It’a all over – well, almost. OK, who are we kidding – it’s over. Symbollon Pharmaceuticals made a lousy $391 in 2008 off IoGen, an Iodine-based dietary supplement for breast health. To make matters worse, the company had a net loss of $1.8M in 2008. Today the company said it does not have enough cash to continue operations in 2009 and may shut down after selling only $391 worth of product.

C’mon guy, I know this can’t be true (scroll to the bottom to see why “guy” is not “guys”). $391?

Symbollon said it has a working capital deficit of $58,189, can’t pay off its currently due debts and has been unable to raise capital. As a result, management must try to sell the company or its assets or “we will be forced to cease operations.”

And management is not really “management” per se. Symbollon management consists of one guy: Paul Desjourdy. Desjourdy wears several company hats – he acts as president, CEO, CFO, general counsel, treasurer and director. Desjourdy has no marketing experience and sells IoGen only through a web site. No word on who’s company IT, janitor, etc.

Don’t feel bad, Desjourdy made $247,250 in 2008 and was awarded common stock worth $450,000.

Not a bad gig. Symbollon, welcome to The Graveyard, baby!

Image from marketwire

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