Enzon defends performance of CEO ahead of battle with DellaCamera

By Lisa Kerner

Charlotte, N.C., April 23 - Enzon Pharmaceuticals, Inc.'s board of directors said it unanimously supports its chairman, chief executive officer and president, Jeffrey H. Buchalter, noting the company has undergone "a significant transformation" in the last four years.

The board made its comments in a statement released on Thursday in reaction to news that shareholder DellaCamera Capital Management, LLC filed a preliminary consent solicitation statement with the Securities and Exchange Commission in its attempt to have Buchalter removed.

"Jeff continues to achieve or exceed the goals established for him and the company by the board of directors," Goran Ando, M.D., chairman of the compensation committee, said in a news release.

According to Enzon's board, accomplishments during Buchalter's tenure include reducing the overall debt balance to $250 million from $400 million and building an innovative oncology pipeline.

Enzon had remained open to exploring strategic alternatives in 2008 that included a spinoff of the company's biotechnology assets and the sale of its specialty pharmaceutical business. However, these actions were not completed due to macroeconomic conditions, Enzon said.

DellaCamera has been actively seeking changes at the Bridgewater, N.J., biopharmaceutical company since January.

As previously noted, DellaCamera has recommended that the company seek guidance from new financial advisers, asked to have the board expanded, urged the company to consider alternatives and demanded to inspect Enzon's books and records.

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