Enzon CEO Jeffrey Buchalter Resigns
BRIDGEWATER, N.J. -- Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) today announced that Jeffrey Buchalter has resigned as Chief Executive Officer and Director of Enzon, effective immediately, and has been replaced by a newly formed executive committee of the Board. This new committee will be chaired by Alex Denner, Ph.D., Chairman of the Board, and include Directors Richard Mulligan Ph.D. and Rolf Classon. The Committee will serve the functions of the Chief Executive for the Company until such time as a Chief Executive Officer is named. The Committee will also serve as the search committee. Mr. Buchalter has served on Enzon's Board of Directors since 2004 and as CEO since January 2005.
"We believe Enzon is well positioned to continue advancing its promising development programs. The Board of Directors is committed to seeing that the Company reaches its full value potential."
"With the sale of the specialty pharmaceutical business in January of this year, the Company is now exclusively focused on its pipeline," said Dr. Denner. "We believe Enzon is well positioned to continue advancing its promising development programs. The Board of Directors is committed to seeing that the Company reaches its full value potential."
Enzon Pharmaceuticals, Inc is a biopharmaceutical company dedicated to the development of important medicines for patients with cancer. The Company's drug development programs utilize several cutting-edge approaches, including its industry-leading PEGylation technology platform and the Locked Nucleic Acid technology. Enzon's PEGylation technology was used to create a royalty revenue stream from licensing partnerships for other products developed using the technology. Further information about Enzon and this press release can be found on the Company's web site at www.enzon.com.