ENZ - Receives FDA EUA For Newest Test July 27 - Most Complete COVID-19 Program

Summary

• On July 7, 2020, the FDA granted EUA to the company's AMPIPROBE SARS-CoV-2 Test System to be used for the qualitative detection of nucleic acid from SARS-CoV-2 in upper respiratory specimens from individuals.
• This is the fourth COVID-19 test milestone this year ranging from viral tests to antibody tests. ENZ  has not formally announced this latest EUA but I expect news soon.
• Enzo's multifaceted COVID-19 platform for both molecular and antibody testing offers its own proprietary internally developed molecular diagnostic test to detect the COVID-19 virus, as well as COVID-19 serological diagnostics.
• The company is also working on repurposing a drug candidate now in early testing for the treatment of COVID-19 thus entering the COVID-19 therapy race.
• ENZ has 36% institutional ownership and 12% insider ownership. Analysts have a $5.5/share price target and a BUY recommendation on ENZ stock. ENZ reported $55M in cash at April 30,2020.

Discussion

On April 29, 2020, Elazar Rabbani, Ph.D., CEO of Enzo Biochem, Inc. commented:

“Enzo’s response to the COVID-19 pandemic has been multi-faceted. From the launch of molecular diagnostic testing for SARS-Cov-2 on our automated GENFLEX^TM platform, to the development of serological testing for IgG and IgM antibodies, providing drive-up testing options to patients through our CLIA-certified clinical laboratory, and now the potential repurposing of SK1-I for the treatment of COVID-19, we are bringing our integrated resources to bear against this pandemic."

Regarding the high-volume  GENFLEX^TM platform CEO Rabbani commented:

“Enzo is uniquely positioned to address the COVID-19 pandemic from multiple angles. We have an open molecular diagnostic system with complete capabilities from sample collection to processing, detection, and analytics. Our open system allows for adoptability with regards to reagents, supplies, and instruments. This system can be used for the current COVID-19 crisis, and furthermore it can be repurposed for any current or future infectious agent diagnosis. Our solutions are available as full system product sales or as individual components,”

“We have launched this platform, now available for purchase, and are also processing tests at our CLIA laboratory, where we have current capacity of 2,000 COVID-19 molecular tests per day and can expand to meet market demand.”

"Leveraging Enzo’s expertise in diagnostics technology, the new COVID-19 test features improved scale, sensitivity, and more relevant positive control materials. Enzo’s control, RNAseP, confirms the presence of human mucosa cells in the specimen, verifying accurate collections. The RNA positive control closely resembles in vivo conditions. Enzo consulted with the U.S. Centers for Disease Control and Prevention on the implementation of these enhanced test features."

Enzo’s GENFLEX™ Molecular Diagnostic Modular System (for SARS-CoV-2 Detection) includes the following components currently available or under development:

• AMPICOLLECT™ Sample Collection Kit - a proprietary sample collection kit to overcome supply limitations and enable patient self-testing (IN CLINICAL TRIALS)
• AMPIXTRACT™ Sample Preparation (Genetic Extraction from Patient Sample) (AVAILABLE)
• GENFLEX™ Automated Instrument for Sample Processing (AVAILABLE)AMPIPROBE® Amplification and Detection (AVAILABLE)
• Enzo’s solution includes a complete molecular diagnostic kit optimized for use on the proprietary GENFLEX™ molecular diagnostics platform and compatible with manual or alternative platforms. GENFLEX™ is Enzo’s high-throughput, sample-to-result platform that delivers high capacity, efficiency, and flexibility at a lower price point than existing systems. The GENFLEX™ and manual kits are now available.

In addition, as part of Enzo’s Comprehensive COVID-19 Program, the Company is developing the following:

• IgG/IgM Antibody Test (for Immunity Detection) - Immunoglobulin G (IgG) / Immunoglobulin M (IGM) on an ELISA (enzyme-linked immunosorbent assay) plate for detecting and quantifying antibodies to identify the individuals who were infected with, or without, symptoms
• Cytokine Storm Immunoassay (for Inflammation Monitoring) - Commercialization of Enzo’s full inflammation panel including the detection of Interleukin 6 (IL-6) levels (currently available for Research Use Only) to enable administration of immunosuppressant to treat Coronavirus when a patient demonstrates a hyper immune response.
• Potential Use of Enzo's Drug Candidate SK1-I (for the Prevention and/or Treatment of Cytokine Release Syndrome and Respiratory Failure in COVID-19 Patients) - Therapeutic studies based on a promising proprietary drug candidate (SK1-I) which may have potential in the treatment of COVID-19 as it has already demonstrated immunosuppressant response in a recognized, chemically-induced animal model of Lupus and has previously passed preliminary toxicology studies.

