DellaCamera pushes Enzon to explore strategic alternatives

By Angela McDaniels

Tacoma, Wash., Jan. 28 - Enzon Pharmaceuticals, Inc. shareholders led by DellaCamera Capital Master Fund Ltd. proposed that the board of directors form a special committee of independent directors to evaluate strategic and financial alternatives to enhance stockholder value.

The investors have submitted the proposal to be considered at the 2009 annual meeting, the date of which has not yet been announced.

The reporting persons reserve the right to solicit proxies in support of the proposal but have made no definitive decision to do so at this time, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The investors beneficially own 3,446,558 shares, or 7.6%, of the company's common stock.

In November, the investors said they were opposed to management's plan to spin off Enzon's biotechnology business.

In a Nov. 25 letter to Enzon's board of directors, DellaCamera suggested the company partner "any one of its numerous clinical or pre-clinical compounds so that the company can benefit from third-party validation of its technology."

The company later discontinued the spinoff plan, citing external market conditions.

Enzon is a Bridgewater, N.J.-based biopharmaceutical company.

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