Welcome to our dedicated page for Enzo Biochem news (Ticker: ENZ), a resource for investors and traders seeking the latest updates and insights on Enzo Biochem stock.
Enzo Biochem, Inc. (NYSE: ENZ) is a bioscience company headquartered in Farmingdale, New York. It specializes in manufacturing, developing, and selling proprietary solutions and platforms to clinical laboratories, specialty clinics, researchers, and physicians worldwide. Enzo Biochem’s core operations are divided into three segments: Enzo Clinical Labs, Enzo Life Sciences, and Enzo Therapeutics. The company's primary revenue driver is its Clinical Labs segment.
Enzo Biochem has established itself as a pioneer in molecular diagnostics and has built a comprehensive portfolio of products, including antibodies, genomic probes, assays, biochemicals, and proteins. The company's products play crucial roles in biomedical research and drug development, addressing needs in cell biology, genomics, immunohistochemistry, and small molecule chemistry.
In recent developments, Enzo Biochem reported revenues of $7.5 million in its Life Sciences division for Q3 FY23, with notable margin improvements. The company also completed the sale of substantially all operating assets of its Enzo Clinical Labs division to Labcorp for $113.25 million. This strategic move, approved by shareholders and regulatory authorities, aims to maximize the potential of Enzo's remaining assets and may include distributions to shareholders.
Recently, Enzo Biochem announced a return to revenue growth in its Life Sciences division, driven by its technological innovations and market focus. The company's latest product offerings, such as the Life Science Validation service and AMPIVIEW™ RNA probes, demonstrate its commitment to delivering technically relevant products that meet the demands of drug development clients.
Enzo Biochem is also recognized for its extensive intellectual property portfolio, with patents covering key enabling technologies. The company's cross-functional teams work collaboratively to develop and deploy products that meet the rapidly evolving needs of the healthcare sector.
For over 45 years, Enzo Biochem has been at the forefront of innovation and product development, supporting academic research centers and industry partners globally. With a consistent focus on revenue growth, margin improvement, and cost containment, Enzo Biochem continues to shape the future of healthcare.
For more information, please visit Enzo.com or follow Enzo Biochem on social media platforms like Twitter and LinkedIn.
Enzo Biochem, a leader in biosciences and diagnostics, will participate in the 10th Annual LifeSci Partners Corporate Access Event on January 6-8 and 11-14, 2021, alongside J.P. Morgan’s 39th Annual Healthcare Conference. President Barry Weiner and CFO David Bench will host virtual meetings and present a corporate update on January 6 at 1 PM EST. Interested parties can register and listen to the presentation via this link. Enzo Biochem focuses on innovative molecular diagnostics, advancing healthcare with unique technologies.
Enzo Biochem announced an expansion of its Emergency Use Authorization (EUA) from the FDA for its AMPIPROBE® SARS-Cov-2 Test System. The authorization now includes pooled samples of up to five specimens, significantly enhancing testing capacity amid rising COVID-19 cases. CEO Elazar Rabbani emphasized that this expansion reflects the test's proven accuracy and safety, addressing challenges in access to testing. It positions labs to meet increasing demand for COVID-19 testing services in the coming year.
Enzo Biochem (NYSE:ENZ) announced that, in response to Institutional Shareholder Services' report on executive compensation, CEO Dr. Elazar Rabbani will forgo his cash bonus for FY 2020, opting instead for common stock compensation, alongside President Barry Weiner. Both executives will hold this stock for a minimum of three years. The Compensation Committee will be restructured after the upcoming Annual Shareholders meeting. This move aims to enhance shareholder confidence through active engagement and responsiveness to feedback.
Roumell Asset Management, holding 5.78% of Enzo Biochem's shares (NYSE: ENZ), has filed definitive proxy materials for the upcoming Annual Meeting scheduled for January 4, 2021. Roumell proposes two independent nominees, Matthew M. Loar and Edward Terino, for the board, arguing they offer valuable industry insights. Roumell urges shareholders to vote the GREEN proxy card for these nominees and suggests postponing the meeting to ensure shareholders can fully evaluate the contested issues. Roumell criticizes current Chairman & CEO Dr. Elazar Rabbani for perceived value destruction.
Enzo Biochem (NYSE:ENZ) will host a webinar on December 17, 2020, focused on the GENFLEX™ Molecular System for COVID-19 testing. Infectious disease experts will discuss the system's advantages in a post-vaccine environment, along with the ELISA kit for detecting COVID-19 antibodies. The webinar will provide insights into the system's FDA Emergency Use Authorization and its role in ongoing COVID-19 diagnostics as vaccine access expands in 2021. Enzo aims to enhance testing capabilities through its innovative technologies.
Enzo Biochem reported a 47% revenue growth in Q1 2021, generating $28.7 million, exceeding guidance by $1.7 million. The company achieved profitability with a net income of $0.3 million and an EPS of $0.01. EBITDA surpassed $1 million, driven by a robust demand for its GenFlex™ platform, particularly in COVID-19 testing. Enzo saw a significant recovery post-pandemic, with Clinical Lab revenue up 66% year-over-year. The addition of industry veterans to its Board also strengthens operational expertise, highlighting the company's strategic direction.
Enzo Biochem, a leader in biosciences and diagnostics, is set to report its first quarter 2021 financial results on December 9, 2020, after market close. This announcement will be followed by a live audio webcast and conference call at 4:30 pm ET. Enzo focuses on developing unique diagnostic technologies supported by a strong intellectual property portfolio, aiming to meet the evolving needs of healthcare.
Enzo Biochem (NYSE:ENZ) has appointed Dr. Ian B. Walters to its Board of Directors. With over 30 years in drug development, he has led the approval of five oncology drugs. Previously at Bristol-Myers Squibb and Millennium Pharmaceuticals, Dr. Walters is also CEO of Portage Biotech. His expertise in clinical development and regulatory affairs is expected to enhance Enzo's offerings, particularly in companion diagnostics and liquid biopsy techniques. Dr. Walters aims to leverage his experience to support Enzo's growth, especially as the company navigates the clinical diagnostics landscape amid the COVID-19 pandemic.
Enzo Biochem, Inc. (NYSE:ENZ) announced the appointment of Mary Tagliaferri, MD to its Board of Directors, effective immediately. Dr. Tagliaferri brings extensive experience in business development and clinical research, previously serving as Chief Medical Officer at Nektar Therapeutics. Enzo aims to achieve profitability and intends to leverage her expertise for growth and innovation, especially in response to the COVID-19 pandemic. Recent company advancements include FDA Emergency Use Authorization for the GenFlex™ platform and expansion of its Farmingdale facility.
Enzo Biochem, Inc. (NYSE:ENZ) announced an estimated revenue of at least $27 million for the quarter ending October 31, 2020, reflecting a sequential growth of 40%. The company also reported the resignation of board members Fabian Blank and Peter Clemens. Enzo's CEO, Dr. Elazar Rabbani, highlighted significant operational advancements aimed at achieving profitability in fiscal 2021. Key developments in 2020 included receiving FDA Emergency Use Authorization for its GenFlex™ COVID-19 testing platform and expanding testing services.
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