Thank you. Good afternoon, and thank you for joining us today. We issued our third quarter results after the market closed today, and I hope you've had a chance to look at them.
First and foremost we hope everyone safe and healthy during this unprecedented time. since the emergence of COVID-19, the safety of our employees has been of utmost important. We've taken measures to safeguard our employees, while maintaining full operations, so we can continue to advance the important work we are doing.
First, let me provide you with some context.
As you can imagine, our third quarter presented many challenges and at the same time opportunities, as we are a global company with headquarters in New York City, the epicenter of the novel cornovirus in the United States with our principle production and clinical laboratory activities in nearby Farmingdale, New York. At the onset of our pandemic, we needed to quickly secure our staff, with the majority of our employees required on the frontlines maintaining the critical testing capabilities to serve the needs of our market. We experienced many challenges consistent with others in the marketplace, including supply issues related to personal protective equipment, swabs, tubes and reagents. With challenge and perseverance, we have overcome the bulk of our supply hurdles.
While we imposed safety standards, our dedicated staff was motivated to show up at work as essential workers, even as the authorities were saying stay home to the general public. We transitioned many of our employees to remote working environment, we’re capable to do search and we overcame short staffed issues when some employees were ill and unable to work for periods of time.
Our staff rose to the occasion and did an extraordinary job. Thanks to their unrelenting efforts we have been able to continue operating, expand our testing development of needed novel approaches to COVID-19 testing without experiencing any interruptions.
Our clinical diagnostics lab was especially impacted in March, virtually the entire health and business structure of this country was shutdown. Patients were ordered to stay home, doctor's offices were closed and elective procedures were cancelled. This environment hampered nearly all healthcare companies, whether they be by a science company, laboratories and health networks alike. I'm pleased to report that we at Enzo determinantly pushed on and are moving forward with as we see it five key positive elements emerging from this pandemic.
First, there was a new found appreciation for clinical laboratories and the diagnostics industry at large.
Second, our vertical integration and open platform business model invested in over the past three years is opportunistic and justified, and allowed us to rapidly address the nationwide testing challenge.
Third, we launched in this a rapidly changing turbulent environment, an extensive novel multifaceted COVID-19 platform for both molecular and antibody testing. Fourth, we are now rapidly scaling capacity to increase volume. And fifth, we are meeting demand. Allowing to go through each of these points in a bit of further depth. There was a new found appreciation for clinical laboratories and the diagnostic industry at large. This pandemic has shed light on vast misperceptions of the diagnostic industry, and the fast restructuring needed to address the challenges of diagnostic testing.
Over the past two years, reimbursements were being dramatically reduced and the diagnostics sector was being marginalized to a point that has now come back to hurt this country. Today, the value proposition of diagnostics is better understood and widely appreciated, and seen as fundamental and critically necessary in being able to restore vitality to our people and nation.
Second, our vertical integration and open platform business model invested in over the past three years is opportunistic and justified and allowed us to rapidly address to testing challenge. Crucial supply issues that developed have shed light and justified our company's proprietary vertical integration to effectively navigate this environment and survive.
For the most part, we own our supply chain and are using our own systems.
We are building on several years of development of the GenFlex platform, which was launched pre-COVID with our Women's Health Panel, and that has been effectively adapted in the current pandemic for COVID-19 testing. We manufacture our own reagents, swabs, utilize our own technological capabilities and have been applying them to address COVID-19 from multiple angles.
We are selling these kits and systems to other labs and customers, as well as running the tests using our unique products and platforms in our own clinical laboratory.
Third, we have launched an extensive novel multifaceted COVID-19 platform for both molecular and antibody testing.
We are offering our own proprietary internally developed molecular diagnostic test to detect the COVID-19 virus, as well as a serological diagnostic test for the novel coronavirus antibodies.
We are also working on repurposing a drug candidate now in early testing for the treatment of COVID-19.
We are now rapidly scaling capacity to increase volume. Enzo Lifesciences is offering a full range of COVID-19 products, including sample collection, molecular and antibody, as well as instrumentation on a global basis.
Our internal manufacturing capability provides security of supply and stronger margins than test currently available from other commercial suppliers. Enzo Clinical Labs is ramping testing volume to address the need to perform thousands of tests a week, increasing from our initial weekly capacity of approximately 10,000 COVID-19 molecular tests, as well as 10,000 ELISA serological antibody tests.
Finally, we are meeting the demand.
We have been working with many entities ranging from academic and research institutions to commercial laboratories and government entities. This includes a recent RFP bid win with the state of Missouri, as well as a contract with the State of New York to provide COVID-19 testing to nursing homes. We fully expect to secure additional strategic relationships that may provide substantial additional revenue as we build capacity to meet demand. On this last point, we should be clear with regards to our investment and strategy that testings demand will remain with us for some time. A recent state by state analysis from the Harvard Global Health Institute found that more than half of the U.S. states would need far more testing if they are considering safely listening coronavirus restrictions. The analysis was based on each state's daily testing totals during an average week in mid-April, using data from the COVID tracking project. The research found that 31 states in the District of Columbia were not doing enough testing. In states just within our historic marketing territory, it is estimated New York would have to perform over 100,000 more tests every day, New Jersey 68,000 and Massachusetts about 23,000 per day. There remains much to be done even once the successful vaccine is found. I'm extremely proud of what we've accomplished over the last few months. The seats have been really quite remarkable. I want to thank our employees for their continued dedication, and really thank our long-term shareholders who have voiced their support for us throughout this pandemic. At this time, let me turn the call over to David who will walk you through the financials for the quarter.