BRIDGEWATER, N.J.--(BUSINESS WIRE)--Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) today announced it successfully reduced its outstanding debt by $17.5 million in the first quarter of 2009. As previously stated, the Company continues to look for opportunities to improve its capital structure. Since 2004, the Company has been successful in reducing its $400 million debt balance to $250 million. This was accomplished by a number of strategic initiatives, including monetizing a portion of its royalty stream for $92.5 million and purchasing debt in the open market at a discount to par.
