Enzon Pharmaceuticals To Cut Nearly Half Of Its Workforce

Enzon Pharmaceuticals Thursday announced a 48% reduction in employees to more closely align its resources with the company's research and development activities.

Results for the ongoing quarter would include a charge related to the workforce reduction.

The reduction in force will reduce the number of employees by approximately 48%, to a total of 47, effective June 2012.

Enzon expects the reduction in force to result in approximately $6.0 million in reduced annualized operating expenses once the plan is fully implemented by the second quarter of 2012.

The Piscataway, New Jersey-headquartered company also expects to incur a charge in the third quarter of 2011 of approximately $3.0 million related to the reduction.