Friday December 12, 5:31 pm Eastern Time
Company Press Release
SOURCE: Zonagen, Inc.
Zonagen Announces Stock Buyback
THE WOODLANDS, Texas, Dec. 12 /PRNewswire/ -- Zonagen, Inc. (Nasdaq: ZONA - news) today announced that the Board of Directors has authorized the company to buyback up to $10,000,000 of shares of its common stock.
''As a result of our recently announced worldwide marketing agreement, Zonagen expects to have working capital in excess of our business needs for the near future,'' commented Joseph Podolski, President and CEO. ''At recent price levels the company believes that repurchasing stock represents an attractive investment opportunity and will significantly increase long-term shareholder value.''
The purchases are to be made from time to time in the open market at prevailing market prices. The board will periodically review the stock repurchase program.
Zonagen, Inc. specializes in products and services for the management of reproductive health. Its technologies focus on the areas of urology, female health and contraception. In addition to Vasomax, its oral therapeutic for male erectile dysfunction, the Company is developing novel fertility diagnostics and therapeutics, contraceptives and new therapeutics for benign prostatic hyperplasia, sexually transmitted diseases and prostate cancer. Through its wholly owned subsidiary, Fertility Technologies, Inc. (FTI), Zonagen sells devices, instruments and supplies to the fertility specialist and the OB/GYN.
Any statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to those relating to the Company's future capital needs and uncertainty of additional funding, uncertainties related to early stage of development, uncertainties related to clinical trial results, substantial dependence on one product, history of operating losses, uncertainty of protection for patents and proprietary technology, governmental regulation, limited sales and marketing and dependence on future collaborators, manufacturing uncertainties and reliance on third parties, competition and technological change, product liability and availability of insurance, and other risks identified in the Company's reports and registration statements, as filed with the Securities and Exchange Commission.
SOURCE: Zonagen, Inc. |
