Enzo: cash position will carry company for next 12 months

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Enzo Biochem, Inc. expects its current cash position will meet the company's liquidity and capital resource needs over the next 12 months, according to a 10-K filing with the Securities and Exchange Commission.

The company had cash and cash equivalents of $69.9 million at July 31, a decrease of $13.8 million from the year-ago period.

Enzo had working capital of $80.2 million at July 31 compared with $96.3 million at July 31, 2005.

Net cash used in operating activities for the year was $10.1 million, compared with $13.0 million for the year ended July 31, 2005.

Fourth-quarter revenues fell to $9.9 million from $10.9 million in the prior-year period.

Enzo's net loss for the quarter was $4.5 million, compared with a net loss of $2.0 million for the same period in 2005.

Full-year revenues also declined to $39.8 million from $43.4 million for the previous year.

For the full year, the net loss totaled $15.7 million, compared with net income of $3.0 million a year ago.

During fiscal 2006, litigation expenses reached about $7.4 million. Research and development expenses for the year declined 7%, to $7.9 million.

Enzo is a New York-based biotechnology company.

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