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Enzon Reports Second Quarter 2010 Results

(2) Adjusted loss and adjusted loss per diluted share from continuing operations, as the Company defines them, may differ from similarly named measures used by other entities and consequently, could be misleading unless all entities calculated and defined such items in the same manner. The Company believes that investors’ understanding of its performance is enhanced by disclosing adjusted net loss and adjusted net loss per diluted share reflecting adjustments for certain items that the Company deems to be non-recurring.

Conference Call and Webcast

Enzon will be hosting a conference call August 3, 2010 at 5:00 p.m. Eastern Time (ET). All interested parties may access the call by using the following information:

Domestic Dial-In Number: (877) 561-2748

International Dial-In Number: (720) 545-0044

Access Code: Enzon

The call will also be available live audio webcast at the following site: Listeners should go to the website at least fifteen minutes before this event to download and install any necessary audio software. For those unable to attend the live audio webcast, a replay will be available beginning approximately one hour after the event. Additionally, a telephonic rebroadcast will also be available following the call. The rebroadcast will begin on Tuesday, August 3, 2010 at approximately 8:00 pm ET and end on Tuesday, August 10, 2010 at approximately 11:59 pm ET. It may be accessed using the following information:

Domestic Dial-In Number: (800) 642-1687

International Dial-In Number: (706) 645-9291

Conference I.D.: 90977127

About Enzon

Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development of innovative medicines for patients with cancer. Enzon's drug development programs utilize several approaches, including its cutting-edge Customized Linker technology utilizing PEGylation and mRNA antagonists using the Locked Nucleic Acid (LNA) technology. Enzon receives a royalty revenue stream from licensing partnerships for other products developed using the proprietary PEGylation technology. Further information about Enzon and this press release can be found on the Company's web site at

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 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 our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2009. 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.

Enzon Pharmaceuticals, Inc. and Subsidiaries


Consolidated Statements of Operations

Three Months ended June 30, 2010 and 2009

(In thousands, except per-share amounts)


June 30,

June 30,

Royalties $ 10,588 $ 13,170
Contract research and development 2,602 -
Miscellaneous revenue   527     -  
Total revenues   13,717     13,170  

Costs and expenses:
` Research and development 10,131 11,805
Research and development – specialty and contracted services 1,631 9,390
General and administrative 5,772 10,087
General and administrative – contracted services 421 -
Restructuring charge   710     -  
Total costs and expenses   18,665     31,282  

Operating loss
  (4,948 )   (18,112 )

Other income (expense):
Investment income, net 811 1,152
Interest expense (1,480 ) (2,751 )
Other, net   (31 )   54  
Total other income (expense)   (700 )   (1,545 )
Loss from continuing operations, before income tax benefit (5,648 ) (19,657 )

Income tax benefit
  (205 )   -  
Loss from continuing operations (5,443 ) (19,657 )
(Loss) income and gain from discontinued operations, net of income tax   (179 )   14,591  
Net loss $ (5,622 ) $ (5,066 )
Loss per common share - continuing operations
Basic and diluted $ (0.09 ) $ (0.43 )
Earnings per common share - discontinued operations
Basic and diluted $ -   $ 0.32  
Loss per common share - net loss
Basic and diluted $ (0.09 ) $ (0.11 )
Weighted average shares – basic and diluted   60,849     45,187  

Enzon Pharmaceuticals, Inc. and Subsidiaries


Condensed Consolidated Balance Sheets

June 30, 2010 and December 31, 2009

(In thousands)

June 30,


December 31,

Current assets:
Cash and short-term investments $ 434,561 $ 104,110
Accounts receivable, net 2,094 671
Other current assets 5,221 6,257
Current assets of discontinued operations   -   34,174
Total current assets   441,876   145,212
Property and equipment, net   23,177   26,534
Other assets:
Marketable securities 69,426 95,636
Other assets 1,311 2,863
Noncurrent assets of discontinued operations   -   62,504
  70,737   161,003
Total assets $ 535,790 $ 332,749
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses $ 25,901 $ 11,728
Current liabilities of discontinued operations   -   13,269
Total current liabilities 25,901 24,997
Notes payable 134,499 250,050
Other liabilities   4,190   4,419
Total liabilities 164,590 279,466
Stockholders’ equity   371,200   53,283
Total liabilities and stockholders’ equity $ 535,790 $ 332,749
Common shares outstanding   60,664   45,318

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