UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

Mark one

|X|  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
     THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2006
                                       or
|_|  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______________

                        Commission File Number 001-09974

                               ENZO BIOCHEM, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

New York                                        13-2866202
---------------------------                     ------------
(State or Other Jurisdiction                    (IRS. Employer
of Incorporation or Organization)               Identification No.)

60 Executive Blvd., Farmingdale, New York       11735
-----------------------------------------       -------
(Address of Principal Executive office)         (Zip Code)

631-755-5500
------------
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, $0.01 par value                   New York Stock Exchange
-----------------------------                   -----------------------
(Title of Class)                     (Name of Each Exchange on which Registered)

Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant has
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes |X| No |_|

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non- accelerated filer (as defined in Rule 12b-2 of the
Exchange Act).

  Large accelerated filer |_| Accelerated filer |X| Non- accelerated filer |_|

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act.)

                                 Yes |_| No |X|

            As of June 1, 2006 the Registrant had 32,249,600 shares
                          of Common Stock outstanding.

                                       1
<PAGE>


                               ENZO BIOCHEM, INC.
                                    FORM 10-Q
                                 April 30, 2006

                                      INDEX
                                      -----


                         PART I - FINANCIAL INFORMATION
                         ------------------------------

Item 1.  Consolidated Financial Statements

         Consolidated Balance Sheets
         April 30, 2006 (unaudited) and July 31, 2005                          3

         Consolidated Statements of Operations
         For the three and nine months ended April 30, 2006
         and 2005 (unaudited)                                                  4

         Consolidated Statements of Cash Flows
         For the nine months ended April 30, 2006 and 2005 (unaudited)         5

         Notes to Consolidated Financial Statements                            6

Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                        17

Item 3.  Quantitative and Qualitative Disclosures About Market Risk           26

Item 4.  Controls and Procedures                                              26

                           Part II - OTHER INFORMATION
                           ---------------------------

Item 1.  Legal Proceedings                                                    27

Item 6.  Exhibits                                                             27

Signatures                                                                    27

                                       2
<PAGE>


PART 1 - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS


                               ENZO BIOCHEM, INC.
                           CONSOLIDATED BALANCE SHEETS
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

ASSETS                                                    April 30,
                                                               2006     July 31,
Current assets:                                         (unaudited)         2005
                                                         ----------   ---------
  Cash and cash equivalents .............................   $75,912     $76,981
  Marketable securities .................................        --       6,714
  Accounts receivable, net of allowances ................    11,178      13,421
  Inventories ...........................................     2,780       2,876
  Prepaid expenses ......................................     1,517       2,580
  Recoverable and prepaid income taxes ..................     2,895       1,329
  Deferred taxes ........................................        --         900
                                                          ---------   ---------
Total current assets ....................................    94,282     104,801

Property and equipment, net of accumulated
  depreciation and amortization .........................     3,127       2,669
Goodwill ................................................     7,452       7,452
Patent costs, net of accumulated amortization ...........     1,277       1,333
Other ...................................................       219         211
                                                          ---------   ---------
Total assets ............................................  $106,357    $116,466
                                                          =========   =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accrued legal fees ....................................    $2,604      $2,717
  Trade accounts payable ................................     1,422       2,414
  Other accrued expenses ................................     1,707       1,348
  Accrued payroll .......................................       896         515
  Deferred revenue ......................................        --         359
  Accrued research and development expenses .............       194         286
  Installment payable, current portion ..................       150         150
                                                          ---------   ---------
Total current liabilities ...............................     6,973       7,789

Deferred taxes ..........................................        --         260
Long term installment payable, net of current portion ...        --         150

Commitments

Stockholders' equity:
  Preferred Stock, $.01 par value; authorized
    25,000,000 shares; no shares issued or outstanding ..        --          --
  Common Stock, $.01 par value; authorized 75,000,000
    shares; shares issued: 32,814,500 at April 30,
    2006 and 32,526,800 at July 31, 2005 ................       328         325
  Additional paid-in capital ............................   235,219     230,644
  Less treasury stock at cost: 564,860 shares at
    April 30, 2006 and 384,400 shares at July 31, 2005 ..    (8,428)     (5,994)
  Accumulated deficit ...................................  (127,735)   (116,577)
  Accumulated other comprehensive loss ..................        --        (131)
                                                          ---------   ---------
Total stockholders' equity ..............................    99,384     108,267
                                                          ---------   ---------
Total liabilities and stockholders' equity ..............  $106,357    $116,466
                                                          =========   =========


                                        3

                 The accompanying notes are an integral part of
                 these consolidated financial statements
<PAGE>


                               ENZO BIOCHEM, INC.
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                    Three Months Ended                     Nine Months Ended
                                                                         April 30,                             April 30,
                                                                  2006              2005                2006              2005
                                                        ----------------------------------------------------------------------
<S>                                                         <C>               <C>                   <C>               <C>
Revenues:
  Research product revenues and royalty income ......           $1,896            $2,385              $6,151            $8,112
  Clinical laboratory services ......................            7,734             8,615              23,759            24,423
                                                        --------------    --------------      --------------    --------------
                                                                 9,630            11,000              29,910            32,535
Costs and expenses and other (income):
  Cost of research product revenues .................              588               535               1,515             1,665
  Cost of clinical laboratory services ..............            3,384             3,430              10,296             9,203
  Research and development expense ..................            1,901             2,208               5,361             6,450
  Selling, general, and administrative expense ......            6,153             5,459              18,935            14,334
  Provision for uncollectible accounts receivable ...              517               950               2,870             3,573
  Legal expense .....................................            1,719             1,387               5,213             3,690
  Interest income ...................................             (839)             (416)             (2,226)           (1,055)
  Gain on patent litigation settlement ..............               --                --                  --           (14,000)
                                                        --------------    --------------      --------------    --------------
                                                                13,423            13,553              41,964            23,860

(Loss) income before income taxes ...................           (3,793)           (2,553)            (12,054)            8,675
Benefit (provision) for income taxes ................              357             1,056                 896            (3,680)
                                                        --------------    --------------      --------------    --------------
Net (loss) income ...................................          ($3,436)          ($1,497)           ($11,158)           $4,995
                                                        ==============    ==============      ==============    ==============

Net (loss) income per common share:
  Basic .............................................           ($0.11)           ($0.05)             ($0.35)            $0.16
                                                        ==============    ==============      ==============    ==============
  Diluted ...........................................           ($0.11)           ($0.05)             ($0.35)            $0.15
                                                        ==============    ==============      ==============    ==============

Weighted average common shares outstanding:
  Basic .............................................           32,245            32,122              32,201            32,082
  Diluted ...........................................           32,245            32,122              32,201            32,745
</TABLE>


                                        4

                 The accompanying notes are an integral part of
                 these consolidated financial statements
<PAGE>


                                ENZO BIOCHEM, INC
                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                 (IN THOUSANDS)

                                                             Nine Months Ended
                                                                  April 30,
                                                                2006       2005
                                                           ---------  ---------
OPERATING ACTIVITIES
Net (loss) income ........................................  ($11,158)    $4,995

Adjustments to reconcile net (loss) income to net cash
(used in)/provided by operating activities:
   Depreciation and amortization of property
      and equipment ......................................       791        688
   Amortization of patent costs ..........................        56        979
   Provision for uncollectible accounts receivable .......     2,870      3,573
   Deferred taxes ........................................       640      1,192
   Stock compensation charges ............................     1,378         --
   Issuance of stock for 401(k) employer match ...........       400        352
   Deferred rent .........................................        --        (87)
   Loss on sales of marketable securities ................       153        200

Changes in operating assets and liabilities:
   Accounts receivable ...................................      (627)    (2,875)
   Inventories ...........................................        96        524
   Prepaid expenses ......................................     1,063        195
   Recoverable and prepaid income taxes ..................    (1,566)      (539)
   Trade accounts payable and other accrued expenses .....      (633)      (455)
   Accrued research and development expenses .............       (92)      (135)
   Deferred revenue ......................................      (359)       955
   Accrued legal fees ....................................      (113)      (888)
   Accrued payroll .......................................       381        463
   Installment payable ...................................      (150)        --
                                                           ---------  ---------
Adjustments ..............................................     4,288      4,142

      Net cash (used in)/provided by
         operating activities ............................    (6,870)     9,137

INVESTING ACTIVITIES
   Capital expenditures ..................................    (1,249)      (955)
   Patent costs ..........................................        --        (20)
   Sales of marketable securities ........................     6,764     10,838
   Purchases of marketable securities ....................       (69)      (249)
   Security deposits .....................................        (8)        (5)
                                                           ---------  ---------
      Net cash provided by investing activities ..........     5,438      9,609

FINANCING ACTIVITIES
   Proceeds from the exercise of stock options ...........       363        348
                                                           ---------  ---------
      Net cash provided by financing activities ..........       363        348

Net (decrease) increase in cash and cash equivalents .....    (1,069)    19,094
Cash and cash equivalents at the beginning of
   the period ............................................    76,981     54,499
                                                           ---------  ---------
Cash and cash equivalents at the end of the period .......   $75,912    $73,593
                                                           =========  =========


                                        5

                 The accompanying notes are an integral part of
                 these consolidated financial statements
<PAGE>


                               ENZO BIOCHEM, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                              As of April 30, 2006
                 and for the three and nine month periods ended
                             April 30, 2006 and 2005
                                   (Unaudited)

Note 1 - Basis of Presentation
------------------------------

The  consolidated  balance  sheet as of  April  30,  2006  and the  consolidated
statements  of  operations  for the three and nine month periods ended April 30,
2006 and 2005 are  unaudited  and reflect all  adjustments  (consisting  only of
normal recurring adjustments) which are, in the opinion of management, necessary
for a fair presentation of the financial  position and operating results for the
interim  periods.  The  consolidated  financial  statements  should  be  read in
conjunction with the consolidated  financial  statements for the year ended July
31, 2005 and notes thereto contained in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission. The results of operations for
the three and nine months ended April 30, 2006 are not necessarily indicative of
the results to be expected for the entire fiscal year ending July 31, 2006.

