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Enzon Reports 2010 Results

Stocks in this article: ENZN

Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) today announced its fourth-quarter and full-year 2010 financial results. For the three months ended December 31, 2010, Enzon reported a loss from continuing operations of $10.4 million or $0.17 per diluted share, as compared to a loss from continuing operations of $14.6 million or $0.32 per diluted share for the fourth quarter of 2009. For the full year ended December 31, 2010, Enzon reported a loss from continuing operations of $3.6 million or $0.06 per diluted share, compared to a loss from continuing operations of $57.2 million or $1.26 per diluted share for the full year ended December 31, 2009.

“Divestiture of the specialty pharmaceutical business and the subsequent operational restructuring in 2010 has enabled a return of value to shareholders while positioning Enzon to build value through its focused oncology development strategy,” said Alex Denner, Chairman of the Board.

“In an effort to maximize operational efficiencies, we have implemented a number of cost-saving measures including two strategic restructuring initiatives and consolidating all operations from Bridgewater into Piscataway, minimizing our cash burn,” said Ralph del Campo, Chief Operating Officer.

2010 Highlights

  • Completed transformation from a biopharmaceutical company with research and development, manufacturing and marketing operations to a biotechnology company focused on advancing the Company’s PEG-SN38 and locked nucleic acid (LNA) research and development programs.
  • Initiated enrollment in a Phase II PEG-SN38 study for patients with metastatic breast cancer.
  • Investigational New Drug application (IND) for the androgen receptor (AR) antagonist was filed and accepted.
  • Entered into collaboration arrangement with the National Cancer Institute for PEG-SN38 and hypoxia-inducible factor-1α (HIF-1α) antagonist programs.
  • Completed a $50.0 million common share repurchase program and initiated a $200.0 million share repurchase program.
  • Awarded a $1.2 million grant as part of the U.S. government’s Qualifying Therapeutic Discovery Projects Program.

2011 Outlook and Goals

In 2011, Enzon will continue to focus on advancing the development of its novel compounds. These efforts will include ongoing enrollment of patients in the PEG-SN38 Phase II studies for colorectal and breast cancer and the Phase I study evaluating PEG-SN38 in pediatric patients with cancer. Enzon also will continue to advance and explore development opportunities for LNA compounds, including the HIF-1α, Survivin and AR antagonists. Enzon’s transitional support activities to the purchaser of the specialty pharmaceutical business are nearing completion. In January 2011, Enzon received notice that the sBLA related to SS Oncaspar had been approved, leading to the receipt of a $5.0 million milestone payment in 2011 from the purchaser of the specialty pharmaceutical business.

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