"Enzo’s Comprehensive COVID-19 Program showcases Enzo’s ability to respond to the current challenges plaguing the healthcare market. The company’s integrated structure gives Enzo the advantage of having direct access to patients while keeping control of the testing reagents and supply chain. Enzo’s full system open platform solutions make flexibility, affordability and quality available to a market that currently lacks these needed conditions." 

Since that time, ENZO has accomplished a significant number of milestones that expands considerably the offerings in several fronts, to those that CEO Rabbani was so excited about then.

The latest one is about the company's AMPIPROBE SARS-CoV-2 Test System being granted FDA EUA on July 7, 2020 This tests will be be used for the qualitative detection of nucleic acid from SARS-CoV-2 in upper respiratory specimens from individuals suspected of having contracted COVID-19.

According to the company website, Enzo Biochem is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of test services, including exotic tests, to the medical community.

Through three wholly-owned subsidiaries (Enzo Therapeutics, Enzo Life Sciences, Enzo Clinical Labs), Enzo targets its technology toward satisfying specific market needs.

Enzo Life Sciences division develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research, among others. Its catalog of over 40,000 products serve the molecular biology, drug discovery and pathology research markets worldwide.

Enzo Clinical Labs division provides laboratory services for a growing roster of physicians in the New York Metropolitan area, as well as parts of New Jersey and Pennsylvania. Its tests include, in addition to routine tests, capabilities for detecting molecular infection disease, molecular oncology, autoimmune disorders and genetics. Enzo Clinical Labs also provides clinical diagnostic services that allow Enzo to capitalize on its extensive advanced molecular and cytogenetic capabilities and the broader trends in predictive and personalized diagnostics.

Enzo Therapeutics is a biopharmaceutical venture that has developed multiple novel approaches in the areas of gastrointestinal, infectious, ophthalmic and metabolic diseases. It has focused its efforts on developing treatment regimens for diseases and conditions for which current treatment options are ineffective, costly, and/or cause unwanted side effects.

Although not mentioned as a division, Enzo is in the IP Litigation arena as it continues to pursue an aggressive campaign to defend its extensive intellectual property of 249 issued patents worldwide and over 200 pending patent applications.

On February 11, 2019 the company announced that Roche (OTCQX:RHHBY) has agreed to pay Enzo Biochem $21M to settle patent infringement litigation related to the use of labeled nucleotides in genetic testing. EZN stated at the time that the settlement does not affect its civil action against Roche which is currently under appeal.

In May 2016, the company announced that it had settled with Thermo Fisher Scientific on two patent infringement lawsuits for $35M. In January of 2016, the company announced a $9M settlement with Agilent. A $21M settlement with Illumina, a $10M settlement with Affymetrix and a $9.5M settlement with Siemens were awarded in 2015. All those are giant companies with many times ENZ's market cap. The company has cases pending against Hologic, Becton Dickenson, Abbott.

Enzo Biochem is a global company headquartered in Farmingdale, NY, with offices in Germany, France, Switzerland, United Kingdom, Ireland, Belgium/Netherlands/Luxemburg, and Switzerland.

Jim Roummel in his article "Enzo Biochem Trades At A Discount To Its Sum Of The Parts Value With Multiple Ways To Win," explains:

"ENZ owns one of the largest independent non-hospital-based clinical labs on the East Coast of the United States, in an industry dominated by non-hospital-based giants Lab Corp (LH) and Quest Diagnostics (DGX). ENZ’s footprint lies in the attractive tri-state New York area. The company recently expanded into the Mid-Atlantic and New England regions. ENZ operates a full-service clinical laboratory based in Farmingdale, NY, a network of over 30 patient service centers in NY, NJ and CT and a rapid response laboratory in New York City. ENZ has one of the largest clinical lab footprints (inclusive of LH and DGX) in the tri-state New York area."

Many investors are just now becoming familiar with Enzo Biochem because it has been making noise in the COVID-19 testing area, but the company is a lot more than just testing.

