Enzon Pharmaceuticals, Inc. to Trim Workforce by About Half, to Stop Drug Development

Enzon Pharmaceuticals Inc said it will suspend all clinical development activities, days after the cancer drug developer decided to explore a possible sale. The company, in which activist investor Carl Icahn has a 13.29 percent stake, spent about $4 million last quarter on pipeline research and development and had cash, cash equivalents and marketable securities of $288.7 million as of September 30. It will also reduce its workforce from 43 employees to about 23-28, Enzon said. Last September, it laid off about half its workforce. The biotechnology company has two drugs in mid-stage trials and a number of others in early-stage studies.

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