Note 2 - Recently issued accounting pronouncements
--------------------------------------------------

In May  2005,  the FASB  issued  SFAS No.  154,  "Accounting  Changes  and Error
Corrections"  (SFAS 154) which replaces APB Opinion No. 20 "Accounting  Changes"
and SFAS No. 3, "Reporting Accounting Changes in Interim Financial Statements --
An  Amendment  of APB  Opinion  No.  28."  SFAS  154  provides  guidance  on the
accounting  for and reporting of accounting  changes and error  corrections.  It
establishes retrospective application,  or the earliest practicable date, as the
required  method for reporting a change in accounting  principle and restatement
with respect to the reporting of a correction of an error. SFAS 154 is effective
for accounting  changes and corrections of errors made in fiscal years beginning
after  December 15, 2005.  The Company does not believe the adoption of SFAS 154
will have a material effect on its results of operations or financial condition.

Note 3 - Share-based compensation
---------------------------------

Prior to August 1, 2005,  the Company  accounted for employee stock option plans
under the intrinsic value method in accordance with the provisions of Accounting
Principles  Board  ("APB")  Opinion  No.  25,  "Accounting  for Stock  Issued to
Employees"  ("APB  No.  25") and  related  interpretations.  Under  APB No.  25,
generally no compensation  expense is recorded when terms of the award are fixed
and the  exercise  price the employee  stock  option  equals or exceeds the fair
value of the underlying stock on the date of the grant.

Additionally,  in periods  prior to August 1, 2005,  the  Company  followed  the
disclosure-only  requirements  of SFAS  No.  123,  "Accounting  for  Stock-Based
Compensation"  ("SFAS  123")  which  allowed  entities  to continue to apply the
provisions  of APB No. 25 for  transactions  with  employees  and  directors and
provide  pro forma net  income  (loss) and pro forma  earnings  (loss) per share
disclosures  for employees and directors  stock grants made as if the fair value
based method of accounting in SFAS 123 had been applied to these transactions.

                                       6
<PAGE>


Effective  August 1, 2005,  the Company  adopted SFAS No.  123(R),  "Share-Based
Payment" ("SFAS 123(R)") and related  interpretations  which  superseded APB No.
25. SFAS 123(R) requires that all  stock-based  compensation be recognized as an
expense in the financial  statements  and that such cost be measured at the fair
value of the award.  This  statement was adopted using the modified  prospective
method,  which  requires  the  Company to  recognize  compensation  expense on a
prospective basis.  Therefore,  prior period financial  statements have not been
restated.  Under this method, in addition to reflecting compensation expense for
new  share-based  awards,  expense is also  recognized  to reflect the remaining
service  period of awards that had been  included in  pro-forma  disclosures  in
prior periods.

As a result of adopting  SFAS 123(R),  the  Company's net loss for the three and
nine  months  ended  April  30,  2006  was  $427,000  and $1.3  million  higher,
respectively,  than if the Company  had  continued  to account  for  share-based
compensation  under APB No. 25.  Basic and diluted  loss per share for the three
and nine  months  ended  April 30,  2006 were  increased  by $0.01 and $0.04 per
share,  respectively  as a result of adopting  SFAS 123(R).  Additionally,  SFAS
123(R) also requires that excess tax benefits  related to stock option exercises
be reflected as financing cash inflows  instead of operating  cash inflows.  For
the three and nine months  ended April 30,  2006,  no excess tax  benefits  were
recognized. Other share-based compensation expense relating to the fair value of
restricted  shares and restricted stock units issued and vested during the three
and nine months ended April 30, 2006 was $57,000 and $86,000, respectively.

The  following  table sets forth the  amount of expense  related to  share-based
payment  arrangements  included  in  specific  line  items  in the  accompanying
statements of operations:

                                         Three months ended    Nine months ended
                                             April 30, 2006       April 30, 2006
                                             (In thousands)       (In thousands)
                                         ------------------    -----------------
   Cost of research product revenues                 $   --                  $18
   Research and development                              38                  200
   Selling, general and administrative                  446                1,135
                                                     ------               ------
                                                       $484               $1,353
                                                     ======               ======

As of April 30, 2006, there was $2.5 million of total unrecognized  compensation
cost related to nonvested  share-based  compensation  arrangements granted under
the Company's stock option and restricted stock plans,  which will be recognized
over a weighted average life of approximately  one and a half years.  During the
nine months ended April 30, 2006, the Company granted awards of 67,950 shares of
restricted stock and restricted stock units, inclusive of cancellations of 7,500
shares, which vest over two to four year periods.

During the three  months  ended  April 30,  2006,  the Company  granted  100,000
options to a consultant,  with an exercise price of $24.84,  which vest over six
months and have a two year term. See Note 8.

                                       7
<PAGE>


With the  adoption  of SFAS  123(R),  the Company is required to record the fair
value of stock-based  compensation  awards as an expense.  In order to determine
the fair value of stock options on the date of grant,  the Company  utilizes the
Black-Scholes  option-pricing  model.  Inherent  in this  model are  assumptions
related to expected stock-price volatility, option life, risk-free interest rate
and dividend  yield.  While the risk-free  interest rate and dividend  yield are
less subjective assumptions, typically based on factual data derived from public
sources, the expected stock-price volatility and option life assumptions require
a greater level of judgment which make them critical accounting  estimates.  The
Company uses an expected  stock-price  volatility  assumption  that is primarily
based on historical  realized volatility of the underlying stock during a period
of time. No employee or director stock options were granted during the three and
nine months ended April 30, 2006.

The  following  table  illustrates  the effect on net  (loss)  income and (loss)
earnings  per  share if the  Company  had  applied  the fair  value  recognition
provisions  of SFAS No. 123 to  stock-based  compensation  for the periods ended
April 30, 2005:

                                         Three months ended    Nine months ended
(In thousands, except for share data)        April 30, 2005       April 30, 2005
-------------------------------------    ------------------    -----------------
Reported net (loss) income                         $(1,497)               $4,995
Pro forma compensation expense                      (1,101)              (3,133)
                                                   --------              -------
Pro forma net (loss) income                        $(2,598)               $1,862
                                                   ========              =======

(Loss) earnings per share:
   Basic - as reported                               $(.05)                 $.16
   Basic - pro forma                                 $(.08)                 $.06

   Diluted - as reported                             $(.05)                 $.15
   Diluted - pro forma                               $(.08)                 $.06


On June 3, 2005, the Board of Directors  approved the acceleration of vesting of
unvested "out of the money" stock options held by employees, including executive
officers and  directors.  The stock options  considered as out of the money were
those with an exercise  price that was $1.50 or more than the  closing  price of
the  Company's  common  stock on June 3, 2005 of  $14.82.  All  other  terms and
conditions of these "out of the money" options remain unchanged.  As a result of
the  acceleration,  options  to  purchase  approximately  666,000  shares of the
Company's  common stock (which  represented  approximately  21% of the Company's
then outstanding stock options) became exercisable immediately.  The accelerated
options ranged in exercise prices from $16.39 to $19.02 and the weighted average
exercise price of the accelerated options was $17.55 per share. The total number
of options subject to acceleration  included  options to purchase 575,000 shares
held by executive  officers and directors of the Company.  This action was taken
to avoid expense  recognition in future  financial  statements  upon adoption of
SFAS 123(R).  The accelerated  vesting of the "out of the money" options did not
result in a charge in the Company's  statement of operations for the fiscal year
ended July 31, 2005 based on U.S. generally accepted accounting principles.  The
Company reported  approximately $10.1 million of pro forma compensation  expense
for the fiscal year ended July 31, 2005, of which $6.0 million was applicable to
the accelerated "out of the money" options.

                                       8
<PAGE>


Note 4 - Supplemental disclosure for statement of cash flows
------------------------------------------------------------

Supplemental  information with respect to the Company's consolidated  statements
of cash flows is as follows:

                            Three months ended                 Nine months ended
(In thousands)                  April 30,                         April 30,
                          2006            2005              2006            2005
                         -----          ------             -----          ------
   Taxes paid-net           $2          $1,153               $30          $2,983
                         =====          ======             =====          ======

In October  2005,  certain  officers of the Company  exercised  incentive  stock
options in a non-cash  transaction.  The officers  surrendered 180,411 shares of
previously  acquired  common stock in exchange for 221,116  shares.  The Company
recorded approximately $2.4 million, the market value of the surrendered shares,
as treasury stock (see Note 8).

