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.