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Enzo Biochem Reports Fiscal Second Quarter Results

Stocks in this article: ENZ

As of January 31, 2013, cash and cash equivalents totaled $10.0 million. Working capital amounted to $13.7 million. Net cash used in operating activities for the six months ended January 31, 2013 was $4.6 million, up from $3.6 million the year ago period.

“This has been an unexpectedly challenging quarter,” said Mr. Weiner. “It included a devastating hurricane affecting Clinical Labs and reduced government expenditures, including a tightened NIH budget that has affected Life Sciences, while the trend continues towards reduced reimbursements both from government as well as commercial payors. On the plus side, we anticipate the introduction of new esoteric, higher margin laboratory developed tests that should drive revenue growth in Clinical Labs. Clinical Labs will shortly be adding several key assays to its expansive testing menu directed at Women’s Health. Hurricane Sandy not only adversely affected our lab service volume, but it also led to delays in final approval by regulatory authorities of several of these new key tests that we now expect to release.

“Additionally, we remain optimistic about the commercialization potential for products derived from our proprietary nucleic acid target amplification platform, AmpiProbe TM , as we have completed a number of key steps in the manufacturing and product development processes to move this technology towards monetization. I am also pleased to report that we continue to actively recruit and treat patients for the clinical trial of Optiquel TM , our study drug for the treatment of autoimmune uveitis, which is ongoing at the National Eye Institute in Bethesda, MD.

“Our investment in protecting our intellectual property, which resulted in higher legal expenses during the second quarter, resulted in a favorable $48.6 million verdict plus interest to be determined by the Court.

“Our goal remains to utilize Enzo’s considerable intellectual property and know-how to fashion Enzo into an industry-leading integrated life sciences/clinical lab company with cutting edge, innovative products that, in keeping with today’s healthcare cost concerns, are highly effective and provide physicians as well as investigators and product development technicians with advanced tools to better provide for the needs of patients.”

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