Zonagen says Q1 net loss increases to $2.2 million

By Angela McDaniels

Seattle, May 1 - Zonagen Inc. said its net loss increased 38% to $2.2 million, or $0.22 per share, for the quarter ended March 31 from $1.6 million, or $0.19 per share, for the same quarter of 2005.

The increase was due primarily to increased clinical development relating to Androxal for the treatment of testosterone deficiency and Proellex for uterine fibroids, according to a company news release.

Total revenue increased 55% to $174,000 for the first quarter from $112,000 for the first quarter of 2005. The company attributed the increase to an increase in interest rates on its invested cash reserves.

The company had cash, cash equivalents and marketable securities of about $14.9 million at March 31, compared with $23.2 million at March 31, 2005.

As previously announced, the company will seek shareholder approval at its annual meeting on Tuesday to change the company's name to Repros Therapeutics Inc. to more accurately reflect its focus on therapeutics for reproductive disorders.

Zonagen is a clinical-stage biopharmaceutical company based in The Woodlands, Texas, that develops new drugs to treat hormonal and reproductive system disorders.

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