Enzon Pharmaceuticals Inc. announced that its Board of Directors appointed Lazard Ltd. to act as financial advisor in a review of the possible sale of one or more of its corporate assets or a sale of entire company. Enzon is planning to suspend clinical development 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 is no guarantee that the review will result in any formal transactions. Alex Denner, Chairman of the Board of Enzon said, "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 transactions."