For Enzo Biochem, genomic research is the key to both diagnostic and therapeutic care. The biotech company is focused on the development and sale of gene-based tests and pharmaceuticals through its three operating divisions. The Enzo Clinical Labs unit provides diagnostic testing services in the New York City area, while Enzo Life Sciences makes reagents used in research by pharmaceutical firms, biotech companies, academic institutions. The third division, Enzo Therapeutics, is a development-stage firm working to treat ophthalmic conditions, gastrointestinal ailments, and other diseases.
The company's Enzo Clinical Labs division provides laboratory services to customers in New York, New Jersey, and eastern Pennsylvania. Its primary laboratory is located in Farmingdale, New York, and it operates about 30 specimen collection centers throughout New York and New Jersey.
While Enzo Life Sciences' products are sold worldwide, the US still accounts for a majority (about 85%) of Enzo Biochem's annual revenues. The largest international markets are Switzerland and the UK.
Enzo Biochem's clinical laboratory services bring in about 60% of the company's revenue. Enzo Clinical Labs operates a full-service reference lab, performing routine and esoteric (highly specialized) tests.
Enzo Life Sciences account for the rest of the company's revenues (about 40%). The Life Sciences unit manufactures chemical reagents, kits, and supplies used in a wide variety of biomedical research fields, including cancer research, immunology, gene expression, and DNA damage. It sells the products under such brand names as Alexis, Assay Designs, Biomol, and Stressgen.
Sales and Marketing
Enzo Life Sciences operates a direct sales force in the US and in select European countries (Germany, Switzerland, France, the UK, and the Benelux countries). Its products are also sold online and through distributors in other regions.
Enzo Biochem's annual revenues increased about 1% to $103 million in 2012 due to increased laboratory service revenues from the Clinical Labs segment. While Enzo Clinical Labs increased revenues by 13% that year; the Life Sciences segment experienced a decline due to soft demand for certain products including research reagents. As is true with many drug development companies, however, net income fell into the red that year. Net income declines in 2012 were attributed to increased personnel and legal costs, uncollectable account provisions, and impairment charges.
Enzo's overall goal is to support the R&D efforts of its operating divisions, with an eye toward getting its most promising candidates to market. Enzo Therapeutics' development of a pipeline of drug candidates focused on immune system, bone, and metabolic disorders. It is working on Optiquel, a potential treatment for uveitis (a kind of eye inflammation); other products target Crohn's disease, diabetes, and osteoporosis.
Enzo Life Sciences works to add new next-generation molecular diagnostic tests for its research clientele through internal efforts and through licensing agreements. Enzo Life Sciences has also steadily expanded its offerings and global distribution network through a series of acquisitions in recent years. However, since 2010 the division has been focused on absorbing its purchases and restructuring its operations around internal growth efforts, including streamlining and strengthening its sales and marketing resources.
The company also works to expand the products and services of its Clinical Labs division through internal development efforts and licensing agreements. For instance, the unit launched a new colorectal cancer molecular test (ColonSentry) in 2012, and in 2011 it licensed a new cervical cancer test from diagnostics firm IncellDx.
Both the Life Sciences and the Therapeutics divisions pursue collaborative R&D relationships with academic and commercial institutions to further product development efforts. Enzo Therapeutics' partners include the National Eye Institute (part of the National Institutes of Health) and the Hadassah University Medical Center in Jerusalem.
Co-founders and brothers-in-law Barry Weiner and Elazar Rabbani together own about 10% of Enzo. – less