BRIDGEWATER, N.J.--(BUSINESS WIRE)--June 1, 2006--Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN - News) announced today that the lead initial purchaser in Enzon's recent private placement of $225 million aggregate principal amount of its 4 percent Convertible Senior Notes due 2013 exercised its right, in full, to purchase an additional $50 million aggregate principal amount of the notes. The notes are convertible at the option of the holder into shares of Enzon common stock at an initial conversion price of $9.55 per share. The sale of the additional $50 million in principal amount of notes is expected to close on June 5, 2006, subject to certain closing conditions. Enzon intends to use the net proceeds from the exercise of this option to acquire from time to time its outstanding 4 1/2% convertible subordinated notes due 2008.
