Enzon to Review Asset Sales, Sale of the Company

Enzon to Review Asset Sales, Sale of the Company 
Suspending Clinical Development With Goal to Maximize Value Returned
to Shareholders 
PISCATAWAY, NJ -- (Marketwire) -- 12/17/12 --  Enzon Pharmaceuticals,
Inc. (NASDAQ: ENZN) today announced that its Board of Directors has
retained Lazard to act as financial advisor in a review of the
possible sale or disposition of one or more corporate assets, or a
sale of the Company. Based on clinical data on the androgen receptor
program, Enzon plans to suspend clinical development with a goal to
conserve capital and maximize value returned to shareholders. A
special committee of Enzon's Board of Directors was established to
oversee the review. There can be no assurance that the review will
result in the consummation of any transactions. 
Alex Denner, Chairman of the Board, commented: "The Board of
Directors, following a review of the Company's assets and strategic
direction, has determined that it is in the best interest of Enzon's
shareholders to pursue a sale, in whole or in part, of the Company.
In addition to a strong balance sheet and royalty revenues, Enzon's
drug candidates and technologies offer the potential for a variety of
About Enzon  
Enzon Pharmaceuticals, Inc. is a biotechnology company dedicated to
the research
 and development of innovative therapeutics for patients
with high unmet medical need. Enzon's drug-development programs
utilize two platforms: Customized PEGylation Linker Technology
(Customized Linker Technology(R)) and third-generation mRNA-targeting
agents utilizing the Locked Nucleic Acid (LNA) technology. Enzon
currently has three compounds in human clinical development and
multiple novel mRNA antagonists in preclinical research. Enzon
receives royalty revenues from licensing arrangements with other
companies related to sales of products developed using its
proprietary Customized Linker Technology. Further information about
Enzon and this press release can be found on the Company's website at
Forward-Looking Statements  
This press release contains, or may contain, forward-looking
statements within the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. All statements contained in
this press release, other than statements that are purely historical,
are forward-looking statements, which can be identified by the use of
forward-looking terminology such as the words "believes," "expects,"
"may," "will," "should," "potential," "anticipates," "plans," or
"intends" and similar expressions, including statements regarding the
review of the possible sale or disposition of one or more corporate
assets or a sale of the Company, statements regarding Enzon's plans
to suspend clinical development, and statements regarding pursuing a
sale, in whole or in part, of the Company. 
Such forward-looking statements are based upon management's present
expectations, objectives, anticipation, plans, hopes, beliefs,
intentions or strategies regarding the future and are subject to
known and unknown risks and uncertainties that could cause actual
results, events or developments to be materially different from those
indicated in such forward-looking statements. Such risks and
uncertainties include, but are not limited to, uncertainty regarding
the length or complexity of the process, the possibility that the
process will not lead to any transaction, the potential that the
process will distract Enzon's board of directors and management from
Enzon's business, the potential that Enzon will incur significant
expenses pursuing one or more transactions unsuccessfully, the risk
that the process will impair Enzon's relationships with partners,
suppliers and employees, the risk that announcements regarding the
process will cause Enzon's stock price to decline, the risk of claims
or other litigation arising from Enzon's pursuit of one or more
transactions, and other risks and uncertainties that are contained in
Enzon's filings with the U.S. Securities and Exchange Commission,
including Enzon's Annual Report on Form 10-K for the year ended
December 31, 2011. These factors should be considered carefully and
readers are cautioned not to place undue reliance on such
forward-looking statements. No assurance can be given that the future
results covered by the forward-looking statements will be achieved.
All information in this press release is as of the date of this press
release and Enzon does not intend to update this information. 
Investor Contact:
Andrea Rabney
Argot Partners
Media Contact:
David Pitts
Argot Partners
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