Headline: Zonagen Announces Sale of Fertility Technologies Subsidiary to SAGE
BioPharma
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THE WOODLANDS, Texas--(BW HealthWire)--March 18, 1999--Zonagen
Inc. (NASDAQ:ZONA)(PCX:ZNG) today announced it has completed the
sale of substantially all of the assets of its wholly owned
subsidiary, Fertility Technologies Inc. (FTI) to SAGE BioPharma
Inc., a subsidiary of Counsel Corporation (NASDAQ:CXSNF)(TSE:CXS).
FTI markets and distributes a variety of diagnostics, devices, media
and instruments required in Assisted Reproductive Technique (ART)
procedures.
Zonagen's core business is developing and commercializing
innovative drug products that address conditions associated with the
reproductive system, according to Joseph S. Podolski, president and
chief executive officer of Zonagen Inc. "Through FTI we have gained
knowledge about the fertility marketplace, however, FTI, which is
primarily a service and distribution business, represents a small
business opportunity for Zonagen. We believe it is more important to
concentrate our efforts and resources on our drug development program,
which is already yielding exciting new developments. During the past
year alone, we submitted our first New Drug Application (NDA), we
began clinical trials of Vasofem in women, and added key management
personnel to our clinical, regulatory and business development
departments."
Zonagen Inc. is engaged in the development of pharmaceutical
products for the reproductive system, including sexual dysfunction,
urology, contraception and infertility.
A copy of this press release may be obtained via facsimile by
dialing 888/329-0920 or via the Internet by accessing
www.zonagen.com.
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
uncertainties related to the Company's early stage of development,
clinical trial results and FDA approval in the U.S. and approval of
regulatory authorities in other jurisdictions, substantial dependence
on one product, history of operating losses, future capital needs and
uncertainty of additional funding, uncertainty of protection for
patents and proprietary technology, litigation, governmental
regulation, limited sales and marketing experience and dependence on
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
Annual Report on Form 10-K for the year ended December 31, 1998, as
filed with the Securities and Exchange Commission.
CONTACT: Zonagen Inc., Houston
Jean Anne Mire, 281/719-3491
KEYWORD: TEXAS
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH
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