Enzo Biochem is a fully integrated global biotech enterprise covering a wide range of focus areas including drug discovery, drug development, and diagnostics as seen in the following slide extracted from the company's June 2020 Corporate Presentation:

Enzo Biochem is at an inflection point in valuation offering significant short and long-term upside for value investors. The company is maximizing the potential that COVID-19 offers thanks to wise and timely investments in the last three years. The company is starting to click on all cylinders with a full suite of high-margin COVID-19 related and a myriad of other products and services, constantly adding synergistic products, increasing production to keep up with increased demand, building strong vertical markets, and strengthening its balance sheet through creative non-dilutive ways such as grants and patent infringement proceeds.

The following shows that through integration and by controlling much it's supply chain it can offer competitive pricing to capture increased market share going forward:

Much of the following discussion focuses and COVID-19 related topics that interest today's investors and summarized in the following slide. I am certain that those interested in ENZ as a long-term investors will enjoy enjoy the June 2020 Corporate Presentation and will appreciate the significant upside going forward :

New EUA for COVID-19 Test Expands the Company’s Product Offerings

On July 7, 2020, the FDA granted EUA to the company's AMPIPROBE SARS-CoV-2 Test System to be used for the qualitative detection of nucleic acid from SARS-CoV-2 in upper respiratory specimens from individuals suspected of having contracted COVID-19.

ENZ trading the last two days of the week has been very volatile starting at about noon on Thursday after investors who continuously look for updates of the FDA Emergency Use Authorization website found the EUA acceptance letter. The moment the word got out the stock gained significantly and continued after hours Wednesday (7/8/2020) and during Thursday's premarket hours. However, the stock tanked during regular trading hours because investors expected company news regarding this important milestone but the company remained quiet about it. However, based on recent history, I expect news any day because Enzo reported similar wins in three previous occasions:

I will list them starting from the most recent one:

• On May 20, 2020 the company announced that it is offering a SARS-CoV-2 IgG ELISA assay kits for serological detection of IgG antibodies against coronavirus under the FDA’s Emergency Use Authorization authority as both products and services.
• On April 13, 2020, Enzo announced a comprehensive COVID-19 Program incorporating its molecular diagnostic virus screening products, detection for immunity through IgG/IgM serological ELISA products, detection of inflammation on its ELISA platform, and a promising proprietary drug candidate (SK1-I).
• On March 6, 2020, ENZ gained almost 80% in premarket on increased volume in reaction to its announcement that it will begin accepting respiratory specimens next week for its in-house test for COVID-19.

This link explains the various types of COVID-19 tests in a very simple in visual way. At the bottom of the page there is a questionnaire for the various COVID-19 the company offers for those interested in this type of information.

Rest assured that company management are very proud and excited about these and other accomplishments related to its fast development and deployment of pandemic-related tests and the new test EUA will not be an exception.

Barry Weiner, President on ENZ, commented during the June 8, 2020 Q3 conference call:

"I'm pleased to report that we at Enzo determinately pushed on and are moving forward with as we see it five key positive elements emerging from this pandemic. First, there was a newfound appreciation for clinical laboratories and the diagnostics industry at large. Second, our vertical integration and open platform business model invested in over the past three years is opportunistic and justified and allowed us to rapidly address the nationwide testing challenge. Third, we launched in this a rapidly changing turbulent environment, an extensive novel multifaceted COVID-19 platform for both molecular and antibody testing. Fourth, we are now rapidly scaling capacity to increase volume. And fifth, we are meeting demand."

"Allow me to go through each of these points in a bit of further depth. There was a newfound appreciation for clinical laboratories and the diagnostic industry at large. This pandemic has shed light on vast misperceptions of the diagnostic industry, and the fast restructuring needed to address the challenges of diagnostic testing. Over the past two years, reimbursements were being dramatically reduced and the diagnostics sector was being marginalized to a point that has now come back to hurt this country."

"Today, the value proposition of diagnostics is better understood and widely appreciated and seen as fundamental and critically necessary in being able to restore vitality to our people and nation. Second, our vertical integration and open platform business model invested in over the past three years is opportunistic and justified and allowed us to rapidly address the testing challenge. Crucial supply issues that developed have shed light and justified our company's proprietary vertical integration to effectively navigate this environment and survive."

