Enzo said that it is in “active discussions with several leading life sciences and medical device companies,” and automated systems manufacturers to develop strategic relationships covering three platforms — molecular diagnostics, immunohistochemistry, and Enzo’s ELISA platform. The conversations are focused on automation and manufacturing, distribution and marketing, and product sales. The company’s goal is to announce at least one relationship by the end of calendar year 2019, Enzo said.
Additionally, the company said that it is introducing a new business model for labs in which Enzo will be the “central capability” for smaller labs. Such labs would capitalize on Enzo’s scale in high-value and lower-cost operations, proprietary intellectual property and products, and long-term experience in innovation and commitment to medical solutions.
The formal rollout of the program is anticipated by the end of 2019, Enzo said.
To return to profitability, it said that it is working to aggressively control operational costs in the lab segment. Further, it is developing growth initiatives to capitalize on the firm’s intellectual property and integrated approach to manufacturing. Lastly, it will pursue revenue opportunities through IP development and innovation. Such efforts will leverage opportunities in licensing its IP, as well as business development and litigation, it said.
Cost reduction improvements are expected to continue throughout fiscal 2020, and a return to operating profitability at the labs is anticipated to happen in early calendar 2020, Enzo said.
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