DellaCamera Capital seeks representation on Enzon Pharmaceutical's board

By Lisa Kerner

Charlotte, N.C., Jan. 14 - Enzon Pharmaceuticals, Inc. investors led by DellaCamera Capital Master Fund, Ltd. nominated three directors for election to Enzon's board at the company's 2008 annual meeting, according to a schedule 13D filing with the Securities and Exchange Commission.

The nominees are:

• John (Jack) Geltosky, Ph.D., senior vice president of business development of Arizona Technologies Enterprises at Arizona State University;

• David Tendler, a partner of Tendler Beretz LLC, an international consulting firm; and

• David Gale, president of Delta Dividend Group, Inc., an investment firm

DellaCamera beneficially owns 2,354,281 shares or about by 5.3% of the Bridgewater, N.J., biopharmaceutical company.

In December 2007 DellaCamera urged Enzon's board to engage the services of a "reputable, nationally recognized" financial adviser to assist in a review of available options to increase shareholder value.

DellaCamera's suggested options include:

• Rationalization of the company's marketed products segment, including the sale of the Abelcet product line;

• Possible monetization of additional Enzon royalty interests; and

• Consideration of structural methods to unlock the value of the company's LNA development platform.

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