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Enzo Biochem's Q3 Revenues Rise 22 Percent

NEW YORK (GenomeWeb News) – Enzo Biochem reported after the close of the market yesterday that its third-quarter revenues increased 22 percent, due in part to the firm's acquisitions of Biomol and Assay Designs over the past year.

The New York-based firm said that revenues for its Enzo Life Sciences segment increased 44 percent to $12.4 million from $8.6 million year over year. Products revenues for that segment jumped 50 percent to $10.5 million, due largely to the addition of revenues from Biomol and Assay Designs.

Enzo purchased Biomol — which sells enzymes, peptides, substrates, and antibodies for signal transduction, lipid research, apoptosis, neuroscience and drug discovery, with a research focus on the functional proteomics field — a year ago for $18 million. It recently acquired Assay Designs, which sells research kits and reagents for detecting and quantifying small molecules and proteins for inflammation and immunity, oxidative and cellular stress, steroid and hormone biology, cell signaling, and bioenergetics applications, for around $12.2 million.

Revenues for the firm's Enzo Clincal Labs segment rose 3 percent to $10.6 million from $10.3 million year over year.

Enzo Biochem posted a net loss of $4.2 million, or $.11 per share, compared to a net loss of $2.1 million, or $.06 per share, for the third quarter of 2008.

"We believe that we are well positioned to continue our plan of growing our Life Sciences business both organically and through acquisition," Enzo Biochem President Barry Weiner said in a statement.

The firm finished the quarter, which ended April 30, with $55.3 million in cash, cash equivalents, and short-term investments.

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