In December 2004, a director of the Company exercised incentive stock options in
a non-cash  transaction.  The director  surrendered  17,056 shares of previously
acquired  common  stock in exchange  for 31,660  shares.  The  Company  recorded
approximately  $0.3  million,  the market value of the  surrendered  shares,  as
treasury stock (see Note 8).

Note 5 - (Loss) earnings per share
----------------------------------

The  Company  applies  SFAS No.  128,  "Earnings  per Share"  which  establishes
standards  for  computing and  presenting  earnings per share.  Basic net (loss)
income per share  represents net (loss) income  divided by the weighted  average
number of common shares  outstanding  during the period.  The dilutive effect of
potential common shares,  consisting of outstanding stock options and restricted
stock awards,  is determined  using the treasury stock method in accordance with
SFAS No. 128. Diluted weighted average shares outstanding for the three and nine
months  ended April 30, 2006 and the three  months ended April 30, 2005 does not
include  the effect of  dilutive  employee  and  director  stock  options in all
periods and restricted  stock awards in the 2006 periods  because to do so would
have been  antidilutive.  Accordingly,  basic and diluted net loss per share for
these periods is the same.  The following  table sets forth the  computation  of
basic and diluted net (loss) income per share pursuant to SFAS 128.

                                       Three months ended      Nine months ended
(In thousands, except for share data)       April 30,              April 30,
                                          2006       2005        2006       2005
                                       -------    -------    --------    -------
Numerator:
   Net (loss) income                   ($3,436)   ($1,497)   ($11,158)    $4,995
                                       =======    =======    ========    =======

Denominator:
   Weighted average number of
   common shares outstanding (basic)    32,245     32,122      32,201     32,082

   Dilutive stock options                   --         --          --        663
                                       -------    -------    --------    -------

Weighted average number of common
and common equivalent shares
outstanding (diluted)                   32,245     32,122      32,201     32,745
                                       =======    =======    ========    =======

Basic net (loss) income per share        ($.11)     ($.05)      ($.35)     $0.16
                                       =======    =======    ========    =======

Diluted net (loss) income per share      ($.11)     ($.05)      ($.35)     $0.15
                                       =======    =======    ========    =======

                                       9
<PAGE>


The  following  table  summarizes  the  potential  number of shares  issued from
exercise of "in the money" stock  options,  net of shares  repurchased  with the
option exercise  proceeds,  and potential  shares from restricted  stock awards,
which are excluded  from the above  computation  of diluted net (loss) per share
because the effect of their potential issuance is anti-dilutive.

                                                Three months      Nine months
(In thousands)                                 ended April 30,   ended April 30,
                                                2006     2005     2006     2005
                                                ----     ----     ----     ----
Potential net shares, issued from exercise of    408      639      451       --
"in the money"  employee and  director  stock   ====     ====     ====     ----
options and restricted stock awards, excluded
from diluted net (loss) per share calculation


The following table summarizes the number of "out of the money" options excluded
from the  computation of diluted net (loss) and net income per share because the
effect of their potential exercise is anti-dilutive as of April 30.

(In thousands)                                  2006     2005
-------------                                  -----     ----
"Out of the money" employee and director
 stock options                                 1,109      825
                                               =====     ====

Note 6 - Comprehensive (loss) income
------------------------------------

The components of comprehensive (loss) income are as follows:

                                        Three months ended    Nine months ended
(In thousands)                               April 30,              April 30,
                                           2006       2005        2006      2005
                                        -------    -------    --------    ------
Net (loss) income                       ($3,436)   ($1,497)   ($11,158)   $4,995
Net change in unrealized losses on
marketable securities, net of tax            --         70         131       125
                                        -------    -------    --------    ------
Comprehensive (loss) income             ($3,436)   ($1,427)   ($11,027)   $5,120
                                        =======    =======    ========    ======

Note 7 - Inventories
--------------------

Inventories consist of the following, as of:

  (In thousands)                      April 30,   July 31,
                                           2006       2005
                                         ------     ------
   Raw Materials                            $33        $52
   Work in process                        1,734      1,767
   Finished products                      1,013      1,057
                                         ------     ------
                                         $2,780     $2,876
                                         ======     ======

                                       10
<PAGE>


Note 8 - Stockholders' equity
-----------------------------

a. STOCK OPTION PLANS

A summary of the information  relating to the Company's stock option plans as of
and for the nine month periods ended April 30, 2006 and 2005 is as follows:

                                   April 30, 2006             April 30, 2005
                               ----------------------     ----------------------
                                             Weighted                   Weighted
                                              Average                    Average
                                             Exercise                   Exercise
                                 Options        Price      Options         Price
                               ----------    --------     ----------    --------
   Outstanding at
   beginning of period          3,154,125      $12.61      2,856,801      $11.86
   Granted                        100,000      $24.84        430,975      $16.57
   Exercised                     (255,307)     $10.96        (77,292)      $7.54
   Cancelled                      (37,978)     $13.11        (24,095)      $7.00
                                ---------                 ----------
   Outstanding at
   end of period                2,960,840      $12.75      3,186,389      $12.56
                                =========                  =========
   Exercisable at
   end of period                2,620,650      $12.75      2,149,500      $11.23
                                =========                  =========

   Weighted average fair
   value of options granted
   during period                                $0.89                     $11.76

During the nine months ended April 30, 2006 and 2005, the Company  received cash
proceeds of approximately $363,000 and $348,000, respectively, from the exercise
of 34,191 and 45,932  options,  respectively.  The aggregate  intrinsic value of
stock  options  exercised  during the nine months ended April 30, 2006 and 2005,
including the non-cash  transactions (Note 4) was $0.6 million and $0.7 million,
respectively.  The aggregate  intrinsic  value of options both  outstanding  and
exercisable at April 30, 2006 is approximately $3.8 million.

The following  table  summarizes  information  for stock options  outstanding at
April 30, 2006:

            Options outstanding                       Options exercisable
            -------------------                       -------------------
                                Weighted-     Weighted-                Weighted-
                                  Average       Average                  Average
Range of                      Contractual      Exercise                 Exercise
Exercise prices      Shares          Life         Price       Shares       Price
---------------   ---------   -----------     ---------    ---------   ---------
     $5.45-8.08     289,020     2.4 years         $5.64      289,020       $5.64
    $8.33-12.25   1,562,827     4.6 years        $11.07    1,432,456      $10.99
   $12.93-19.02     929,116     7.7 years        $16.77      819,297      $17.15
   $20.20-24.84     161,644     3.1 years        $23.02       61,644      $21.42
         $36.05      18,233     3.7 years        $36.05       18,233      $36.05
                  ---------                                ---------
                  2,960,840                                2,620,650
                  =========                                =========

As of April 30, 2006,  there were  approximately  706,800  shares  available for
grant under the Company's stock option plans. During the nine months ended April
30, 2006, the Company  granted  awards of 67,950 shares of restricted  stock and
restricted stock units,  inclusive of cancellations of 7,500 shares,  which vest
over two to four year periods.

During the three  months  ended  April 30,  2006,  the Company  granted  100,000
options to a consultant  with an exercise  price of $24.84,  which vest over six
months  and have a two year term.  The fair value of these  options at April 30,
2006 is $89,000. The fair value of the options, which will be accounted for as a
variable instrument,  will be fair valued and recognized as expense over the six
month vesting term.

                                       11
<PAGE>


The assumptions used to fair value this option grant were as follows:  risk free
interest rate of 4.7%, expected term of 2 years, expected volatility of 44%, and
no dividend yield. In connection with this consultant, the Company recognized an
expense of approximately $25,000 in selling,  general and administrative expense
in the accompanying statements of operations for the three and nine months ended
April 30, 2006.

B. OTHER SHARE ISSUANCE

The Company has a qualified  Salary  Reduction  Profit Sharing Plan (the "Plan")
for eligible  employees  under Section 401(k) of the Internal  Revenue Code. The
Plan provides for voluntary employee contributions through salary reduction, and
voluntary annual employer  contributions at the discretion of the Company of 50%
of employees' 401(k)  contributions,  up to 10% of the employees'  compensation,
payable in Enzo Biochem,  Inc. common stock.  The Company made voluntary  annual
contributions  during the nine months ended April 30, 2006 and 2005,  by issuing
32,392 and 18,100 shares of common stock, respectively, and recognizing a 401(k)
matched   contributions   expense  of   approximately   $400,000  and  $352,000,
respectively.

C. STOCK DIVIDEND

The  Company  declared a 5% stock  dividend on October 5, 2004 which was paid on
November 15, 2004 to  shareholders of record as of October 25, 2004. The Company
recorded  a charge to  accumulated  deficit  and a credit  to  common  stock and
additional  paid-in-capital  in the amount of $23.4 million which  reflected the
fair value of the dividend on the date of declaration.


