ENZ News & Events

Enzo Biochem's Board of Directors has commenced a review of strategic alternatives after recently receiving multiple inquiries regarding a potential transaction with the Company. In connection with this process, the Board has formed a special committee of independent directors to evaluate a broad range of opportunities to maximize value for shareholders, including a potential strategic transaction, business combination, full sale of the Company or return of excess capital to shareholders. The Strategic Committee has engaged BroadOak Capital Partners as financial advisor and BakerHostetler as legal counsel to assist in evaluating any inbound expressions of interest and other potential transactions. The Board has not set a timetable for the review process, nor does it have any biases related to any potential strategic alternatives at this time. There can be no assurance that the Company's strategic review process will result in any transaction or other strategic outcome. The Company does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary. While the Strategic Committee conducts its review, Enzo remains focused on cost-containment and cash conservation measures, as well as executing on other initiatives that can enhance near-term value.

Reports Q2 revenue of $7.3M increased sequentially by $1.1M from $6.2M. This is an improvement of 18%. Year-over-year quarterly period revenue declined by 14% primarily from the timing of large order fulfillment and the market slowdown in the US.Enzo ended the second quarter with aggregate cash and cash equivalents of $40.3 million. The Board of Directors and management continue to be focused on conserving cash.