Enzo Biochem in $15M offering

New York, USA-based Enzo Biochem has entered into a definitive purchase agreement with a leading institutional investor focused on life sciences to purchase one million shares of its common stock at $15 per share in a registered direct offering. The sale of these shares is being made under Enzo's shelf registration statement declared effective by the Securities and Exchange Commission on December 8, 2006.

"We are pleased to report this transaction, which further enhances our capital base, but also, importantly, represents, we believe, a significant vote of confidence by a highly regarded, knowledgeable life sciences investment fund in Enzo and the company's prospects," said Barry Weiner, its president.

Net proceeds of $14.2 million, after related expenses, from this sale, which increases the company's current cash and cash equivalents to around $125.0 million, will be used for general corporate purposes, including without limitation, funding for future acquisitions, clinical R&D programs, the clinical development of product candidates, capital expenditures and working capital needs. The name of the institution purchasing the shares has not been disclosed.