Note 9 - Income taxes
---------------------

For the three  months  ended April 30, 2006,  the  Company's  benefit for income
taxes was $0.4 million,  which is comprised of a federal tax  carryback  benefit
for taxes paid in fiscal 2005 and other  adjustments,  net of minimum  state and
local taxes due for the period. In computing the federal tax carryback  benefit,
the effective  rate used  considered  limitations  on the  Company's  ability to
carryback its  estimated net operating  loss for the full fiscal year which ends
July 31, 2006.

For the nine months ended April 30, 2006, the Company's benefit for income taxes
was $0.9 million,  which is comprised of its federal tax  carryback  benefit for
taxes paid in fiscal 2005 and other  adjustments,  of $1.6  million  offset by a
valuation  allowance  of $0.6  million  equal to net  deferred tax assets at the
beginning of the period,  and by minimum state and local taxes. In computing the
federal tax carryback benefit, the effective rate used considered limitations on
the Company's ability to carryback its estimated net operating loss for the full
fiscal year which ends July 31, 2006.

Pursuant to SFAS 109 "Accounting for Income Taxes", during the nine months ended
April 30,  2006 the  Company  recorded a  valuation  allowance  equal to its net
deferred tax assets at July 31, 2005.  The Company  believes  that the valuation
allowance  is  necessary  as it is more  likely than not that the  deferred  tax
assets will not be  realized in the  foreseeable  future  based on positive  and
negative evidence available at this time. This conclusion was reached because of
uncertainties relating to future taxable income, in terms of both its timing and
its  sufficiency,  which would  enable the Company to realize the  deferred  tax
assets.

The benefit (provision) for income taxes is as follows:

                                       Three months ended     Nine months ended
(In thousands)                             April 30,              April 30,
                                         2006      2005         2006       2005
                                         ----    ------       ------    -------
Current:
   Federal                               $388      $818       $1,600    $(3,230)
   State and local                        (31)      318          (64)        56
Deferred                                   --       (80)        (640)      (506)
                                         ----    ------       ------    -------
Benefit (provision) for income taxes     $357    $1,056         $896    $(3,680)
                                         ====    ======       ======    =======

                                       12
<PAGE>


The  components  of deferred tax assets  (liabilities)  as of April 30, 2006 and
July 31, 2005 are as follows:

(In thousands)                                              April 30,  July 31,
Current deferred tax assets (liabilities):                       2006      2005
------------------------------------------                  ---------  --------
Provision for uncollectible accounts receivable               $   529      $889
State and local tax carryforward losses                           791       245
Other, net                                                        (84)     (234)
Realized and unrealized losses on marketable securities           138       129
Less: valuation reserve for losses on marketable securities        --      (129)
Federal tax carryforward losses                                 1,491        --
                                                              -------     -----
Current deferred tax assets                                     2,865      $900
                                                              -------     -----

Non current deferred tax assets (liabilities):
----------------------------------------------
Deferred patent costs                                            (284)     (293)
Research and development tax credit carryforward                   68        --
Depreciation                                                      (38)       33
                                                              -------     -----
Non current deferred tax (liabilities), net                      (254)     (260)
                                                              -------     -----

Net deferred tax assets - before valuation allowance            2,611       640
Less: valuation allowance                                      (2,611)       --
                                                              -------     -----
Deferred tax assets, net                                      $    --      $640
                                                              =======     =====

In November 2005, the FASB issued FSP FAS 123(R)-3, "Transition Election Related
to Accounting for the Tax Effects of Share-Based  Payment Awards", to provide an
alternate  transition method for the implementation of SFAS No. 123(R).  Because
some entities do not have, and may not be able to re-create,  information  about
the net excess tax benefits that would have qualified as such had those entities
adopted SFAS No. 123(R) for recognition purposes,  this FSP provides an elective
alternative   transition  method.  The  method  comprises  (a)  a  computational
component that establishes a beginning balance of the additional paid in capital
pool ("APIC pool") related to employee  compensation and (b) a simplified method
to determine the subsequent  impact on the APIC pool of employee awards that are
fully vested and outstanding  upon the adoption of SFAS No. 123(R).  The Company
adopted the principles set forth in this FSP to determine its APIC pool.

Note 10 - Gain on patent litigation settlement and royalty income
-----------------------------------------------------------------

In fiscal 2005, the Company as plaintiff finalized and executed a settlement and
license agreement with Digene  Corporation to settle a patent litigation lawsuit
(the  "Agreement").  Under the terms of the Agreement,  the Company  received an
initial  payment  of $16.0  million,  would  earn in the first  "annual  period"
(October  1, 2004 to  September  30,  2005) a minimum  royalty  payment  of $2.5
million,  and receive a minimum royalty of $3.5 million in each of the next four
annual periods.  In addition,  the Agreement provides for the Company to receive
quarterly  running  royalties on the net sales of Digene products subject to the
license until the  expiration of the patent on April 24, 2018.  These  quarterly
running royalties are fully creditable  against the minimum royalty payments due
in the first five years of the  Agreement.  The balance,  if any, of the minimum
royalty  payment is  recognized in the final  quarter of the  applicable  annual
royalty period.

As a result of the  Digene  Agreement,  the  Company  recorded  a gain on patent
litigation  settlement of $14.0  million  during the nine months ended April 30,
2005 and deferred $2 million,  which was earned from net sales of the  Company's
licensed products covered by the Agreement during the first annual period.

                                       13
<PAGE>


The  following  table  summarizes  royalty  income  recognized  under the Digene
Agreement and included in the research and development segment (see Note 12):

                                 Three months ended           Nine months ended
(In thousands)                       April 30,                    April 30,
                                  2006         2005           2006          2005
                                  ----         ----         ------        ------
Royalty income                    $717         $548         $2,251        $1,045
                                  ====         ====         ======        ======

Note 11 - Commitment
--------------------

In  December  2005,  the  Company  entered  into  a  contract  to  purchase  for
approximately  $3.1  million  a 23,000  square  foot  building  adjacent  to its
corporate  headquarters  in  Farmingdale,  NY to expand  its  manufacturing  and
research  and  development  operations.  The  Company  expects  to  close on the
purchase  transaction in the fourth quarter of fiscal year ending July 31, 2006.
Upon  execution of the  purchase  contract,  the Company made a $310,000  escrow
deposit which is included in property and equipment.

                                       14
<PAGE>


Note 12--Segment Reporting

The Company applies SFAS No. 131,  "Disclosures  about Segments of an Enterprise
and Related  Information."  SFAS No. 131  establishes  standards  for  reporting
information  regarding  operating  segments in annual  financial  statements and
requires  selected  information  for those  segments to be  presented in interim
financial   reports  SFAS  No.  131  also  establishes   standards  for  related
disclosures about products and services and geographic areas The chief operating
decision maker or decision-making  group, in making decisions on how to allocate
resources and assess performance, identifies operating segments as components of
an enterprise about which separate discrete  financial  information is available
for evaluation.

The Company has two reportable  segments:  research and development and clinical
laboratories The Company's  research and development  segment conducts  research
and development  activities and sells products derived from these activities The
clinical  laboratories  segment provides  diagnostic services to the health care
community.  The Company  evaluates  segment  performance based on segment income
(loss) before taxes.  Costs excluded from segment income (loss) before taxes and
reported as other consist of corporate  general and  administrative  costs which
are not  allocable  to the two  reportable  segments  Management  of the Company
assesses assets on a consolidated basis only and therefore, assets by reportable
segment have not been included in the reportable  segments below. The accounting
policies  of the  reportable  segments  are the same as those  described  in the
summary of significant accounting policies.

The following  financial  information  (in  thousands)  represents the operating
results of the reportable segments of the Company:

         THREE MONTHS ENDED APRIL 30,

<TABLE>
<CAPTION>
                                                        Research and         Clinical
                                                         Development       Laboratories         Other           Consolidated
                                                      -----------------   --------------  -----------------   -----------------
                                                        2006      2005     2006    2005     2006      2005      2006      2005
                                                      -------   -------   ------  ------  -------   -------   -------   -------
<S>                                                   <C>       <C>         <C>     <C>   <C>       <C>       <C>       <C>
Operating revenues:
-------------------
Research product revenues and royalty income (a) ...   $1,896    $2,385       --      --       --        --    $1,896    $2,385

Clinical laboratory services .......................       --        --   $7,734  $8,615       --        --     7,734     8,615

Cost and expenses (income):
---------------------------
Cost of research product revenues ..................      588       535       --      --       --        --       588       535
Cost of clinical laboratory services ...............       --        --    3,384   3,430       --        --     3,384     3,430
Research and development expense ...................    1,901     2,208       --      --       --        --     1,901     2,208
Provision for uncollectible ........................       --        --      517     950       --        --       517       950
accounts
Depreciation and amortization ......................       46       346      233     267  $     8   $    11       287       624
Other costs and expenses (b) .......................      585       313    3,413   3,094    3,587     2,815     7,585     6,222
Interest income ....................................       --        --       --      --     (839)     (416)     (839)     (416)
                                                      -------   -------   ------  ------  -------   -------   -------   -------
Income (loss) before income taxes ..................  $(1,224)  $(1,017)    $187    $874  $(2,756)  $(2,410)  $(3,793)  $(2,553)
                                                      =======   =======   ======  ======  =======   =======   =======   =======

Stock based compensation
included in above cost and expenses:
------------------------------------
Cost of research product revenues ..................       --        --       --      --       --        --        --        --
Research and development expense ...................      $38        --       --      --       --        --       $38        --
Other costs and expenses ...........................       33        --     $182      --     $231        --       446        --
                                                      -------   -------   ------  ------  -------   -------   -------   -------
Totals .............................................      $71        --     $182      --     $231        --      $484        --
                                                      =======   =======   ======  ======  =======   =======   =======   =======
</TABLE>

(a)  For the three months ended April 30, 2006 and 2005, royalty income from one
     licensee  represented  38%  and  23%  respectively,  of  the  research  and
     development segment's revenues.

