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Enzo Q2 Revenues Inch up; Lands Conditional NYS Approval for Cervical Cancer Test

NEW YORK (GenomeWeb) – Enzo Biochem today announced that the New York State Department of Health has granted conditional approval for the firm's FlowScript assay to detect mRNA from human papilloma virus (HPV) oncogenes E6 and E7.

Enzo Clinical Labs may now offer the flow cytometry-based assay to clients. The HPV assay allows for simultaneous analysis of multiple genes expressed in a single cell, the firm said in a statement, and is the first assay available for the FlowScript platform. The firm added that relevant reagents will be marketed through its Life Sciences division.

"We believe this assay will be used to help guide providers in assessing the risk of progression to cervical cancer and whether colposcopy or follow-up screening should be the preferred course of action," Enzo Biochem Chairman and CEO Elazar Rabbani said in a statement.

Enzo Biochem also announced after the close of market on Thursday that its total revenues inched up a fraction of 1 percent year over year for it fiscal second quarter despite a 7 percent increase in clinical laboratory revenues.

For the three months ended Jan. 31, the New York-based diagnostics company said that total revenues increased to $23.1 million from $22.9 million in the year-ago quarter.

Clinical lab revenues increased to $14.7 million in Q2 2015 from $13.8 million in Q2 2014, while product revenues, represented by the Enzo Life Sciences segment, slid 5 percent to $7.7 million from $8.1 million, and royalty and license fee income fell 36 percent to $644,000 from $1 million.

The firm said that weakness in the Euro and the Swiss Franc adversely impacted life sciences product revenues by $300,000 and lowered royalty and license fee income by $400,000.

The firm's net loss in the quarter was $4.1 million, or $.09 per share, compared to a net loss of $3.6 million, or $.09 per share, a year ago.

The firm ended the quarter with $15.3 million in cash and cash equivalents.