Enzon To Enhance Governance By Eliminating Board Classes
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that its
Board of Directors has approved amendments to the Company’s certificate
of incorporation and bylaws that will declassify the Board of Directors
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that its Board of Directors has approved amendments to the Company’s certificate of incorporation and bylaws that will declassify the Board of Directors so that all directors will be elected annually. If approved by stockholders, the annual election will commence with the 2010 Annual Meeting. The Board intends to recommend stockholder approval of the proposed amendments at the 2010 Annual Meeting. At present, the Board consists of three classes, with members of each class elected for staggered three-year terms. All of the directors, with the exception of Victor P. Micati, a current director on Enzon’s Board, who is not standing for reelection, have agreed to stand for election for one year terms at the 2010 Annual Meeting. The Company also announced today that the Board of Directors has appointed Richard A. Young, Ph.D. and Thomas F. Deuel, M.D., as Directors, effective immediately. "A destaggered board of directors is a critical component of a company that is focused on attempting to bring value to shareholders,” said Alexander J. Denner, Ph.D., Chairman of Enzon’s Board of Directors. “By moving to one year terms, Enzon’s Directors are demonstrating their accountability to shareholders.” Dr. Denner added: “In addition, we are very pleased to announce the appointment of two highly regarded individuals to the Board, Drs. Deuel and Young. Tom and Richard both have significant scientific credentials and experience within the biopharmaceutical industry. We look forward to their contributions as Directors on the Enzon Board. Separately, Vic Micati will be stepping down from the board at the annual meeting. The board would like to thank him for his years of service and we wish him well.” Dr. Young is a Member of the Whitehead Institute and a Professor of Biology at MIT. He received his B.S. degree in Biological Sciences at Indiana University and his Ph.D. in Molecular Biophysics and Biochemistry at Yale University. Dr. Young received postdoctoral training at the Swiss Institute for Experimental Cancer Research and at Stanford University School of Medicine. His honors include a Burroughs Wellcome Scholarship, the Chiron Corporation Biotechnology Research Award, Yale’s Wilbur Cross Medal, and Scientific American recognized him as one of the top 50 leaders in science, technology and business in 2006. Dr. Young has been associated with a number of biotechnology, pharmaceutical and other companies. Dr. Young has also served as an advisor to Science magazine , the National Institutes of Health and the World Health Organization . Dr. Deuel is the Presidential Scholar at the Dana Farber Cancer Institute and Adjunct Professor of Molecular and Experimental Medicine and Cell Biology at The Scripps Research Institute. He has served as a Professor of Molecular and Experimental Medicine and Cell Biology, Director of the Division of Molecular Oncology, Department of Molecular and Experimental Medicine, and Director of the Vascular Biology Affinity Group at The Scripps Research Institute. Prior to joining The Scripps Research Institute, Dr. Deuel served as a Professor of Medicine at Harvard Medical School. He is currently a Professor Emeritus at Harvard Medical School. In addition, from 1996 to 2002, Dr. Deuel served as a Director, Division of Growth Regulation at Beth Israel Hospital, Boston, Massachusetts and, prior to that, was a Professor of Medicine and Biochemistry and the head of Oncology Services at the Washington University School of Medicine, St. Louis, Missouri. Dr. Deuel is a member of the Institute of Medicine at the National Academy of Sciences. He has served and continues to serve on numerous scientific advisory boards for various companies. In addition, Dr. Deuel has earned many professional honors and awards. Dr. Deuel holds an M.D. from Columbia University and an A.B. from Princeton University.