Enzo Biochem, Inc. Comments on Business and Legal Activities
NEW YORK--(BUSINESS WIRE)--
Enzo Biochem, Inc (NYSE: ENZ) stated today that, in light of the court decision of September 6, 2007, relating to three expired patents in-licensed from Yale University in the case, Enzo v. Applera et al., the Company commented today on its ongoing business and legal activities.
-- Enzo's intellectual property estate encompasses in excess of
200 issued patents and an almost equal number of pending
applications addressing diverse areas ranging from genomic
analysis to enhanced immunological detection and numerous
therapeutic platforms. These patents and pending patents cover
a broad array of products going far beyond the three expired
patents involved with the Applera case. Enzo will continue to
protect and enforce its rights surrounding our intellectual
property.
-- Key new patents were issued to Enzo this past year in the
areas of microarray technology and specific gene labeling
methodologies that relate to billion plus dollar markets.
Also, new patents covering novel signaling technologies
utilizing our proprietary dye systems that are applicable to
molecular diagnostics were recently awarded to Enzo, giving
the Company a diverse and extensive portfolio of capabilities
in the growing field of new diagnostic technologies. These
issued patents will run at least to the year 2023.
Negotiations are in process with various parties dealing with
potential partnering and licensing relationships.
-- In an unrelated matter, the United States Patent and Trademark
Office in November 2006 declared patent interference between
an allowable Enzo patent application and a patent issued to
the California Institute of Technology and exclusively
licensed to Applied Biosystems, a division of Applera. This
patent relates to the basic technology for nucleic acid
sequencing in gels, the most common gene sequencing method.
Enzo was named the senior party in this action, and is
pressing forward towards resolution. This patent relates to
product sales and services estimated to be in the billions of
dollars per year.
-- Also, the United States Patent and Trademark Office in March
2007 declared two patent interferences designating an
allowable Enzo Life Sciences patent application against
patents held by Chiron Diagnostics and Princeton University
for nucleic acid detection. Enzo Life Sciences is the senior
party in both interferences. Princeton University earlier this
year conceded priority of invention to Enzo. This nucleic acid
technology is the basis for several significant products in
clinical diagnostics and in the life sciences field which are
currently marketed or licensed by various commercial
companies.
-- Other cases currently in litigation also reflect the magnitude
and broad nature of our patent estate. These pending
litigations also seek damages for breach of contracts. Those
pending cases are expected to go to trial in 2008.
-- Enzo's intellectual property activities reflect just one
aspect of a robust, operating company. The Company has a
highly liquid balance sheet with cash and cash equivalents in
excess of $100 million. Results for the fiscal year ended July
31, 2007 are expected to be reported in mid-October, in line
with our usual practice.
-- Enzo Life Sciences continues to make solid progress as it is
executing on its strategy to increase both its product depth
and distribution network. The acquisition of Axxora has also
allowed Enzo to apply its proprietary technology to the
immunology market, as it develops enhanced protein labeling
and detection products. The Company is aggressively pursuing
additional strategic acquisitions in this market.
-- Enzo Clinical Labs continues to broaden its geographic reach
and its menu of molecular diagnostics services, while actively
pursuing additional key third party payor relationships.
-- Enzo Therapeutics is progressing in its therapeutic
development programs and clinical trials. The Company is in
clinical trials for products for the treatment of HIV-1,
Crohn's Disease, NASH and uveitis. Enzo's uveitis product,
B27PD, is currently undergoing toxicology studies and being
prepared for a Phase II clinical trial in the United States.
The trial protocol is being designed to move to a Phase III
study quickly should the results of this trial prove
favorable, pending appropriate regulatory approval.
Alequel(R), Enzo's Crohn's disease medicine, is in the latter
stages of a Phase II study overseas. The Company is preparing
to continue these studies in the United States as well. In
addition, Enzo will be reporting shortly on developments
related to pre-clinical work performed with the Company's
proprietary platform for the management of bone disorders.
Enzo is a diverse business entity with operations in life sciences products/ diagnostic development, novel therapeutic platforms, and clinical laboratory services. The Company is committed to enhancing value for Enzo shareholders and does not believe that the recent market activity is reflective of the Company's current value, its financial strength nor its future opportunities.
About Enzo
Enzo Biochem is engaged in the research, development and manufacture of innovative health care products 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 and genetic analysis. Its catalog of over 300 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 gene medicine for HIV-1 infection and its proprietary immune regulation medicines for uveitis, Crohn's Disease, and NASH (non-alcoholic steatohepatitis), 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 area. Underpinning the Company's technology and operations is an extensive intellectual property estate in which Enzo owns or licenses over 200 patents worldwide and has pending applications for over 180 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 September 12, 2007