-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Or1rgHTP+gVTrV0lQ0MnQ5XeLn56iKTzLeMbdvlxfoocE6RP6Ji3y9XSY58i8fmR
 71s2eeiNKcwfoGRS7XfkWA==

<SEC-DOCUMENT>0000898432-04-000176.txt : 20040218
<SEC-HEADER>0000898432-04-000176.hdr.sgml : 20040218
<ACCEPTANCE-DATETIME>20040218171445
ACCESSION NUMBER:		0000898432-04-000176
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040114
FILED AS OF DATE:		20040218

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BVF INC/IL
		CENTRAL INDEX KEY:			0001056807

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15281
		FILM NUMBER:		04613900

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STE
		STREET 2:		STE 4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3122637777

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZONAGEN INC
		CENTRAL INDEX KEY:			0000897075
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				760233274
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2408 TIMBERLOCH PL
		STREET 2:		SUITE B-4
		CITY:			WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		2813675892

	MAIL ADDRESS:	
		STREET 1:		2408 TIMBERLOCH PLACE B-4
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIOTECHNOLOGY VALUE FUND L P
		CENTRAL INDEX KEY:			0000918923
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15281
		FILM NUMBER:		04613903

	BUSINESS ADDRESS:	
		STREET 1:		227 W MONROE STREET, SUITE 4800
		STREET 2:		227 W MONROE STREET, SUITE 4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		415-288-23

	MAIL ADDRESS:	
		STREET 1:		227 W MONROE STREET, SUITE 4800
		STREET 2:		227 W MONROE STREET, SUITE 4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BVF PARTNERS L P/IL
		CENTRAL INDEX KEY:			0001055947

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15281
		FILM NUMBER:		04613904

	BUSINESS ADDRESS:	
		STREET 1:		ONE SANSOME ST
		STREET 2:		39TH FL
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		3122637777

	MAIL ADDRESS:	
		STREET 1:		227 W MONROE
		STREET 2:		SUITE 4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIOTECHNOLOGY VALUE FUND II LP
		CENTRAL INDEX KEY:			0001102444
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15281
		FILM NUMBER:		04613902

	BUSINESS ADDRESS:	
		STREET 1:		ONE SANSOME ST
		STREET 2:		39TH FL.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		3122637777

	MAIL ADDRESS:	
		STREET 1:		C/O GROSVENOR CAPITAL MANAGEMENT
		STREET 2:		227 W. MONROE ST #4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BVF INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001132245
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15281
		FILM NUMBER:		04613901

	BUSINESS ADDRESS:	
		STREET 1:		ONE SANSOME ST. 39TH FL
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		3127392123

	MAIL ADDRESS:	
		STREET 1:		C/O GROSVENOR CAPITAL MANAGEMENT LP
		STREET 2:		227 W. MONROE ST. #4800
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>bvf-form3_zonagenex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-01-14</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000897075</issuerCik>
        <issuerName>ZONAGEN INC</issuerName>
        <issuerTradingSymbol>ZONA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001055947</rptOwnerCik>
            <rptOwnerName>BVF PARTNERS L P/IL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>227 WEST MONROE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 4800</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60606</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Indirect Beneficial Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000918923</rptOwnerCik>
            <rptOwnerName>BIOTECHNOLOGY VALUE FUND L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>227 WEST MONROE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 4800</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60606</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Footnotes (1) (2)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001102444</rptOwnerCik>
            <rptOwnerName>BIOTECHNOLOGY VALUE FUND II LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>227 WEST MONROE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 4800</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60606</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Footnotes (1) (2)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001132245</rptOwnerCik>
            <rptOwnerName>BVF INVESTMENTS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>227 WEST MONROE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 4800</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60606</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Footnotes (1) (2)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001056807</rptOwnerCik>
            <rptOwnerName>BVF INC/IL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE SANSOME STREET</rptOwnerStreet1>
            <rptOwnerStreet2>31ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94104</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Indirect Beneficial Owner</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>555443</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>221443</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>116138</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>217862</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>555443</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares reported in this response are beneficially owned by Biotechnology Value Fund, L.P., a
Delaware limited partnership (&quot;BVF, L.P.&quot;) (221,443 shares); Biotechnology Value Fund II, L.P., a
Delaware limited partnership (&quot;BVF2, L.P.&quot;) (116,138 shares); BVF Investments, L.L.C., a Delaware
limited liability company (&quot;Investments&quot;) (217,862 shares); and indirectly beneficially owned by BVF
Partners L.P., a Delaware limited partnership (&quot;Partners&quot;), and by its general partner (&quot;GP&quot;) BVF
Inc., a Delaware corporation (&quot;BVF Inc.&quot;), which is also an investment advisor to Partners. Partners
is the general partner of BVF L.P. and BVF2, L.P., and is the manager of Investments.</footnote>
        <footnote id="F2">Pursuant to the operating agreement of Investments, Partners is authorized, among other things, to
invest the funds of Ziff Asset Management, L.P., the majority member of Investments, in the shares
of common stock described herein as being beneficially owned by Investments. Mark N. Lampert is the
sole shareholder and sole director of BVF Inc., and is an officer of BVF Inc. This joint filing on
Form 3 shall not be deemed an admission that Mark N. Lampert is, for purposes of Section 16 of the
Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity
securities covered by this joint filing. Mr. Lampert disclaims beneficial ownership of shares
reported in this response, except to the extent that he has a pecuniary interest therein.</footnote>
        <footnote id="F3">Shares beneficially owned by BVF, L.P.</footnote>
        <footnote id="F4">Shares beneficially owned by BVF2, L.P.</footnote>
        <footnote id="F5">Shares beneficially owned by Investments.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>BVF Partners, L.P., By: BVF Inc., its GP, By: /s/ Mark N. Lampert, President</signatureName>
        <signatureDate>2004-02-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>BIOTECHNOLOGY VALUE FUND, L.P., By: BVF Partners L.P., its GP, By: BVF Inc., its GP,  By: /s/ Mark N. Lampert, President</signatureName>
        <signatureDate>2004-02-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>BIOTECHNOLOGY VALUE FUND II, L.P., By: BVF Partners L.P., its GP, By: BVF Inc., its GP, By: /s/ Mark N. Lampert, President</signatureName>
        <signatureDate>2004-02-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>BVF INVESTMENTS, L.L.C., By: BVF Partners L.P., its Manager, By: BVF Inc., its GP, By: /s/ Mark N. Lampert, President</signatureName>
        <signatureDate>2004-02-18</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>BVF INC., By: /s/ Mark N. Lampert, President</signatureName>
        <signatureDate>2004-02-18</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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