(b)  Includes legal and selling, general and administrative, net of depreciation
     and amortization.

                                       15
<PAGE>


Note 12--Segment Reporting, continued

<TABLE>
<CAPTION>
NINE MONTHS ENDED APRIL 30,
                                                     Research and           Clinical
                                                      Development         Laboratories           Other             Consolidated
                                                  ------------------   ------------------  ------------------   -------------------
                                                    2006       2005       2006      2005      2006      2005       2006       2005
                                                  -------   --------   --------   -------  --------   -------   --------   --------
<S>                                               <C>        <C>           <C>     <C>      <C>       <C>       <C>          <C>
Operating revenues:
-------------------
Research product revenues and royalty income (a).  $6,151     $8,112         --        --        --        --     $6,151     $8,112
Clinical laboratory services ....................      --         --    $23,759   $24,423        --        --     23,759     24,423

Cost and expenses (income):
---------------------------
Cost of research product revenues ...............   1,515      1,665         --        --        --        --      1,515      1,665
Cost of clinical laboratory services ............      --         --     10,296     9,203        --        --     10,296      9,203
Research and development expense ................   5,361      6,450         --        --        --        --      5,361      6,450
Provision for uncollectible accounts ............      --         --      2,870     3,573        --        --      2,870      3,573
Depreciation and amortization ...................     143      1,030        679       599    $   26    $   38        848      1,667
Other costs and expenses (b) ....................   1,581        888      9,969     8,629    11,750     6,840     23,300     16,357
Gain on patent litigation settlement ............      --    (14,000)        --        --        --        --         --    (14,000)
Interest income .................................      --         --         --        --    (2,226)   (1,055)    (2,226)    (1,055)
                                                  -------   --------   --------   -------  --------   -------   --------   --------
Income (loss) before income taxes................ $(2,449)   $12,079       $(55)   $2,419   ($9,550)  ($5,823)  $(12,054)    $8,675
                                                  =======   ========   ========   =======  ========   =======   ========   ========

Stock based compensation
included in above cost and expenses:
------------------------------------
Cost of research product revenues ...............     $18         --         --        --        --        --        $18         --
Research and development expense ................     200         --         --        --        --        --        200         --
Other costs and expenses ........................      73         --       $474        --      $588        --      1,135         --
                                                  -------   --------   --------   -------  --------   -------   --------   --------
Totals ..........................................    $291         --       $474        --      $588        --     $1,353         --
                                                  =======   ========   ========   =======  ========   =======   ========   ========
</TABLE>

(a)  For the nine months ended April 30, 2006 and 2005,  royalty income from one
     licensee  represented  37%  and  13%  respectively,  of  the  research  and
     development segment's revenues.

(b)  Includes legal and selling, general and administrative, net of depreciation
     and amortization.

                                       16
<PAGE>


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS


The following  discussion  of our financial  condition and results of operations
should be read in conjunction  with our financial  statements and related notes.
This  discussion  contains  forward-looking  statements  that involve  risks and
uncertainties. Our actual results could differ materially from those anticipated
in  these  forward-looking   statements.  See  "Forward-Looking  and  Cautionary
Statements" in our Form 10-K for the year ended July 31, 2005.  Because of those
factors,  you should not rely on past  financial  results  as an  indication  of
future performance, and be aware that our consolidated results of operations may
fluctuate significantly from quarter to quarter.

Enzo  Biochem,  Inc.  (the  "Company" or "Enzo") is a leading life  sciences and
biotechnology  company  focused  on  harnessing  genetic  processes  to  develop
research  tools,  diagnostics  and  therapeutics.  Enzo also  provides  clinical
laboratory  services to the medical  community.  In  addition,  our work in gene
analysis  has  led  to  our  development  of  significant   therapeutic  product
candidates,  several of which are currently in clinical  trials,  and several in
preclinical studies.

The business  activities  of the Company are  performed by the  Company's  three
wholly owned  subsidiaries.  These activities are: (1) research and development,
manufacturing  and marketing of biomedical  research  products and tools through
Enzo Life Sciences and research and development of therapeutic  products through
Enzo  Therapeutics,  and (2) the  operation of a clinical  reference  laboratory
through Enzo Clinical Labs. For information  relating to the Company's  business
segments, see Note 12 of the Notes to Consolidated Financial Statements.

The  Company's  source of  revenue  has been from the direct  sales of  research
products of labeling and  detection  reagents  for the  genomics and  sequencing
markets, as well as from non-exclusive distribution agreements. The other source
of  revenue  has been from the  clinical  laboratory  service  market.  Clinical
laboratory  services  are  provided to patients  covered by various  third party
insurance  programs,  including  Medicare,  and to patients who are self payers.
Revenues from the clinical  laboratory  are  recognized  upon  completion of the
testing process for a specific  patient and reported to the ordering  physician.
These revenues and the associated accounts receivable are based on gross amounts
billed or billable for services rendered, net of a contractual allowance,  which
is the difference  between  amounts  billed to payers and the expected  receipts
from such payers. The clinical laboratory is subject to seasonal fluctuations in
operating  results.  Volume of  testing  generally  declines  during  the summer
months,  the  year-end  holiday  period and other major  holidays.  In addition,
volume  declines due to inclement  weather may reduce net  revenues.  Therefore,
comparison  of the results of  successive  quarters may not  accurately  reflect
trends or results for the full year.  For the nine  months  ended April 30, 2006
and 2005,  respectively,  approximately  21% and 25% of the Company's  operating
revenues  were  derived  from  research  product  sales and  royalty  income and
approximately 79% and 75% were derived from clinical laboratory services.

LIQUIDITY AND CAPITAL RESOURCES

At April 30, 2006, cash and cash equivalents and marketable  securities  totaled
$75.9  million,  a decrease of $7.8 million  from July 31, 2005.  We had working
capital of $87.3 million at April 30, 2006 compared to $97.0 million at July 31,
2005.
                                       17
<PAGE>




Net cash used in operating  activities for the nine month period ended April 30,
2006  was  approximately  $6.9  million  as  compared  to net cash  provided  by
operating  activities  of $9.1 million for the nine months ended April 30, 2005.
The decrease in net cash provided by operating  activities  was primarily due to
the 2006  period's net loss as compared to net income in the 2005 period,  which
2005 increase was the result of the $14 million settlement and license agreement
with Digene  Corporation.  During the nine  months  ended  April 30,  2005,  the
Company as plaintiff  finalized and executed a settlement and license  agreement
with Digene Corporation to settle a patent litigation  lawsuit.  Under the terms
of the agreement,  the Company received an initial payment of $16.0 million,  of
which $2.0 million was used to offset royalty  income  payments due based on net
sales of licensed  products covered by the agreement during the first year. As a
result of this  settlement  and  license  agreement  with  Digene  (the  "Digene
Agreement"),  the Company  recorded a gain on patent  litigation  settlement  of
$14.0 million during the nine months ended April 30, 2005 (see Note 10).

Net cash provided by investing  activities was approximately $5.4 million during
the nine months ended April 30, 2006, as compared  $9.6 million  during the nine
months ended April 30, 2005.  The decrease  during the 2006 period was primarily
the  result of the net sales of  marketable  securities  of  approximately  $6.7
million, versus net sales of approximately $10.6 million during the 2005 period.
During the nine months ended April 30, 2006, the Company disbursed approximately
$1.2  million for capital  expenditures,  including  approximately  $0.4 million
comprised of an escrow deposit and other costs incurred, toward the purchase for
approximately  $3.1  million  of a 23,000  square  foot  building  to expand its
manufacturing  and research and development  operations.  The Company expects to
close on the  purchase  transaction  in the fourth  quarter  of the fiscal  year
ending July 31, 2006.

Net cash provided by financing  activities was approximately $0.4 million during
the nine months ended April 30, 2006, as compared  $0.3 million  during the nine
months ended April 30, 2005, and was from the exercise of stock options.

We believe that our current cash  position is  sufficient  for our liquidity and
capital  resource needs for at least the next twelve months,  although there can
be no assurance  that future events will not alter such view.  Management is not
aware of any material claims, disputes or settled matters concerning third-party
reimbursements that would have a material effect on our financial statements.