"For the most part, we own our supply chain and are using our own systems. We are building on several years of development of the GenFlex platform, which was launched pre-COVID with our Women's Health Panel, and that has been effectively adapted in the current pandemic for COVID-19 testing. We manufacture our own reagents, swabs, utilize our own technological capabilities and have been applying them to address COVID-19 from multiple angles. We are selling these kits and systems to other labs and customers, as well as running the tests using our unique products and platforms in our own clinical laboratory."

"Third, we have launched an extensive novel multifaceted COVID-19 platform for both molecular and antibody testing. We are offering our own proprietary internally developed molecular diagnostic test to detect the COVID-19 virus, as well as a serological diagnostic test for the novel coronavirus antibodies. We are also working on repurposing a drug candidate now in early testing for the treatment of COVID-19."

"We are now rapidly scaling capacity to increase volume. Enzo Lifesciences is offering a full range of COVID-19 products, including sample collection, molecular and antibody, as well as instrumentation on a global basis. Our internal manufacturing capability provides security of supply and stronger margins than test currently available from other commercial suppliers. Enzo Clinical Labs is ramping testing volume to address the need to perform thousands of tests a week, increasing from our initial weekly capacity of approximately 10,000 COVID-19 molecular tests, as well as 10,000 ELISA serological antibody tests."

"Finally, we are meeting the demand. We have been working with many entities ranging from academic and research institutions to commercial laboratories and government entities. This includes a recent RFP bid win with the state of Missouri, as well as a contract with the State of New York to provide COVID-19 testing to nursing homes. We fully expect to secure additional strategic relationships that may provide substantial additional revenue as we build capacity to meet demand."

"On this last point, we should be clear with regards to our investment and strategy that testing demand will remain with us for some time. A recent state by state analysis from the Harvard Global Health Institute found that more than half of the U.S. states would need far more testing if they are considering safely lifting coronavirus restrictions. The analysis was based on each state's daily testing totals during an average week in mid-April, using data from the COVID tracking project."

Testing More Important Than Ever -New Studies Report Rapid Loss of COVID-19 Antibodies

In addition to the points made by Mr. Weiner above, it appears that COVID-19 testing of all types might become more important than ever and be required far more frequent than previously thought.

New studies reveal rapid loss of COVID-19 antibodies from those who have survived the virus and therefore might be vulnerable to re-infection. In short, it appears that antibodies developed by people who contracted coronavirus last significantly less than those for SARS and MERS.

The article explains this phenomenon as follows:

"A pair of studies published this week is shedding light on the duration of immunity following COVID-19, showing patients lose their IgG antibodies—the virus-specific, slower-forming antibodies associated with long-term immunity—within weeks or months after recovery. With COVID-19, most people who become infected do produce antibodies, and even small amounts can still neutralize the virus in vitro, according to earlier work. These latest studies could not determine if a lack of antibodies leaves people at risk of reinfection."

"One of the studies found that 10 percent of nearly 1,500 COVID-positive patients registered undetectable antibody levels within weeks of first showing symptoms, while the other of 74 patients found they typically lost their antibodies two to three months after recovering from the infection, especially among those who tested positive but were asymptomatic."

"In contrast, infections caused by coronavirus cousins such as SARS and MERS result in antibodies that remain in the body for nearly a year, according to The New York Times."

Surprise! Enzo Might Also Enter COVID-19 Therapy Race

In Enzo's June 2020 presentation, a slide (below) shows that the company is working on repurposing an existing drug candidate to treat COVID-19 patients to prevent cytokine storm. There are many companies working this angle as they are testing or wanting to test immunomodulators that currently are in various phases of clinical trials from Rheumatoid Arthritis to cancer.

It is widely known that some critically ill COVID-19 victims experience Cytokine Release Syndrome or CRS as an adverse event that may result in multiple organ failure or acute respiratory distress syndrome (OTC:ARDS). CRS is defined as an inflammatory condition occurring when many lymphocytes and/or myeloid cells are being activated, releasing high levels of inflammatory cytokines. CRS can occur within minutes or hours, but it can also take place days or weeks later.

Several recent publications suggest that in the later stages of COVID-19 related complications overstimulation of the immune system is likely responsible for triggering CRS causing the body to become overwhelmed with pro-inflammatory molecules. CRS is initially manifested by high fever, nausea, headache, tachycardia, hypotension, cardiac dysfunction, rash, and shortness of breath. However, this immune response may become excessive thus inducing accelerated and hard to control pneumonia, multiple organ failure, ARDS, and ultimately death. Ironically, it appears that the body's uncontrolled overreaction to COVID-19 is what delivers the fatal blow rather than the virus itself.

