Enzon investor wants company to retain financial adviser, consider alternatives

By Lisa Kerner

Charlotte, N.C., Dec. 19 - Enzon Pharmaceuticals, Inc. investor DellaCamera Capital Master Fund, Ltd. said "there may be many ways for Enzon to narrow the significant discount to intrinsic value at which the company is currently trading."

DellaCamera made its comments in a letter to Enzon and included in a schedule 13D filing with the Securities and Exchange Commission.

The investor urged the company's board to engage the services of a "reputable, nationally recognized" financial adviser to assist in a review of available options to increase shareholder value.

DellaCamera's suggested options include:

• Rationalization of the company's marketed products segment, including the sale of the Abelcet product line;

• Possible monetization of additional Enzon royalty interests; and

• Consideration of structural methods to unlock the value of the company's LNA development platform.

"Though we reserve all of our rights to protect the value of our investment, it is our preference to work constructively with management and the board to ensure that maximum value is delivered to the shareholders of Enzon," DellaCamera's letter stated.

DellaCamera owns 2.28 million shares, or 5.2%, of the Bridgewater, N.J., biopharmaceutical company.

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