CRITICAL ACCOUNTING POLICIES

GENERAL

Management's  discussion  and  analysis of  financial  condition  and results of
operations are based on the Company's consolidated  financial statements,  which
have been prepared in accordance with accounting  principles  generally accepted
in the United States. The preparation of these financial statements requires the
Company to make  estimates  and  judgments  that affect the reported  amounts of
assets,  liabilities,  revenues and expenses; these estimates and judgments also
affect related  disclosure of contingent assets and liabilities.  On an on-going
basis,  we  evaluate  our  estimates,  including  those  related to  contractual
allowance,  allowance for uncollectible  accounts,  intangible assets and income
taxes. The Company bases its estimates on experience and on various  assumptions
that are believed to be reasonable under the circumstances, the results of which
form the basis for  making  judgments  about the  carrying  values of assets and
liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates under different assumptions or conditions.

                                       18
<PAGE>


REVENUE RECOGNITION

Research product revenues and royalty income
--------------------------------------------

Revenues  from  research  product  sales are  recognized  when the  products are
shipped,  the  sales  price is  fixed  or  determinable  and  collectibility  is
reasonably  assured.  Under the terms of a settlement  and license  agreement to
settle a patent  litigation  lawsuit,  the Company  earned in the "first  annual
period"  (October 1, 2004 to September  30, 2005) a minimum  royalty  payment of
$2.5 million,  and will receive a minimum royalty of $3.5 million in each of the
next four annual periods. In addition, the agreement provides for the Company to
receive  quarterly running royalties on the net sales of products subject to the
license until the expiration of the patent in April 2018. The quarterly  running
royalties are fully  creditable  against the minimum royalty payments due in the
first five years of the agreement.  The balance,  if any, of the minimum royalty
payment is  recognized  in the final quarter of the  applicable  annual  royalty
period.

Clinical laboratory services - revenues and accounts receivable
---------------------------------------------------------------

Revenues from the clinical  laboratory  are  recognized  upon  completion of the
testing process for a specific  patient and reported to the ordering  physician.
These revenues and the associated accounts receivable are based on gross amounts
billed or billable for services rendered, net of a contractual allowance,  which
is the difference  between  amounts  billed to payers and the expected  approved
reimbursable settlements from such payers.

The following are tables of the clinical  laboratory  segment's net billings and
billing  percentages  by billing  category  for the three and nine months  ended
April 30, 2006 and 2005:

             Net billings               Three months ended    Three months ended
                                          April 30, 2006        April 30, 2005
                                       -------------------   -------------------
Billing category                       (In 000's)   (in %)   (In 000's)   (in %)
----------------                       ----------   ------   ----------   ------
Medicare                                 $1,727       22       $1,780       20
Third party carriers                      4,761       62        4,724       55
Patient self-pay                            682        9        1,788       21
HMO's                                       564        7          323        4
                                         ------      ---       ------      ---
Total                                    $7,734      100%      $8,615      100%
                                         ======      ===       ======      ===

             Net billings               Nine months ended     Nine months ended
                                          April 30, 2006        April 30, 2005
                                       -------------------   -------------------
Billing category                       (In 000's)   (in %)   (In 000's)   (in %)
----------------                       ----------   ------   ----------   ------
Medicare                                  $5,530       23       $5,120       21
Third party carriers                      13,326       56       12,890       53
Patient self-pay                           3,411       15        5,476       22
HMO's                                      1,492        6          937        4
                                          ------      ---       ------      ---
Total                                     $23,759     100%      $24,423     100%
                                          ======      ===       ======      ===

                                       19
<PAGE>


The following is a table of the  Company's  net accounts  receivable by segment.
The  clinical  laboratory  segment's  net  receivables  are  detailed by billing
category and as a percent to its total net receivables:

        Net accounts receivable                As of                As of
                                          April 30, 2006        July 31, 2005
                                       -------------------   -------------------
Billing category                       (In 000's)   (in %)   (In 000's)   (in %)
----------------                       ----------   ------   ----------   ------
Medicare                                  $1,401       14       $1,594       13
Third party carriers                       4,864       50        6,742       54
Patient self-pay                           2,963       31        3,819       30
HMO's                                        503        5          394        3
                                         -------      ---      -------      ---
Total clinical laboratories               $9,731      100%     $12,549      100%
                                                      ===                   ===
Research and development                   1,447                   872
                                         -------               -------
Net accounts receivable                  $11,178               $13,421
                                         =======               =======


CONTRACTUAL ALLOWANCES

The  Company's  estimate  of  contractual  allowances  is based  on  significant
assumptions and judgments,  such as its interpretation of the applicable payer's
reimbursement  policies, and bears the risk of change. The estimation process is
based on a rolling  monthly  analysis of the  experience of amounts  approved as
reimbursable and ultimately  settled by payers,  versus the corresponding  gross
amount billed to the respective payers. The difference between the gross billing
and the  reimbursement  percentage is the contractual  allowance  percentage and
represents  the  proportion  of the gross  billed  amounts the Company  does not
expect to become approved reimbursable settlements.  In summary, the contractual
allowance is an estimate  that reduces  gross  revenue,  based on gross  billing
rates, to amounts expected to be approved and reimbursable.  The Company adjusts
revenues in the period  that  approved  settlements  are  received.  The Company
adjusts the contractual allowance estimate periodically, based on its evaluation
of historical settlement experience with payers,  industry reimbursement trends,
and other relevant factors.

If the Company  experiences a significant  change in  reimbursement  policies or
procedures  for a particular  payer,  the  contractual  allowance  percentage is
reviewed  by  management  for that payer.  However,  services  authorized  by an
insured's healthcare provider and rendered by the Company, and the corresponding
approval of those services and their settlement by the insured's payer are often
subject to  interpretation  which could result in payments  that differ from our
estimates.

During the nine months ended April 30, 2006 and 2005, the contractual  allowance
percentages,   determined   using  the  rolling   monthly   average   historical
reimbursement statistics, were 75% and 72.7%, respectively. The Company projects
(by using a sensitivity  analysis) that each 1% point change in the  contractual
allowance  percentage could result in a change in the net accounts receivable of
approximately $402,000 and $536,000 as of April 30, 2006 and 2005, respectively,
and a change in clinical laboratory services revenues of approximately $949,000,
and $895,000 for the nine months ended April 30, 2006 and 2005, respectively.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company  determines the estimated  allowance for doubtful accounts after the
estimated  contractual  allowance  expense  has been  applied  to the gross open
receivables.  The allowance for doubtful  accounts  represents  amounts that the
Company  does not  expect  to  collect  after  the  Company  has  exhausted  its
collection procedures.

                                       20
<PAGE>


In summary,  the Company  estimates its  allowance for doubtful  accounts in the
period the  related  services  are billed and  adjusts  the  estimate  in future
accounting periods as necessary.  It bases the estimate for the allowance on the
evaluation of historical  collection  experience,  the aging profile of accounts
receivable,  the historical doubtful account write-off  percentages,  payer mix,
and other relevant factors.

The allowance for doubtful accounts includes the balances,  after receipt of the
approved  settlements,  from third party payers for the  insufficient  diagnosis
information  received  from the ordering  physician,  which result in denials of
payment,  and  the  uncollectible  portion  of  receivables  from  self  payers,
including  deductibles  and  copayments,  which are  subject to credit  risk and
patients'  ability to pay.  During the nine  months  ended April 30,  2006,  the
Company  determined  an allowance  for doubtful  accounts less than 210 days and
wrote off 100% of  accounts  receivable  (for all payers)  over 210 days,  as it
assumed those  accounts are  uncollectible.  The written off amounts are kept on
the aging for patient billing and demographic  information.  The Company adjusts
the historical collection analysis for recoveries, if any, on an ongoing basis.

The Company's ability to collect outstanding receivables from third party payers
is critical to its operating  performance and cash flows. The primary collection
risk lies with  uninsured  patients or patients for whom primary  insurance  has
paid but a patient  portion remains  outstanding.  The Company also assesses the
current state of its billing functions in order to identify any known collection
or reimbursement  issues in order to assess the impact, if any, on the allowance
estimates, which involves judgment. The Company believes that the collectibility
of its receivables is directly  linked to the quality of its billing  processes,
most notably,  those related to obtaining  the correct  information  in order to
bill effectively for the services provided.  Should  circumstances  change (e.g.
shift in payer mix, decline in economic  conditions or deterioration in aging of
receivables),  our estimates of net  realizable  value of  receivables  could be
reduced by a material amount.

INCOME TAXES
------------

The Company  accounts for income taxes under the liability  method of accounting
for  income  taxes.  Under  the  liability  method,   deferred  tax  assets  and
liabilities  are  recognized  for the future tax  consequences  attributable  to
differences  between the financial statement carrying amounts of existing assets
and liabilities and their  respective tax bases.  The liability  method requires
that any tax benefits recognized for net operating loss carry forwards and other
items be reduced by a valuation  allowance  where it is more likely than not the
benefits may not be realized.  Deferred tax assets and  liabilities are measured
using  enacted  tax rates  expected  to apply to taxable  income in the years in
which those temporary differences are expected to be recovered or settled. Under
the liability  method,  the effect on deferred tax assets and  liabilities  of a
change in tax rates is  recognized  in income in the period  that  includes  the
enactment date.

