Enzo Biochem Reports 2008 Fiscal First Quarter Results.Revenue Increases 86%; Gross Profit Rises 56% NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Enzo Biochem, Inc. (NYSE NYSE See: New York Stock Exchange :ENZ), a leading biotechnology company specializing in gene identification and genetic and immune regulation technologies for diagnostic and therapeutic applications, today announced results for the fiscal first quarter ended October 31, 2007. [TABLE OMITTED] "This quarter continued the trend of improved operating results in both Enzo Life Sciences and Enzo Clinical Labs," said Barry Weiner, President of Enzo. "We are excited about the continued benefits we are experiencing from the Axxora acquisition, where we anticipate that we will see the benefit from expanded distribution capabilities and a broader product line during fiscal 2008. Our Clinical Labs division continues to benefit from greater testing volume over the year ago period, increased esoteric testing and enhanced contractual relationships, which contributed to another quarter of strong growth. We also continue to move key programs in areas such as Crohn's Disease Crohn's disease: see colitis. , non alcoholic steatohepatitis and uveitis uveitis Inflammation of the uvea, the middle coat of the eyeball. Anterior uveitis, involving the iris or ciliary body (containing the muscle that adjusts the lens) or both, can lead to glaucoma and blindness. , among others, through the therapeutic development process." Selling, general and administrative expenses (SG&A), reflective of Axxora in the current period, increased 34% to $7.4 million year over year, but as a percentage of revenue declined to 38%, from 53% in the fiscal 2007 first quarter and 41% in the preceding fourth quarter. The provision for Clinical Labs uncollectible accounts receivable increased to $1.2 million, but declined as a percentage of revenue. Reflecting increased litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. activity, legal expenses for the quarter rose approximately $300,000 year-over-year to $2.4 million. Interest income amounted to $1.5 million, compared to $0.9 million a year ago, and taxes reflected a benefit of $0.1 million, compared to a $0.05 million charge last year. At Enzo Clinical Labs, the enhanced provider agreement with United Healthcare/Oxford helped raise revenues for the quarter to $11.3 million, up from $8.1 million last year, an increase of 40%. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the division also increased, to $1.4 million from $0.4 million last year. Revenue increases are also reflective of a greater volume of esoteric testing. Enzo Life Sciences posted a sharp increase in revenues, which rose $4.8 million to $5.9 million due to Axxora's contribution of $5.1 million, and increased royalty and license fee income. Operating income amounted to $1.1 million, compared to an operating income a year ago of $0.5 million (excluding the aforementioned litigation settlement), an improvement of $0.6 million. Enzo Therapeutics' Alequel[TM], the Company's innovative immune regulation medicine for treatment of Crohn's disease
The treatment of Crohn's disease is sequential: to treat acute disease, and then to maintain remission. Treatment initially involves the use of medications to treat any infection and to reduce inflammation. , is nearing completion of a Phase II study in Israel. A selection review is in process to determine appropriate sites in the U.S. for a continuation of this study, pending FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval. A Phase II double blind study is currently being conducted on EGS EGS European Geophysical Society EGS European Graduate School EGS El Goonish Shive (webcomic) EGS Environmental Goods and Services EGS Employment Guarantee Scheme (UK) EGS EOS Ground System 21, which is being evaluated as a potential product for treatment of fatty liver Fatty Liver Definition Fatty liver is the collection of excessive amounts of triglycerides and other fats inside liver cells. Description , or non alcoholic steatohepatitis, otherwise known as NASH Nash , Ogden 1902-1971. American writer known for his droll epigrammatic verse, much of which appeared in the New Yorker. Noun 1. Nash - United States writer noted for his droll epigrams (1902-1971) Ogden Nash . Also in progress is the next phase in the evaluation of Optquel[TM] (B27PD), Enzo's therapeutic candidate for the treatment of uveitis, and a Phase I/II study of HGTV HGTV Home and Garden Television 43[TM] at the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). San Francisco designed to increase the percentage of engineered CD4+ cells that contain the anti-HIV-1 antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). genes. Enzo also has a number of new compounds in preclinical development that could provide therapy for treating bone disorders, including osteoporosis, bone loss, fractures, abnormalities, diseases and other applications. Conference Call A conference call conducted by Enzo Biochem, Inc. management will take place on Tuesday, December 11, 2007 at 8:30 AM E.T. It can be accessed by dialing 1-888-562-3356. International callers can dial 1-973-582-2700. Please reference PIN number 26951925. Interested parties may also listen over the Internet at www.investorcalendar.com. To listen to the live call on the Internet, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available approximately two hours after the end of the live call, through midnight (ET) on December 25, 2007. The replay of the conference call can be accessed by dialing 1-800-642-1687, and, when prompted, use PIN number 26951925. International callers can dial 1-706-645-9291, using the same PIN number. About Enzo Enzo Biochem is engaged in the research, development, manufacture and licensing of innovative health care products and technologies based on molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller and genetic engineering techniques, and in providing diagnostic services diagnostic services, n.pl the imaging and laboratory capabilities available for determining the cause of an illness. to the medical community. Enzo's Life Sciences division develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research among others. Its catalog of over 25,000 products serves the molecular biology, drug discovery and pathology research markets. The Company's therapeutic division is in various stages of clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy 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 and New Jersey areas. 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. [TABLE OMITTED] |
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