DellaCamera buys more Enzon shares, believes stock is undervalued

By Angela McDaniels

Tacoma, Wash., Oct. 7 - Enzon Pharmaceuticals, Inc. investors led by DellaCamera Capital Master Fund, Ltd. said they increased their beneficial ownership of the company to 3,300,763 shares, or 7.4%, "in light of the value disconnect that we believe exists, and armed with the present belief that the company is committed to enhancing shareholder value."

They are also "encouraged" by the company's exploration of strategic alternatives for its specialty pharmaceuticals division, a step the investors had previously advocated, according to a letter to Enzon chairman, president and chief executive officer Jeffrey Buchalter that was included in a schedule 13D filing with the Securities and Exchange Commission.

In the letter, the investors said Enzon stock has been punished "to a degree that borders on the absurd" and called the stock's trading level "unrealistically low."

The investors purchased 342,331 shares in open-market transactions between Aug. 25 and Oct. 7 for $5.76 to $9.00 each.

They also purchased 720 shares between Oct. 1 and Oct. 7 through the exercise of call options. The exercise price was $7.50, and the price per share was $0.58 to $0.65.

Enzon is a Bridgewater, N.J.-based biopharmaceutical company.

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