addition, he received a grant of options      for 10,000 shares on the first business day of 2009 pursuant to our 2006      Non-Employee Directors’ Stock OptionPlan. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Mr.      Lieberstein provided legal services, either personally or through his      firms, Baker & Hostetler, LLP and Anderson Kill & Olick, P.C., in      which law firms he is, or was, a partner, during  2008. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Item      12.  Security Ownership of Certain Beneficial Owners and      Management and Related StockholderMatters |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| Name      and Address of Beneficial Owner (1)                             | Shares      of Common Stock Beneficially Owned | Percent      of Class (2) |
|---------------------------------------------------------------------------|------------------------------------------------|---------------------------|
| Anthony      J. Cantone (3)                                               | 2,065,459                                      | 11.6%                     |
| Paul      C. Desjourdy (4)(5)                                             | 1,905,200                                      | 11.0%                     |
| Renaissance      US Growth Investment Trust PLC (6)                       | 1,214,286                                      | 7.1%                      |
| Renaissance      Capital Growth & Income Fund III, Inc. (6)(7)        | 1,214,286                                      | 7.1%                      |
| Premier      RENN US Emerging Growth Fund Ltd. (6)(7)                     | 1,214,286                                      | 7.1%                      |
| Dr.      Jack H. Kessler (4)(8)                                           | 780,233                                        | 4.7%                      |
| Dr.      James C. Richards (4)(9)                                         | 238,701                                        | 1.4%                      |
| Eugene      Lieberstein (4)(10)                                           | 129,868                                        | *                         |
| Richard      F. Maradie (4)(11)                                           | 60,000                                         | *                         |
| All      Executive Officersand      Directors as a Group (5 persons) (12) |  3,114,002                                |  17.8%               |

| * | Less      than 1% of the Common Stock outstanding. |   |   |
|---|----------------------------------------------------|--------|--------|

| (1) | All      shares are beneficially owned and sole voting and investment power is held      by the persons named, except as otherwisenoted. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Based      upon 16,473,340 shares of Common Stock but also reflecting as outstanding,      with respect to the relevant beneficial owner, the shares which that      beneficial owner could acquire upon exercise of options exercisable within      60 days. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes      currently exercisable warrants to purchase 372,597 shares of Common Stock      owned directly by Mr. Cantone, 125,000 shares and warrants to purchase      93,750 shares of Common Stock owned by his wife, which Mr. Cantone may be      considered to beneficially own, and to have shared investment and voting      power with respect to, and warrants to purchase 728,712 shares of Common      Stock owned by Cantone Research, Inc., a securities broker/dealer owned by      Mr. Cantone.  The address of Mr. Cantone is c/o Cantone      Research, Inc., 766 Shrewsbury Avenue, Tinton Falls, NJ    07724. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The      address of Directors Kessler, Richards, Desjourdy, Maradie and Lieberstein      is c/o Symbollon Pharmaceuticals, Inc., 37 Loring Drive, Framingham, MA      01702. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes      currently exercisable options and warrants to purchase 820,000 shares of      Common Stock. |
|-----|-----------------------------------------------------------------------------------------------------------|

| (6) | Includes      currently exercisable warrants to purchase 607,143 shares of Common      Stock. |
|-----|-----------------------------------------------------------------------------------------------|

| (7) | RENN      Capital Group is the investment adviser to this fund and may vote and      dispose of the shares on behalf of the fund pursuant to an investment      advisory agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes      1,100 shares owned by his minor child and currently exercisable warrants      to purchase 60,000 shares of CommonStock. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes      currently exercisable options to purchase 60,000 shares of Common      Stock. |
|-----|---------------------------------------------------------------------------------------------|

| (10) | Includes      currently exercisable options and warrants to purchase 67,692 shares of      Common Stock. |
|------|----------------------------------------------------------------------------------------------------------|

| (11) | Includes      currently exercisable options to purchase 60,000 shares of Common      Stock. |
|------|---------------------------------------------------------------------------------------------|

| (12) | Includes      currently exercisable options warrants to purchase 1,067,692 shares of      Common Stock held by executive officers and directors as a      group. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Equity      Compensation Plan Information                        |
|-----------------------------------------------------------------------|
|                                                                  |  Number      of securities to be issued upon exercise of outstanding options, warrants      and rights(a) |   Weighted      average exercise price of outstanding options, warrants and      rights(b) |   Number      of securities remaining available for future issuance (excluding      securities reflected in column (a))(c) |
| Equity      Compensation Plans Approved by Security Holders           |       1,345,000      (1) |  $0.90 |  440,000      (1) |
|  Equity      Compensation Plans Not Approved by Security Holders |          1,655,000      (2) |    -- |            0      (2) |
| Total                                                                 | 3,000,000 | $0.90 |                440,000 |

|   | _____________________________ |
|--------|-------------------------------|

| (1) | Reflects      options granted under the 1993 Stock Option Plan, as amended, the 2006      Non-Employee Director Stock Option Plan or the 2006 Non-Employee Director      Stock Option Plan. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Symbollon      granted executives 1,275,000 shares of Class A Common Stock, consultants      230,000 shares of Class A Common Stock and warrants to purchase 150,000      shares of Class A Common Stock under various consulting      agreements. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Fee Category            | Fiscal 2008 Fees | Fiscal 2007 Fees |
|-------------------------|------------------|------------------|
| Audit      Fees         | $48,240          | $34,400          |
| Audit-Related      Fees | -                | -                |
| Tax      Fees           | -                | -                |
| All      Other Fees     | -                | 4,000            |
|                    |             |             |
| Total      Fees         | $48,240          | $38,400          |

----

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

----

| Signature                   | Title                                    |        Date |
|-----------------------------|------------------------------------------|------------------------------------------------|
|                        |                                     |                                           |
| /s/      Paul C. Desjourdy  | President,      Chief Executive Officer, | March      30, 2009                            |
| Paul      C. Desjourdy      | Treasurer,      Chief Financial Officer, |                                           |
|                        | General      Counsel, and Director       |                                           |
|                        | (Principal      Executive, Financial     |                                           |
|                        | and      Accounting Officer)             |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
| /s/      Jack H. Kessler    | Chairman      of the Board of Directors  | March      30, 2009                            |
| Jack      H. Kessler        | and      Secretary                       |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
|                        |                                     |                                           |
| /s/      James C. Richards  | Director                                 | March      30, 2009                            |
| James      C. Richards      |                                     |                                           |
|                        |                                     |                                           |
| /s/      Richard F. Maradie | Director                                 | March      30, 2009                            |
| Richard      F. Maradie     |                                     |                                           |
|                        |                                     |                                           |
| /s/      Eugene Lieberstein | Director                                 | March      30, 2009                            |
| 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. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----