Enzon Pharmaceuticals, Inc. (ENZN) to Trim Workforce by About Half, to Stop Drug Development
12/21/2012 7:54:36 AM
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.