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Biotech / Medical : Zonagen (zona) - good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Claud B who wrote (6013)	12/29/1998 6:10:00 PM
From: bdusa1	Read Replies (1) \| Respond to of 7041

Thanks Claud B I have a clearer understanding.

To: Claud B who wrote (6013)	12/29/1998 10:15:00 PM
From: Hank	Respond to of 7041

"In the last nine months we have also seen product royalties from distribution of Z-MAX (Vasomax) in Mexico......... Product royalties for the nine months was $167,170 as compared to zero for the same period last year." This was taken from ZONA's last quarterly statement. Gee, with that kind of dough rolling in, ZONA will be able to buy back another 9,000 shares of it's own stock at current prices. Of course, if they wait, they may be able to buy it all back!

To: Claud B who wrote (6013)	12/29/1998 10:46:00 PM
From: Hank	Read Replies (2) \| Respond to of 7041

But wait!!! Did ZONA REALLY make 167K off of Z-Max in 1998? This was taken from their last 10Q in the EDGAR database: "Schering-Plough commenced sales of Vasomax(R) in Mexico under the brand name of Z-Max in June 1998. There were no product royalties earned for the quarter ended September 30, 1998, due to the product launch loading into the distribution channel in June 1998." Then later in the 10Q, management claims that 167K worth of royalties had been derived from the sales of Z-Max in Mexico. It seems that even THEY don't know if they sold any Z-Max or not. In yet another section of the 10Q, management states that "Substantially all" of their revenues for the 9 months ending on Sept 30, 1998 came from the sale of fertility products through FTI. Don't you just love unaudited quarterly reports from stand up guys like the ones that run ZONA??