The article "Targeting the A3 adenosine receptor to treat cytokine release syndrome in cancer immunotherapy." explains this process in a simple way:

"The main cytokines involved with CRS include tumor necrosis factor-α (TNF-α), interferon γ (IFN-γ), interleukin 1β (IL-1β), interleukin 2 (IL-2), interleukin 6 (IL-6), interleukin 8 (IL-8), and interleukin 10 (IL-10), all known to be involved in the regulation of the innate and cellular immunity. Following immunotherapy, the inflammatory cytokines are released, enhancing the immune response and activating the proliferation of immune cells to further secrete more inflammatory cytokines. This chain of events leads to a loop between the inflammatory cytokines and the immune cells, which may result in a cytokine storm."

"Overall, it looks like the current treatments for CRS are not satisfactory, and there is a need for drugs that will concomitantly act as a robust anti-inflammatory that will also prevent neurotoxic manifestations"

On April 21, 2020, the company announced the issuance of U. S. Patent Number 10,624,863 for drug candidate SK1-I, a novel sphingosine kinase type 1 inhibitor. The press release stated:

"...work demonstrated that SK1-I reduced the levels of inflammatory cytokines including Interleukin-6 (IL-6), Tumor Necrosis Factor alpha (TNF-alpha), and Interferon-alpha and -beta in the animal model. Significantly, elevated levels of inflammatory cytokines, particularly IL-6, are reported to be associated with the development of respiratory failure in COVID-19 patients."

Elazar Rabbani, Ph.D., CEO of Enzo Biochem, Inc. commented:

“Enzo’s response to the COVID-19 pandemic has been multi-faceted. From the launch of molecular diagnostic testing for SARS-Cov-2 on our automated GENFLEX^TM platform, to the development of serological testing for IgG and IgM antibodies, providing drive-up testing options to patients through our CLIA-certified clinical laboratory, and now the potential repurposing of SK1-I for the treatment of COVID-19, we are bringing our integrated resources to bear against this pandemic.”

Enzo Biochem Value Proposition Summary

Institutional and insider Ownership and Analyst Opinion

ENZ has 36% institutional ownership and 12% insider ownership. Analysts have a $5.5/share price target and a BUY recommendation of the stock.

Financials

On June 8, 2020, the company reported that at the end of 3Q 2020, the company had cash and cash equivalents totaling $55M. The company added $10.6M of capital in the third quarter to strengthen its balance sheet through various grants, loans and advance payments. As of April 30, 2020, the company had 47.9M shares outstanding.

Enzo's CFO David Bench commented:

"Our cost efficiency measures continue to yield results. We are making progress as a result of efficiency measures, we have implemented, having thus far recognized more than $8 million towards our $10 million annualized savings target."

Enzo, having its own network of clinics has the advantage to just test suppliers that its margins will be substantially higher going forward. Quest Labs for instance charge $119 for an antibody test. And the test itself costs about $5!! This is a huge margin increase or a robbery, but if you need one either you must pay for it or your company might have to. Having their own supply chain from the bottom to ultimate patient use provides the opportunity to maximize margins while providing competitive/favorable pricing to increase market share.

When combining far more products starting in 4Q (May- July 2020) per recent announcements and the expected production as well as gross margin increases, I expect sequentially stronger quarters going forward. This is particularly true now that COVID-19 infections are going through the roof as economies open and primarily because people are not taking the necessary and obvious precautions.

