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ZONAGEN, INC. REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 THE WOODLANDS, Texas, May 17 /PRNewswire/ -- Zonagen. Inc. (NASDAQ: ZONA, PSE: ZNG) today reported a net loss of $441,518, or 23 cents per share, for the quarter ended March 31, 1993, compared with a net loss of $356,116, or 19 cents per share, for the same quarter a year earlier.
 "Zonagen has made good progress in recent months, both in product development and in building our scientific and business capabilities. Emerging data from our animal trials of immunosterilant and inmmunocontraceptive products continue to be encouraging," said Joe Podolski, Zonagen's president.
 "During the first quarter, we expanded the company's research team by adding three talented immunologists, began construction of a new laboratory research facility, and enhanced our financial resources with a successful IPO," Podolski added.
 Zonagen is engaged in the development of products for the female reproductive system, including human contraceptives and a series of products designed to sterilize certain female animals. The company's first products will originate from its proprietary and patented technology relating to the zona pellucida, the protein-rich shell surrounding a mammalian egg. The company's initial efforts will emphasize the development of genetically engineered vaccines that could replace surgical spaying for the sterilization of animals. Longer-term the company plans to develop human contraceptives and related products.
 ZONAGEN, INC.
 Consolidated Statement of Operations
 (Unaudited)
 Inception (8/20/87)
 Periods ended Three months to
 March 31 1993 1992 3/31/92
 Revenues:
 Licensing fee 0 0 250,000
 Interest income 254 6,240 243,954
 Total revenues 254 6,240 493,984
 Cost and expenses:
 Research and development 252,343 213,635 4,074,356
 General and administrative 153,557 148,721 2,528,307
 Interest expense 35,871 0 119,879
 Total expenses 441,772 362,356 6,722,542
 Net operating loss (441,518) (356,116) (6,228,588)
 Loss from discontinued
 operations -- -- (228,104)
 Loss on disposal 0 0 (75,279)
 Net loss (441,518) (356,116) (6,591,971)
 Loss per common and common
 equivalent shares:
 From continuing operations (0.23) (0.19) (5.21)
 Discontinued operation 0 0 (0.30)
 Net loss per share (0.23) (0.19) (5.51)
 Weighted average common and
 common equivalent shares 1,919,009 1,852,505 1,195,204
 -0- 5/17/93
 /CONTACT: Joseph Podolski, president of Zonagen, Inc., 713-367- 5892, or Christopher J. Taylor, account executive of Feinstein Partners, 617-577-8110/
 (ZONA)


CO: Zonagen, Inc. ST: Texas IN: MTC SU: ERN

SM -- NE020 -- 9321 05/17/93 14:57 EDT
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Date:May 17, 1993
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