Shares of Enzo Diagnostics Inc. climbed $2.50, closing at $5.75,after the company announced new products and discussedprogress for reorganizing its $30 million debt at its annualshareholders meeting on Monday.
The Farmingdale, N.Y., company said it would add seven newmonoclonal antibodies and a staining kit for cancer biopsies,aimed at the research market, to its product line.
Enzo has been trying to restructure its defaulted 9 percentconvertible subordinated debentures due in 2001. Under thecurrent plan, bondholders are able during this month toconvert their debentures to common stock for $5, down from$12.75.
"All indicators are that the bondholders are very positive"about the conversion, said spokeswoman Carol Dempster. Thecompany will not know until Jan. 31 how many bondholdershave converted, she said.
With seven new antibody products, Enzo now markets 18monoclonal antibodies that pathologists can use to help identifyand characterize undifferentiated tumors stemming fromlymphomas, leukemias, or prostrate, colorectal and neuron-related cancers. Enzo's ImmunoDETEK staining kit "stains theantibodies so that cells of a certain cancer or cell type becomecolored and easily detected," said Dr. Norman Kelker, seniorvice president.
The stock (NASDAQ:ENZ) jumped $4.50 in early December after the companysaid its Enzo Diagnostics Inc. subsidiary had begun marketing aresearch test for direct detection of the AIDS virus. -- KH
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