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Enzo's Q4 Revenues Fall, Losses Widen; Company to Recognize $2M From Sigma Settlement in Q1 '07

NEW YORK (GenomeWeb News) - Enzo Biochem on Friday reported an 8.7-percent decline in revenues atop a widened net loss for its fourth fiscal quarter.
 
For the quarter ended July 31, Enzo posted revenues of $9.9 million, down from $10.9 million in the year-ago period.
 
The company’s quarterly net loss more than doubled to $4.5 million from $2 million in the fourth quarter of 2005.
 
Enzo attributed the swelling net loss to a $900,000 increase in expenses, including a $500,000 increase in R&D expenses. The balance of the spending increase went toward litigation expenses and selling, general, and administrative expenses, the company said.
 
In its 10-K report filed with the US Securities and Exchange Commission, the company said that it would recognize $2 million from a recent settlement with Sigma-Aldrich in its first fiscal quarter for 2007, ending Oct. 31.
 
Enzo did not disclose its R&D spending for the quarter.  
 
As of July 31, Enzo had cash , cash equivalents, and marketable securities of $69.9 million.

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