Enzo Biochem generating more than $100M in revenues annually

Jan 30 2010

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”

“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.