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ZONAGEN ANNOUNCES RESULTS OF ANDROXAL STUDY

February 3, 2006

Zonagen has reported positive top-line results of an open-label study of Androxal, the company's candidate for the treatment of testosterone deficiency. This study was designed to evaluate the effect of Androxal on the testosterone levels of 13 men with normal, borderline or low testosterone.

The open-label study enrolled eight patients with normal testosterone levels, four with borderline testosterone levels and one with low testosterone. Study subjects received 25 mg of Androxal orally for two weeks and were monitored at the end of the dosing period and four weeks after dosing had stopped. After two weeks on Androxal, all study subjects, including those that had normal testosterone levels at the start of the study, exhibited average testosterone levels within the normal range. The average change from baseline was 297.5 ng/dL of testosterone. Four weeks after the dosing period had concluded, all of the study subjects had returned to their baseline testosterone levels.