ENZO BIOCHEM DOUBLES CAPACITY IN RESPONSE TO INCREASING DEMAND FOR COVID-19 TESTING

Rhea-AI Summary

Enzo Biochem has expanded its manufacturing capacity and molecular testing services at its Farmingdale, NY facility to meet surging demand for COVID-19 testing.

This expansion will enhance the company's ability to process up to one million molecular tests annually, supporting various testing programs across the New York metropolitan region. The ongoing demand highlights the importance of Enzo’s open system approach to molecular testing, positioning it favorably against competitors relying on closed systems. The company aims to increase product offerings and improve efficiencies in diagnostics.

Positive

• Expanded capacity allows processing of approximately one million molecular tests annually.
• Open system approach offers flexible solutions to meet rapidly growing testing demand.
• Support for multiple testing programs across universities, nursing homes, and urgent care facilities.

Negative

• None.

Facility in Farmingdale, NY, expanding manufacturing and molecular platform to support rapidly growing demand for testing services from universities, nursing homes, physician offices and urgent care facilities.

NEW YORK, NY, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE:ENZ), a leading biosciences and diagnostics company, announced today that it has expanded reagent and supply manufacturing as well as doubled its capacity for molecular laboratory testing services at its facilities in Farmingdale, NY to meet rapidly increasing demand for its PCR-based COVID-19 molecular and serological testing.  

Demand for testing services has expanded significantly throughout the multi-state New York metropolitan region, including support for testing programs at academic institutions, physician offices, urgent care facilities, and nursing homes.  In June 2020, Enzo Biochem launched a dedicated School and Institution Testing ("SIT") Program to support plans to resume on-campus learning at academic organizations in the New York area and to help employees safely return to work.

The COVID-19 pandemic has highlighted the stresses on the supply chain caused because most molecular testing technologies are “closed” systems. As a result, the market has been unable to respond to the rapid acceleration of molecular testing demand. Enzo’s open system approach offers a viable alternative to closed systems, enabling flexible solutions for all industry stakeholders. Enzo is working on further steps to improve efficiencies within molecular diagnostic testing as well as offering expanded products and services within immunology, cytology, immunohistochemistry and flow cytometry.

“Molecular testing is one of the fastest growing segments in the diagnostic testing sector, and the infectious disease testing market is growing exponentially in large part because of needs related to COVID-19, which we anticipate will continue even after a vaccine is introduced,” said Barry Weiner, president of Enzo.  “Enzo’s proprietary GenFlex™ platform, can process molecular tests, including women’s health panels, sexually transmitted disease panels, and upper respiratory panels.”

This program’s expansion will proceed in phases and will include additions to the Enzo team and new equipment designed to advance Enzo’s further development as a fully integrated clinical diagnostics company.  The initial completed phase has expanded capacity so that laboratory operations now enable the company to process approximately one million molecular tests per annum. The full master plan will include expansion to three buildings on the Enzo Biochem campus in Farmingdale, more than doubling its physical footprint. The new space will enhance capabilities in product development and manufacturing capacity to provide a broader range of services, with the initial focus on ramping up COVID-19 related production in the company’s Enzo Life Sciences division.

“As a vertically integrated company with manufacturing, production and service capabilities, we do not have the same limitations on access to supplies that affect other molecular labs,” added Mr. Weiner.  “With our recent FDA Emergency Use Authorization, Enzo is able to meet demand with a full platform of products needed for molecular testing, including instruments, reagents, and supplies. Substantial clinical evidence indicates that demand for testing remains a critical component of keeping people safe and curtailing the spread of COVID-19. Our unique business structure puts us in a strong position to accelerate production as needed to continually meet demand for testing products and services in fighting this pandemic.”

Enzo diagnostic and laboratory services are backed by extensive data and research.  Details about the company’s AMPIPROBE® SARS-CoV-2 Test System and the full range of COVID-19 products and services are available at https://www.enzo.com/coronavirus.

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.

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, 2019. 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. 

Contact:

For Enzo Biochem, Inc.

David Bench, CFO
212-583-0100
dbench@enzo.com

Media:

Lynn Granito
Berry & Company Public Relations
973-818-3732
lgranito@berrypr.com

Investors:

Jeremy Feffer
LifeSci Advisors, LLC
212-915-2568
jeremy@lifesciadvisors.com

Steve Anreder
Anreder & Company
212-532-3232
Steven.anreder@anreder.com

 

FAQ

What recent expansion has Enzo Biochem announced regarding COVID-19 testing?

Enzo Biochem has expanded its manufacturing capacity and molecular testing services at its Farmingdale, NY facility to meet increasing demand for COVID-19 testing.

How many molecular tests can Enzo Biochem process annually after its expansion?

After the expansion, Enzo Biochem can process approximately one million molecular tests annually.

What is Enzo Biochem's strategy for addressing the demand for COVID-19 testing services?

Enzo Biochem is utilizing an open system approach to molecular testing, allowing for flexible solutions and has launched a dedicated School and Institution Testing Program.

What challenges has Enzo Biochem identified in the molecular testing market?

Enzo Biochem noted that the COVID-19 pandemic has stressed supply chains, particularly due to reliance on closed molecular testing systems.