Pursuant to SFAS 109  "Accounting  for Income  Taxes",  the  Company  recorded a
valuation  allowance  charge of $0.6  million  for its net  deferred  tax assets
during the three months ended October 31, 2005,  and subsequent to that date has
applied a full  valuation  allowance  against  increases in its net deferred tax
assets.  The Company believes that the full valuation  allowance is necessary as
it is more likely than not that the net deferred tax assets will not be realized
in the foreseeable  future based on positive and negative evidence  available at
this time.  This  conclusion was reached  because of  uncertainties  relating to
future taxable income,  in terms of both its timing and its  sufficiency,  which
would enable the Company to realize the net deferred tax assets.

                                       21
<PAGE>


                              RESULTS OF OPERATIONS
         THREE MONTHS ENDED APRIL 30, 2006 AS COMPARED TO APRIL 30, 2005

Research  product  revenues and royalty income was $1.9 million during the three
months ended April 30, 2006 compared to $2.4 million in the year ago quarter,  a
decrease of $0.5  million or 21%.  Research  product  revenue  decreased by $0.7
million due to a decline in the volume of shipments of research  products and an
increase  in the  volume of  discounted  sales to certain  customers,  partially
offset by an increase in royalty income of $0.2 million.

Clinical  laboratory  revenues were $7.7 million compared to $8.6 million during
the three  months  ended  April 30, 2006 and 2005,  respectively,  a decrease of
approximately  $0.9 million or 10%. The Company  experienced a decrease in gross
billing due to price  decreases on certain tests.  In addition,  the contractual
allowance  expense  increased to 75.4% of gross  billing as compared to 71.6% in
the prior period.

The cost of research  products  revenues during the three months ended April 30,
2006 was comparable to the year ago quarter.

The cost of clinical laboratory services during the three months ended April 30,
2006 and 2005 was comparable,  at $3.4 million. The clinical laboratories' gross
margin declined, due to lower revenues,  with no significant effect on operating
costs.

Research and  development  expenses  were $1.9  million  during the three months
ended  April 30,  2006  compared  to $2.2  million  in the year ago  quarter,  a
decrease of $0.3 million or 14%.  While there was an increase in clinical  trial
study activities for the therapeutics division of $0.4 million, it was offset by
a decrease in compensation  expense of $0.2 million  relating to the realignment
of executive  officers  responsibilities  and a decrease in the  amortization of
deferred patent expenses and other research expenses of $0.5 million at the life
sciences division.

Selling,  general and administrative expenses were $6.2 million during the three
months ended April 30, 2006 compared to $5.5 million in the year ago quarter, an
increase  of $0.7  million or 13%.  The  increases  during the 2006  period were
primarily due to the recognition of stock option  compensation  charges required
by the adoption of SFAS 123(R) of $0.4 million,  increases in  expenditures  for
corporate governance, consulting, accounting and other professional fees of $0.3
million,  increase in compensation expense of $0.2 million, which was previously
included  in  research  and  development  due to the  realignment  of  executive
officers responsibilities,  offset by a reduction of other operating expenses of
$0.2 million.

The provision for uncollectible  accounts  receivable in the clinical  reference
laboratory  segment  during the three  months  ended April 30, 2006 and 2005 was
$0.5  million and $0.9  million,  respectively,  a decrease of $0.4 or 46%.  The
decline in the provision was due to improved  billing and collection  procedures
and an increase in the overall collection rates.

Legal  expense was $1.7  million  during the three  months  ended April 30, 2006
compared to $1.4 million in the year ago quarter, an increase of $0.3 million or
24%, due to an increase for the ongoing patent litigation activities.

Interest income  increased $0.4 million or 102% to $0.8 million during the three
months  ended  April 30,  2006  compared  to $0.4  million  during  the year ago
quarter,  due to higher interest rates earned offset by lower  investments.  The
Company earns interest by investing primarily in short term (30 days) commercial
paper and money market funds with high credit ratings.

                                       22
<PAGE>


For the three  months  ended April 30, 2006,  the  Company's  benefit for income
taxes was $0.4 million,  comprised of a federal tax carryback benefit for income
taxes paid in fiscal 2005 and other  adjustments.  In computing  the federal tax
carryback  benefit,  the  effective  rate  used  considered  limitations  on the
Company's  ability to carryback its  estimated  net operating  loss for the full
fiscal  year which ends July 31,  2006.  During the 2006  quarter,  the  Company
recognized no benefit for deferred  taxes.  Pursuant to SFAS 109 "Accounting for
Income Taxes", the Company believes it is more likely than not that net deferred
tax  assets  generated  during  the 2006  quarter  will not be  realized  in the
foreseeable  future based on positive and  negative  evidence  available at this
time. This conclusion was reached  because of  uncertainties  relating to future
taxable  income,  in terms of both its timing and its  sufficiency,  which would
enable the Company to realize  deferred  tax assets.  For the three months ended
April 30, 2005, the Company's  benefit for income taxes was $1.1 million,  based
on the combined effective  federal,  state and local income tax rates applied to
the period's loss before taxes.

                    SEGMENT (LOSS) INCOME BEFORE INCOME TAXES
         THREE MONTHS ENDED APRIL 30, 2006 AS COMPARED TO APRIL 30, 2005

The  research  and   development   segment's   loss  before   income  taxes  was
approximately  $1.2 million for the three months ended April 30, 2006,  compared
to a loss of $1.0  million in the 2005  period.  The loss in the 2006 period was
primarily  due to the  decline  in revenue of $0.7  million  resulting  from the
decrease  in the volume of  shipments  of research  products  and an increase in
volume of  discounted  sales to certain  customers,  offset by the  increase  in
royalty income of $0.2 million.  The loss in both periods was also the result of
the dispute with former distributors, whereby the Company did not record revenue
in either  period from these former  distributors.  Segment  operating  expenses
decreased in the 2006 period  primarily due to decreases in the  amortization of
deferred  patent  expenses and other  research  expenses of $0.5 million,  and a
reduction of $0.2 million in compensation expense relating to the realignment of
executive officers responsibilities, partially offset by a $0.4 million increase
in clinical trial studies.

The clinical reference  laboratory segment's income before income taxes was $0.2
million  in the 2006  quarter,  compared  to income of $0.9  million in the 2005
quarter. The decrease in the segment's income was primarily due to a decrease in
net  billings of $0.9 million due to price  decreases  on certain  tests and the
increase in the contractual  allowance  expense as compared to the prior period.
Segment operating costs in the 2006 period decreased by $0.2 million,  primarily
due to a decrease in the provision for  uncollectible  accounts of $0.4 million,
offset by  recognition  of stock  option  compensation  charges  required by the
adoption  of SFAS 123 (R) of $0.2  million  and the  inclusion  of  compensation
expense of $0.1  million  relating  to the  realignment  of  executive  officers
responsibilities.

The Other  segment's  loss  before  income  taxes was $2.8  million  in the 2006
quarter  versus $2.4  million in 2005,  on an increase of $0.8 million in costs,
primarily  due to the  recognition  of restricted  stock awards  expense and the
stock option compensation charges required by the adoption of SFAS 123(R) during
the 2006 quarter of $0.2  million,  an increase in  expenditures  for  corporate
governance,  consulting,  and accounting and legal fees of $0.7 million, and the
inclusion  of  compensation  expense  of $0.1  million  for the  realignment  of
executive  officers  responsibilities,   previously  included  in  research  and
development.  These  increases were partially  offset by higher  interest income
earned of $0.4 million.

                                       23
<PAGE>


                              RESULTS OF OPERATIONS
         NINE MONTHS ENDED APRIL 30, 2006 AS COMPARED TO APRIL 30, 2005

Research  product  revenues and royalty  income was $6.2 million during the nine
months ended April 30, 2006  compared to $8.1 million in the year ago period,  a
decrease of $1.9 million or 24%. The  decrease in research  products  revenue of
$3.1  million  was due to a decrease  in the  volume of  shipments  of  research
products  and  an  increase  in  the   discounts   offered  to  certain   direct
distributors, partially offset by an increase in royalty income of $1.2 million.
Further,  the Company did not record revenue from  distributors  during the 2006
period,  which during the year ago period approximated $1.5 million,  due to its
ongoing dispute with those distributors.

Clinical  laboratory  revenues were $23.8  million  during the nine month period
ended  April 30,  2006  compared  to $24.4  million  in the year ago  period,  a
decrease of approximately $0.6 million or 3%. The Company experienced a decrease
in gross  billing due to price  decreases on certain  tests.  In  addition,  the
contractual  allowance  expense increased to 75% of gross billing as compared to
72.7% in the prior period.

The cost of research  products  revenues  during the nine months ended April 30,
2006 was $1.5 million versus $1.7 million in the 2005 period, a decrease of $0.2
million or 12%,  principally due to lower revenues and the decreases in the 2006
period in royalty  expenses  of $0.2  million  and  compensation  for  executive
officers  of $0.1  million  due to the  realignment  of their  responsibilities,
offset by increases in other operational costs.

The cost of clinical  laboratory services during the nine months ended April 30,
2006 was $10.3  million  compared  to $9.2  million in the year ago  period,  an
increase of $1.1 million or 12%. The increase is primarily due to an increase in
the overall operating cost of performing testing services,  especially increased
reagent costs of $0.7 million,  and outside  testing costs for certain  esoteric
tests of $0.1 million.

