Enzo Biochem Comments on ISS Report

Enzo Biochem, Inc. (NYSE:ENZ), an integrated diagnostics and life sciences company focusing on delivering and applying advanced technology capabilities to produce affordable, reliable and fully-automated platforms and related products and services that enable its customers to meet their clinical needs, today commented on the report Institutional Shareholder Services (ISS) issued in connection with the upcoming Annual Shareholder Meeting.

“While we strongly disagree with the recommendation of ISS to support one of the activist hedge fund’s nominees at the Annual Shareholder Meeting, we are gratified that ISS acknowledges the operational and governance progress across the Company. ISS highlights the dissident’s puzzling unwillingness to engage in constructive discussions with the Board, recognizes the significant refresh of Enzo’s Board over the last four years and highlights the meaningful improvements in a number of corporate governance areas. ISS also validates our contention several times in the report that the dissident demonstrates a clear lack of understanding of our business and our industry. We believe this lack of understanding should be troubling to all shareholders, especially since the activist is seeking to replace 40% of the Board.

We strongly urge our shareholders to vote on the WHITE proxy card for Enzo’s three, highly qualified nominees: Rebecca Fischer, Dr. Bruce Hanna, Ph.D, and Barry Weiner. In contrast with the dissident nominees, all three Enzo candidates bring substantial experience, deep industry background and are best positioned to offer the proper oversight and direction to unlock shareholder value.

It is worth noting that ISS makes clear several points:

• “CEO pay has been effectively unchanged for several years, is below peer median, and is reasonably aligned with company performance at this time. The short-term program is largely based on objective, financial metrics, with a below-target payout that aligns with overall company performance.”
• “The appointment of Fischer brings gender diversity to the board and was the result of the adoption of a board diversity policy and a thoughtful process utilizing third-party advisors to identify independent board candidates.”
• The decision for ISS was clearly difficult, given their statement that their decision “might have been easier if the dissident, or its nominees, had more direct experience with Enzo’s core business.”

Enzo urges shareholders to use the Company’s WHITE proxy card to vote for the Board’s nominees and in accordance with the Board’s recommendations on the other proposals, as soon as possible, by telephone or online, or by signing, dating and returning the WHITE proxy card in the postage-paid envelope provided, whether or not they plan to attend Enzo’s Annual Shareholder Meeting.