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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Filed Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): September 13, 1999
ZONAGEN, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-21198 76-0233274
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation or organization)
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2408 Timberloch Place, Suite B-4
The Woodlands, Texas 77380
(Address of principal
executive offices
and zip code)
(281) 719-3400
(Registrant's telephone number,
including area code)
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Item 5. Other Events
On September 13, 1999, Zonagen, Inc. issued a press release announcing
the focus of its resources on its lead product candidates - Vasomax(R) and
Vasofem(TM). The action will result in the dismissal of 15 employees,
representing a reduction of approximately one-third of the Company's work force.
The press release is filed as an exhibit to this Current Report on Form
8-K and is incorporated by reference herein.
Item 7. Exhibits
Exhibit 99.1 -- Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ZONAGEN, INC.
Date: September 14, 1999
By: /s/ F. Scott Reding
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F. Scott Reding
Chief Financial Officer
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Exhibit 99.1
( BW) (ZONAGEN) (ZONA) (ZNG) Zonagen Focuses Resources on Vasomax and Vasofem;
Reduces Cash Expenditures
Business Editors/Health & Medical Writers
THE WOODLANDS, Texas--(BW HealthWire)--Sept. 13, 1999--Zonagen Inc.
(Nasdaq: ZONA) (PCX: ZNG) today announced that it will focus its resources on
its lead product candidates -- Vasomax (R) and Vasofem (TM). This action will
reduce cash expenditures by concentrating the Company's talents and assets on
programs that have the greatest potential to impact shareholder value. This step
will help to ensure that the Company has sufficient funds to finance the Vasomax
(R) program during the FDA approval process and to further Vasofem's (TM)
clinical development.
This measure will result in the dismissal of 15 employees, which
represents a reduction of approximately one-third of Zonagen's work force.
"This was a very difficult decision," commented Joseph S. Podolski,
"but it's the right thing to do for the Company and its shareholders. As of the
end of the June quarter, Zonagen had a cash position of $43.1 million. Today's
actions will conserve that cash and focus our resources on moving our core
products forward."
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
1-888-329-0920 or via the Internet by accessing http://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 Company's early stage of development,
clinical trial results and the uncertainty of obtaining FDA approval,
substantial dependence on one product, history of operating losses, future
capital needs and additional funding, ability to protect patents and proprietary
technology, litigation, governmental regulation, dependence on collaborators,
limited manufacturing capabilities, competition and technological change, 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.