Research and development expenses were $5.4 million during the nine months ended
April 30, 2006  compared to $6.5  million in the year ago period,  a decrease of
$1.1  million or 17%.  While  there was an  increase  in  clinical  trial  study
activities  of $0.6 million and the  recognition  of stock  option  compensation
charges  required by the adoption of SFAS 123(R) of $0.2 million during the 2006
period,  these increased  expenses were offset by a decrease in the amortization
of deferred patent expenses of $1.2 million,  and a decrease in compensation for
executive officers of $0.7 million due to the realignment of responsibilities.

Selling,  general and administrative expenses were $18.9 million during the nine
months ended April 30, 2006 compared to $14.3 million in the year ago period, an
increase of $4.6 million or 32%.  The increase in the 2006 period was  primarily
due to the  recognition  of stock option  compensation  charges  required by the
adoption of SFAS 123(R) of $1.1 million, increases in expenditures for corporate
governance,  consulting, accounting and other professional fees of $1.3 million,
an increase in compensation  for executive  officers of $0.8 million  previously
included   in   research   and   development,   due   to  the   realignment   of
responsibilities,  increases in  compensation  and other  related  costs of $0.4
million relating to increased  personnel,  and an increase in insurance costs of
$0.3 million.

The provision for uncollectible  accounts  receivable in the clinical  reference
laboratory segment during the nine months ended April 30, 2006 was $2.9 million,
compared to $3.6 million during the year ago period,  a decrease of $0.7 million
or 20%. The provision declined due to improved billing and collection procedures
and an overall increase in collection rates.

Legal  expense  was $5.2  million  during the nine  months  ended April 30, 2006
compared to $3.7 million in the year ago period,  an increase of $1.5 million or
41%, due to an increase in ongoing patent litigation activities.

                                       24
<PAGE>


Interest  income  increased $1.2 million or 120% to $2.2 million during the nine
months ended April 30, 2006 compared to $1.0 million during the year ago period,
due to higher  interest  rates earned offset by lower  investments.  The Company
earns interest by investing  primarily in short term (30 days)  commercial paper
and money market funds with high credit ratings.

For the nine months ended April 30, 2006,  the  Company's net benefit for income
taxes was $0.9  million,  comprised of a federal tax  carryback  benefit of $1.6
million  for  taxes  paid in the  fiscal  year  ended  July 31,  2005 and  other
adjustments, offset by a valuation allowance charge of $0.6 million equal to net
deferred tax assets as of July 31, 2005, and by state and local minimum taxes of
$0.1 million. In computing the federal tax carryback benefit, the effective rate
used considered  limitations on the Company's ability to carryback its estimated
net operating  loss for the full fiscal year which ends July 31, 2006.  Pursuant
to SFAS 109  "Accounting  for Income  Taxes",  the Company  recorded a valuation
allowance  charge  during  the  period  ended  April 30,  2006  equal to its net
deferred tax assets at July 31, 2005 and has applied a full valuation  allowance
against  increases in its net deferred  tax assets  during the 2006 period.  The
Company believes that the valuation charge and valuation allowance are necessary
as it is more likely than not that net  deferred tax assets will not be realized
in the foreseeable  future based on positive and negative evidence  available at
this time.  This  conclusion was reached  because of  uncertainties  relating to
future taxable income,  in terms of both its timing and its  sufficiency,  which
would enable the Company to realize the net deferred tax assets.

For the nine months ended April 30, 2005, the Company's  (provision)  for income
taxes was $3.7 million which was based on the effective federal, state and local
income tax rates applied to 2005 period's  taxable  income,  which was primarily
comprised of the $14 million gain from the Digene  agreement.  The provision for
income taxes,  at an effective rate of 42%, was different from the U.S.  federal
statutory rate of 34% due to state income taxes net of federal tax deduction, of
approximately  5%,  expenses not deductible for income tax return purposes of 1%
and other of 2%.

                    SEGMENT (LOSS) INCOME BEFORE INCOME TAXES
         NINE MONTHS ENDED APRIL 30, 2006 AS COMPARED TO APRIL 30, 2005

The  research  and   development   segment's   loss  before   income  taxes  was
approximately $2.4 million for the nine months ended April 30, 2006, compared to
income of $12.1 million in the 2005 period.  The 2006 loss was due to a decrease
in research  products  revenue of $3.1 million,  the result of a decrease in the
volume of shipment of research products and an increase in the discounts offered
to certain direct distributors,  offset by an increase in royalty income of $1.2
million.  The Company did not record research products revenue from distributors
during the 2006  period,  which  during the year ago  period  approximated  $1.5
million,  due to its ongoing dispute with those distributors.  The 2005 period's
income was the result of the $14 million gain from the Digene agreement. Segment
operating  expenses  decreased in the 2006 period primarily due to a decrease in
the  amortization  of deferred  patent expenses and other research costs of $1.2
million,  and a decrease in compensation for executive  officers of $0.7 million
due to the realignment of  responsibilities,  offset by the increase in clinical
trial study activities of $0.6 million.

The clinical  reference  laboratory  segment's loss before income taxes was $0.1
million in the 2006  period  versus  income of $2.4  million  in 2005.  The 2006
period was impacted by lower  revenue of $0.6  million and  increases in segment
operating  expenses of $1.8  million  primarily  due to increases in the cost of
testing  services of $0.8  million,  recognition  of stock  option  compensation
charges  required by the adoption of SFAS 123(R) of $0.5  million,  compensation
for  executive  officers of $0.2  million  previously  included in research  and
development due to the realignment of  responsibilities,  and  compensation  and
related  costs of $0.4  million  relating to  increased  personnel,  offset by a
decrease in the provision for uncollectible accounts of $0.7 million.

                                       25
<PAGE>


The Other segment's loss before income taxes was $9.5 million in the 2006 period
versus $5.8 million in 2005.  The increase in the 2006 period was  primarily due
to the recognition of stock option compensation charges required by the adoption
of  SFAS  123(R)  of $0.6  million,  increases  in  expenditures  for  corporate
governance,  consulting, accounting and other professional fees of $1.3 million,
an increase  in legal fees of $1.5  million  due to ongoing  patent  litigation,
increases in  compensation  for  executive  officers of $0.5 million  previously
included in research and development due to the realignment of responsibilities,
increases in insurance  costs of $0.3 million,  and increases in other operating
expenses  of $0.3  million.  These  increases  were  partially  offset by higher
interest income earned of $1.2 million.

See Note 2 for recently issued accounting pronouncements.

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's earnings and cash flows are subject to fluctuations due to changes
in interest  rates  primarily  from its investment of available cash balances in
investment  grade corporate and U.S.  government  securities.  Under its current
policies,  the Company  does not use interest  rate  derivative  instruments  to
manage exposure to interest rate changes.

ITEM 4.   CONTROLS AND PROCEDURES

     (a)  Evaluation of Disclosure Controls and Procedures

As of the end of the period  covered by this report,  the  Company's  management
conducted an evaluation (as required under Rules  13a-15(b) and 15d-15(b)  under
the  Securities  Exchange Act of 1934, as amended (the  "Exchange  Act")) of the
Company's  "disclosure  controls and  procedures" (as such term is defined under
the Exchange  Act),  under the  supervision  and with the  participation  of the
principal executive officer and the principal  financial officer.  Based on this
evaluation,  the principal executive officer and the principal financial officer
concluded that the Company's disclosure controls and procedures are effective as
of the end of the period covered by this report.  Notwithstanding the foregoing,
a control  system,  no matter how well  designed  and  operated can provide only
reasonable,  not  absolute,  assurance  that it will detect or uncover  failures
within the Company to disclose material information otherwise required to be set
forth in the Company's periodic reports.
Changes in Internal Controls

There was no change in the Company's internal controls over financial  reporting
(as such term is defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange
Act)  during the  Company's  most  recently  completed  fiscal  period  that has
materially affected, or is reasonably likely to materially affect, the Company's
internal control over financial reporting.

                                       26
<PAGE>


                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings
         -----------------

There have been no material  developments  with respect to  previously  reported
legal proceedings.  See the annual report on Form 10-K for the fiscal year ended
July 31, 2005 filed with the Securities and Exchange Commission for a discussion
of the Company's ongoing legal proceedings.

Item 6.  Exhibits
         --------

     Exhibit No.  Exhibit
     -----------  -------

     31(a)        Certification of Elazar Rabbani, Ph.D. pursuant to Section 302
                  of the Sarbanes-Oxley Act of 2002.

     31(b)        Certification  of Barry Weiner  pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

     32(a)        Certification of Elazar Rabbani,  Ph.D.  pursuant to 18 U.S.C.
                  ss.  1350,   as  adopted   pursuant  to  Section  906  of  the
                  Sarbanes-Oxley Act of 2002.

     32(b)        Certification  of Barry Weiner pursuant to 18 U.S.C.  ss.1350,
                  as adopted pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.


                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                             ENZO BIOCHEM, INC.
                                             ------------------
                                                (Registrant)

Date: June 9, 2006                           by: /s/Barry Weiner
                                                 ----------------
                                                 Chief Financial Officer


                                       27