Conclusions

• On July 7, 2020, the FDA granted EUA to the company's AMPIPROBE SARS-CoV-2 Test System to be used for the qualitative detection of nucleic acid from SARS-CoV-2 in upper respiratory specimens from individuals suspected of having contracted COVID-19.
• This is the fourth COVID-19 test milestone this year ranging from viral tests to antibody tests. ENZ has not formally announced this latest EUA but I expect news soon.
• On May 20, 2020 the company announced that it is offering a SARS-CoV-2 IgG ELISA assay kits for serological detection of IgG antibodies against coronavirus under the FDA’s Emergency Use Authorization authority as both products and services.
• On April 13, 2020, Enzo announced a comprehensive COVID-19 Program incorporating its molecular diagnostic virus screening products, detection for immunity through IgG/IgM serological ELISA products, detection of inflammation on its ELISA platform, and a promising proprietary drug candidate (SK1-I).
• On March 6, 2020, ENZ gained almost 80% in premarket on increased volume in reaction to its announcement that it will begin accepting respiratory specimens next week for its in-house test for COVID-19.
• The company has launched an extensive novel multifaceted COVID-19 platform for both molecular and antibody testing. Enzo offers its own proprietary internally developed molecular diagnostic test to detect the COVID-19 virus, as well as a serological diagnostic test for the novel coronavirus antibodies.
• Enzo's vertical integration and open platform business model invested in over the past three years is bearing fruit handsomely and being able to rapidly address the COVID-19 testing challenges.
• The company is also working on repurposing a drug candidate now in early testing for the treatment of COVID-19 thus entering the COVID-19 therapy race.
• Enzo has been working with many entities ranging from academic and research institutions to commercial laboratories and government entities. This includes a recent RFP bid win with the state of Missouri, as well as a contract with the State of New York to provide COVID-19 testing to nursing homes.
• The company expects to secure additional strategic relationships that may provide substantial additional revenue as they build capacity to meet demand.
• When combining far more products starting in 4Q (May- July 2020) per recent announcements and the expected production as well as gross margin increases, I expect sequentially stronger quarters going forward. This is particularly true now that COVID-19 infections are going through the roof as economies open and primarily because people are not taking the necessary and obvious precautions.
• The company owns one of the largest independent non-hospital-based clinical labs on the East Coast of the United States. The company has offices/facilities in the US and in nine European countries.
• Enzo is in the IP Litigation arena as it continues to pursue an aggressive campaign to defend its extensive intellectual property of 249 issued patents worldwide and over 200 pending patent applications.
• On February 11, 2019 the company announced that Roche (OTCQX:RHHBY) has agreed to pay Enzo Biochem $21M to settle patent infringement litigation related to the use of labeled nucleotides in genetic testing. EZN stated at the time that the settlement does not affect its civil action against Roche which is currently under appeal.
• In May 2016, the company announced that it had settled with Thermo Fisher Scientific on two patent infringement lawsuits for $35M. In January of 2016, the company announced a $9M settlement with Agilent. A $21M settlement with Illumina, a $10M settlement with Affymetrix and a $9.5M settlement with Siemens were awarded in 2015. All those are giant companies with many times ENZ's market cap. The company has cases pending against Hologic, Becton Dickenson, Abbott.
• ENZ has 36% institutional ownership and 12% insider ownership. Analysts have a $5.5/share price target and a BUY recommendation of the stock.
• On June 8, 2020, the company reported that at the end of 3Q 2020, the company had cash and cash equivalents totaling $55M. The company added $10.6M of capital in the third quarter to strengthen its balance sheet through various grants, loans and advance payments. As of April 30, 2020, the company had 47.9M shares outstanding.
• The company is making substantial progress operationally having achieved more than $8M towards its $10M annualized savings target.
• Enzo, having its own network of clinics has the advantage to just test suppliers that its margins will be substantially higher going forward. Quest Labs for instance charge $119 for an antibody test. And the test itself costs about $5!! This is a huge margin increase or a robbery, but if you need one either you must pay for it or your company might have to. Having their own supply chain from the bottom to ultimate patient use provides the opportunity to maximize margins while providing competitive/favorable pricing to increase market share.
• Enzo Biochem is taking full advantage of the COVID-19 opportunity because it was prepared for it as investments in various areas of its infrastructure over the last three years are paying handsome dividends. The company was one of the first companies to develop COVID-19 tests because of this readiness. 
• The company is starting to click on all cylinders with a full suite of high-margin COVID-19 related and a myriad of other products and services, constantly adding synergistic products, increasing production to keep up with increased demand, building strong vertical markets, and strengthening its balance sheet through creative non-dilutive ways such as grants and patent infringement proceeds. 
• Enzo Biochem is at an inflection point in valuation offering significant short and long-term upside for value investors. In my opinion the market will reconize Enzo's true potential as it begins delivering sequentially stronger quarters going forward. My 12-month price target is $7/share.
• Those interested in Enzo stock are encouraged to review the risks and uncertainties related to investing in the company as detailed with the company’s filings with the SEC.