In This Article:
Forms Special Committee of the Board to Lead Evaluation of Viable Options for Maximizing Shareholder Value
Engages Independent Financial and Legal Advisors to Support Thorough Process
Remains Committed to Maintaining Focus on Cost Containment, Cash Preservation and Near-Term Initiatives to Enhance Value
Farmingdale, NY, April 22, 2025 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (OTCQX: ENZB) (“Enzo” or the “Company”) today announced that its Board of Directors (the “Board”) has commenced a review of strategic alternatives after recently receiving multiple inquiries regarding a potential transaction with the Company. In connection with this process, the Board has formed a special committee of independent directors (the “Strategic Committee”) to evaluate a broad range of opportunities to maximize value for shareholders, including a potential strategic transaction, business combination, full sale of the Company or return of excess capital to shareholders.
Steven Pully, Chairman of the Board and member of the Strategic Committee, stated: “The Board is committed to acting in the best interests of shareholders and intends to run a thorough review process. Enzo’s life sciences operations and offerings are well established and highly regarded, and our comprehensive manufacturing capabilities in the United States and Europe provide us an advantageous position in this dynamic market. Over the last 18 months, the Company’s management has successfully led sustained efforts to address Enzo’s historical challenges and realize efficiencies. At this point, it makes sense to form the Special Committee and fully evaluate the range of possibilities available to the Company, prior to making a recommendation to the full Board for consideration.”
The Strategic Committee has engaged BroadOak Capital Partners as financial advisor and BakerHostetler LLP as legal counsel to assist in evaluating any inbound expressions of interest and other potential transactions.
The Board has not set a timetable for the review process, nor does it have any biases related to any potential strategic alternatives at this time. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome. The Company does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary. While the Strategic Committee conducts its review, Enzo remains focused on cost-containment and cash conservation measures, as well as executing on other initiatives that can enhance near-term value.