By Christiana Sciaudone
Investing.com -- Enzo Biochem Inc. soared 25% after receiving emergency use authorization from the U.S. Food and Drug Administration for its Ampiprobe test to detect Covid-19.
Third quarter revenue for the biotech company fell 14%, to $16.9 million because of the pandemic
Lower volume in the company’s clinical lab segment should be “partially counterbalanced by new opportunities related to the COVID-19 pandemic,” said Barry Weiner, president of Enzo Biochem, after earnings were released last month. “In Enzo Life Sciences, we are offering a full range of COVID-19 products including sample collection, molecular, and IgG antibody kits on a global basis as well as instrumentation. On the Enzo Clinical Lab side, we expect to ramp up substantially throughout the year from our initial weekly capacity of approximately 10,000 COVID-19 molecular tests and 10,000 ELISA serological antibody tests.”
Enzo Biochem researches, develops, and manufactures health care products based on molecular biology and genetic engineering techniques. The company also provides diagnostic services to the medical community.