Enzo Biochem Tells Annual Meeting Growth in Life Sciences is Driving Revenue Gains in Fiscal 2009
NEW YORK--(BUSINESS WIRE)-- Enzo Biochem, Inc. (NYSE:ENZ) said today that it anticipates increased revenues in fiscal 2009 which ends in July, stemming largely from the Company's expanded activities and interests in the life sciences field.
Speaking at Enzo's annual meeting, President Barry Weiner called fiscal 2008 a year of "unprecedented transformation" as Enzo has moved vigorously into life sciences through acquisitions, and become a "global player" in the research products field. He also reported that Enzo Clinical Labs, a reference laboratory serving physicians in the metropolitan New York City area, which has completed an expansion of its physical plant on Long Island, NY, is laying the groundwork for increased esoteric testing components.
Enzo Therapeutics, the Company's development arm, has shifted its focus toward near-term-opportunities with products such as Optiquel(TM), an oral therapy that has specific immunomodulatory effect on the eye by inducing tolerance to intraocular antigens.
In an environment where even large pharmaceutical companies are rethinking product development, Mr. Weiner said that "while Enzo has traditionally been a highly effective user of capital for R&D, our focus remains on opportunistic selection of therapeutic targets using small-scale clinical trains to drive these compounds toward partnering."
Mr. Weiner emphasized that Enzo Life Sciences, where sales in the past three years have climbed from $7.9 million to $35.7 million in fiscal 2008, is providing the Company with important impetus. Life Sciences now markets more than 33,000 products worldwide, and has manufacturing facilities in the UK and Switzerland in addition to the U.S. Additionally, the Company represents more than 40 other manufacturers globally.
Mr. Weiner detailed marketing and organization plans built around a new corporate identity and brands for Life Sciences, which also includes four scientific centers of excellence, and integrated sales and manufacturing operations.
"Recent economic stress has unfortunately dried up capital for many companies, and Enzo, with over $77 million in cash and no debt, is in an effective position to further extend our life sciences product base via strategic acquisitions and/or partnering arrangements," Mr. Weiner noted.
Shareholders at the annual meeting elected Elazar Rabbani, Ph.D., Chairman and CEO, a director for a three year term and also ratified Ernst & Young LLP as the Company's registered public accounting firm for fiscal 2009.
Enzo Biochem is engaged in the research, development, manufacture and licensing of innovative health care products and technologies based on molecular biology and genetic engineering techniques, and in providing diagnostic services to the medical community. Enzo's Life Sciences division develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research among others. Its catalog of over 33,000 products serves the molecular biology, drug discovery and pathology research markets. The Company's therapeutic division is in various stages of clinical evaluation of its proprietary immune regulation medicines for uveitis and Crohn's Disease and conducts pre-clinical research on several candidate compounds aimed at producing new mineral and organic bone, including technology that could provide therapy for osteoporosis and fractures, among other applications. Enzo's Clinical Labs division provides routine and esoteric reference laboratory services for physicians in the New York Metropolitan and New Jersey areas. Underpinning the Company's technology and operations is an extensive intellectual property estate in which Enzo owns or licenses over 230 patents worldwide, and has pending applications for over 200 more. For more information visit our website www.enzo.com.
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.
Source: Enzo Biochem, Inc.
Released January 22, 2009