Enzo Biochem, Inc. (NYSE: ENZ) is well positioned to benefit from the
results of its transformation involving acquisitions, new managements at
each of its major subsidiaries and a heightened focus on new life
science, diagnostic and therapeutic products, Barry Weiner, President,
told the annual meeting of shareholders today.
"This past year was one of significant progress and transformation,” Mr.
Weiner said. "Each of our Company’s major areas of interest – life
science, diagnostics and therapeutics – is responding to focused
planning aimed at enhancing results and growing their activities. Our
cash position remains strong and our program positioning Enzo for the
new paradigms in biotechnology and healthcare are very promising.”
Mr. Weiner noted that Enzo today has more than 650 employees, is
generating revenues in excess of $100 million annually, operates
globally in its Life Science division and has begun to reap the benefits
of expanded facilities and a growing roster of esoteric and genetic
testing at Enzo Labs, its diagnostic unit serving physicians throughout
the New York metropolitan region.
Enzo Therapeutics, which Mr. Weiner referred to as the "venture arm” of
the Company, has under development multiple immune regulation therapies
in such areas as gastrointestinal, infectious and ophthalmic diseases,
in addition to monetizing proprietary modalities, he added. "Our
history, going back over 30 years, has been one of innovation and
development involving the use of nucleic acids as informational
molecules and the use of compounds for immune modulation, and we believe
these innovations and their related patents have much value which we
plan to unlock,” Mr. Weiner stated.
Shareholders at the meeting elected three Class I directors – Irwin C.
Gerson, Gregory M. Bortz and Dr. Stephen B. H. Kent. They also ratified
the accounting firm of Ernst & Young LLP to serve as the Company’s
independent auditors for the fiscal year ending July 31, 2010.
About Enzo
Enzo Biochem, Inc., is a growth-oriented integrated life sciences and
biotechnology company focused on harnessing biological process to
develop research tools, diagnostics and therapeutics, and serves as a
provider of test services, including exotic tests, to the medical
community. Since our founding in 1976, our strategic focus has been on
the development of enabling technologies in the life sciences field.
Enzo Life Sciences develops, produces and markets proprietary labeling
and detection products for gene sequencing, genetic analysis and
immunological research, among others. Its catalog of over 40,000
products serve the molecular biology, drug discovery and pathology
research markets worldwide. Enzo Clinical Labs division provides
laboratory services for a growing roster of physicians in the New York
Metropolitan area, as well as parts of New Jersey and Pennsylvania. Its
tests include, in addition to routine tests, capabilities for detecting
molecular infection disease, molecular oncology, autoimmune disorders
and genetics. Enzo Clinical Labs also provides clinical diagnostic
services that allow Enzo to capitalize on its extensive advanced
molecular and cytogenetic capabilities and the broader trends in
predictive and personalized diagnostics. Enzo Therapeutics is a
biopharmaceutical venture that has developed multiple novel approaches
in the areas of gastrointestinal, infectious, ophthalmic and metabolic
diseases. It has focused its efforts on developing treatment regimens
for diseases and conditions for which current treatment options are
ineffective, costly, and/or cause unwanted side effects. In the course
of the company’s research and development activities, Enzo has developed
a substantial portfolio of intellectual property assets, with 249 issued
patents worldwide and over 200 pending patent applications.
Except for historical information, the matters discussed in this news
release may be considered "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements include declarations regarding the intent, belief or current
expectations of the Company and its management. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties that could
materially affect actual results. The Company disclaims any obligations
to update any forward-looking statement as a result of developments
occurring after the date of this press release.
