PISCATAWAY, N.J.--(BUSINESS WIRE)--
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) today announced that it is
implementing a plan to reduce its workforce and operating costs to more
closely align its resources with the Company's research and development
activities.
The reduction in force will reduce the number of employees by
approximately 48 percent, to a total of 47, effective June 2012. Enzon
expects the reduction in force to result in approximately $6.0 million
in reduced annualized operating expenses once the plan is fully
implemented by the second quarter of 2012. The Company also expects to
incur a charge in the third quarter of 2011 of approximately $3.0
million related to the reduction.
About Enzon
Enzon Pharmaceuticals, Inc. is a biotechnology company dedicated to the
research and development of innovative therapeutics for cancer patients
with high unmet medical needs. Enzon's drug-development programs utilize
two platforms - Customized PEGylation Linker Technology (Customized
Linker Technology®) and third-generation mRNA-targeting
agents utilizing the Locked Nucleic Acid (LNA) technology. Enzon
currently has four compounds in human clinical development and multiple
novel LNA targets in preclinical research. Enzon receives royalty
revenues from licensing arrangements with other companies related to
sales of products developed using its proprietary Customized Linker
Technology. Further information about Enzon and this press release can
be found on the Company's website at www.enzon.com.
Forward Looking Statements
There are forward-looking statements contained herein, which can be
identified by the use of forward-looking terminology such as the words
"believes," "expects," "may," "will," "should," "potential,"
"anticipates," "plans," or "intends" and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, events or
developments to be materially different from the future results, events
or developments indicated in such forward-looking statements. Such
factors include but are not limited to the timing, success and cost of
clinical studies for Enzon's product candidates, the ability to obtain
regulatory approval of Enzon's product candidates, Enzon's ability to
obtain the funding necessary to develop its product candidates, market
acceptance of and demand for Enzon's product candidates, and the impact
of competitive products, pricing and technology. A more detailed
discussion of these and other factors that could affect results is
contained in Enzon's filings with the U.S. Securities and Exchange
Commission, including Enzon's most recent Annual Report on Form 10-K for
the year ended December 31, 2010 . These factors should be considered
carefully and readers are cautioned not to place undue reliance on such
forward-looking statements. No assurance can be given that the future
results covered by the forward-looking statements will be achieved. All
information in this press release is as of the date of this press
release and Enzon does not intend to update this information.
Investor:
Argot Partners
Andrea Rabney, 212-600-1902
andrea@argotpartners.com
or
Media:
Argot
Partners
David Pitts, 212-600-1902
david@argotpartners.com
Source: Enzon Pharmaceuticals, Inc.
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