NO ROYALTY INCOME!!! Does that mean no income from Mexico again??? NO SALES IN MEXICO??
Geez, Guy! Don't you realize that they won't be able to sell this drug if it's approved?
No sales in Mexico for three quarters after glutting the market the first quarter?
Is that right? Are the sales hidden in there somewhere?
Headline: Zonagen Reports First Quarter Results
======================================================================
THE WOODLANDS, Texas--(BW HealthWire)--April 29, 1999--Zonagen
Inc. (NASDAQ:ZONA)(PCX:ZNG) today announced financial results for the
first quarter ended March 31, 1999.
Total revenue for the first quarter ending March 31 consisted of
interest income of $629,000, as compared to $1.1 million in the same
period last year. Net loss for the quarter was $3.6 million or $0.32
per share, versus a net loss of $6 million, or $0.53 per share for the
same period last year.
Research and development expenses for the three-month period
declined to $4.4 million from $6.3 million for the same period last
year, primarily due to a reduction in clinical expenses associated
with the development of Vasomax(R). General and administrative
expenses increased to $933,000 from $765,000 in the same period last
year, primarily due to expenses associated with hiring and relocating
several new members of the management team. Cash and cash equivalents
as of March 31, 1999 were $48.1 million.
In March, Zonagen sold for cash the assets of its wholly owned
subsidiary, Fertility Technologies Inc. (FTI), realizing a gain on
the transaction of $1.0 million. During the quarter, the company
reported income from discontinued operations attributable to FTI of
$59,000, compared to $54,000 in the same period last year.
"Zonagen continues to pursue its strategy of developing
innovative drugs that target the human reproductive system," said
Joseph S. Podolski, president and chief executive officer of Zonagen
Inc. "During the first quarter we successfully completed the sale of
FTI to SAGE Biopharma, allowing us to focus on our core business."
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
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.
*T
ZONAGEN INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except EPS amounts)
Three Months Ended
--------------------------------
March 31,
1999 1998
--------------------------------
(unaudited) (unaudited)
Revenues
Licensing fees $ -- $ --
Product royalties -- --
Interest income 629 1,067
------ -------
Total revenues 629 1,067
Costs and Expenses
Research and development 4,353 6,344
General and administrative 933 765
Interest expense and amortization of
intangibles 8 3
------- -------
Total costs and expenses 5,294 7,112
Loss from continuing operations (4,665) (6,045)
Income from discontinued operations 59 54
Gain on disposal 1,014 --
-------- -------
Net loss $(3,592) $(5,991)
======== =======
Loss per share - basic and diluted:
Loss from continuing operations $(0.42) $(0.53)
Income from discontinued operations 0.01 --
Gain on disposal 0.09 --
------- -------
Net loss $(0.32) $(0.53)
======= =======
Shares used in income (loss)
per share calculation:
Basic and diluted 11,215 11,322
CONSOLIDATED BALANCE SHEETS
March 31, 1999
(unaudited)
Current assets $51,764
Fixed assets (net) 945
Other assets (net) 1,161
--------
Total Assets $53,870
========
Accounts payable and
accrued liabilities $3,941
Notes payable --
Shareholder's equity 49,929
--------
Total Liabilities and
Shareholder's Equity $53,870
========
*T
CONTACT: Zonagen Inc., The Woodlands
Jean Anne Mire, 281/719-3491
KEYWORD: TEXAS
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL MEDICINE EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Copyright 1999, Business Wire |
