Enzo Biochem Reports Significant Progress towards Completing the Clinical Lab Asset Sale

FARMINGDALE, NY, May 22, 2023 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE:ENZ), announced today that  the preliminary voting results from the Inspector of Election at today’s Special Meeting of the Shareholders indicate that the Asset Sale Proposal was approved by the affirmative vote of a majority of Enzo’s outstanding common stock. Pending final results of the vote, Enzo will have obtained shareholder approval and met all regulatory requirements for closing the sale of substantially all of the operating assets and assignment of certain liabilities of Enzo’s Clinical Labs division.

“We are grateful for the continuous support from our shareholders, many of whom have placed their trust in the Company for many years,” said Hamid Erfanian, CEO of Enzo Biochem.  “With the support of our shareholders for the asset sale, we look forward to advancing the Company’s “focused return” initiative and maximizing shareholder value in its next phase.”

About Enzo Biochem

Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products, systems and services that meet the ever-changing and rapidly growing needs of health care today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies. For more information, please visit Enzo.com or follow Enzo Biochem on Twitter and LinkedIn.

Forward-Looking Statements

Except for historical information, the matters discussed in this 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, including those related to cash flow, gross margins, revenues, and expenses which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2022. 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 release.

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Released May 22, 2023