UPDATE 1-Enzon Pharma to cut workforce by 26 pct, take charges

* Expects $2.8-$3 mln related charges

* Says charges mostly to represent cash expenditure

Dec 7 (BestGrowthStock) – Enzon Pharmaceuticals Inc (ENZN.O: ) said
it will cut 33 positions as part of its efforts to reduce costs
and take related charges of $2.8-$3.0 million.

Following the job cuts, which is expected to complete by
April 15, 2011, Enzon will save about $5.3 million annually.

The biopharmaceutical company said the affected employees
have been notified on Friday and are being offered severance
packages.

Enzon expects to make the last severance payment in the
second quarter of 2012, the company said in a regulatory
filing.

The Bridgewater, New Jersey-based company’s shares, which
have gained about 21 percent since its CEO stepped down in
February, closed at $11.21 on Monday on Nasdaq.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by
Jarshad Kakkrakandy)

UPDATE 1-Enzon Pharma to cut workforce by 26 pct, take charges