Light Revenue From Enzon

The company swings to a profit in the latest quarter.
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Drug developer

Enzon Pharmaceuticals

(ENZN)

swung to a profit in the third quarter, but revenue fell short of analysts' estimates.

The company earned $2.2 million, or 5 cents a share, vs. a loss of $5.8 million and 13 cents a share a year ago.

Excluding certain items, the company lost 3 cents a share. The adjusted results exclude a gain of $4.8 million in the most recent quarter from the repurchase of convertible notes due in 2008, offset by a writeoff of $1.2 million in related costs.

Revenue in the 2006 third quarter reached $45.9 million, up from $44 million a year ago. However, analysts surveyed by Thomson First Call expected $47.9 million in revenue.

Sales in its products segment, which includes its drugs Oncaspar, Depocyt, Abelcet and Adagen, were up slightly to $25.3 million from $25.2 a year ago.

Separately, Enzon said the Food and Drug Administration completed its review of the application for trials on a protein for treating and preventing severe infections in certain liver-transplant patients. The FDA previously cleared Enzon to conduct trials on the so-called recombinant human Mannose-Binding Lectin for severe infections in some multiple myeloma patients.

Both the liver transplant and multiple myeloma trials are expected to begin enrollment later this year.