SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* delcampo ralph (Last) (First) (Middle) C/O ENZON PHARMACEUTICALS, INC. 685 ROUTE 202/206 (Street) BRIDGEWATER NJ 08807 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 04/07/2005	3. Issuer Name and Ticker or Trading Symbol ENZON PHARMACEUTICALS INC [ ENZN ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP, Technical Operations	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)	101.136	D
Common Stock(2)	25,000(3)	D
Common Stock(2)	7,500(4)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)(5)	(6)	10/02/2012	Common Stock	100,000	18.4	D
Employee Stock Option (Right to Buy)(5)	(7)	02/06/2014	Common Stock	30,000	14.15	D
Employee Stock Option (Right to Buy)(5)	03/26/2005	03/26/2014	Common Stock	30,000	15.13	D

Explanation of Responses:

1. Securities granted by Enzon Pharmaceuticals, Inc. ("Enzon") pursuant to Enzon's 401(k) Savings and Investment Plan.

2. Restricted stock granted by Enzon pursuant to Enzon's 2001 Incentive Stock Plan and qualified under Ruel 16b-3(d).

3. Of 25,000 shares granted, 7,500 will vest on August 29, 2006, 7,500 will vest on August 29, 2007 and the remaining 10,000 will vest on August 29, 2008.

4. Of the 7,500 shares granted, 2,250 will vest on February 6, 2007, 2,250 will vest on February 6, 2008 and the remaining 3,000 will vest on February 6, 2009.

5. Employee stock option granted by Enzon pursuant to Enzon's 2001 Stock Plan and qualified under Rule 16b-3(d).

6. Of the 100,000 options granted, 25,000 were vested on October 2, 2003, 25,000 were vested on October 2, 2004 and the remaining were vested on April 7, 2005.

7. Of the 30,000 options granted, 7,500 were vested on February 6, 2005 and the remaining were vested on April 7, 2005.

	/s/ Ralph delCampo	04/18/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.