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Biotech / Medical : Zonagen (zona) - good buy?

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To: Dr. Voodoo who wrote (2550)	2/26/1998 12:17:00 PM
From: Linda Kaplan	Read Replies (1) of 7041

FORTUNE article page 5: Zonagen announced Vasomax had worked well:"Positive" results in the German study woud soon be followed by a phase III trial, said the press release. Focusing on a subset of the German data, it noted that one group of patients had shown a striking "50% improvement in efficacy over placebo with no side effects." But like a profit-and-loss statement missing the bottom line, the rosy release made no mention of the study's overall result--which Zonagen did not disclose until eight months later, in a Securities and Exchange Commission filing. the news wasn't good: The German trial had failed to show statistically significant efficacy. Podolski defends Zonagen's press release as an accurate disclosure of promising early data... ...In June the company had more good news. It announced in a press release that the U.S. Patent Office had approved its patent "covering the use of Vasomax as a treatment for erectile dysfunction." That announcement might have surprised the late Dr. Zorgniotti. The patent that had been approved was his, which covered melt-in-the-mouth phentolamine pills but not the swallowed kind that Zonagen was now testing. In fact, statements in the patent cast doubt on whether a swallowed pill would be effective. For a patent to protect Vasomax, the company had filed a separate application, which the release said was pending. Zonagen subsequently disclosed that the patent office rejected the second application, a decision the company is trying to get reversed. In a recent interview, Podolski concedes, "You can say today no patent specifically covers Vasomax"; he claims the company's issued patent "broadly covers" the drug. He adds that the second application initially failed because its claims were too broad but that he expects it to be issued soon. More later. Linda

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