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Major Shareholders Criticize Enzon Pharmaceuticals Management Team in Open Letter
Date:1/30/2009

f multiple missteps by management. A non-exhaustive list includes:

  1. CEO Jeff Buchalter has been unwilling and/or unable to communicate a strategic vision that investors can support.
  2. Mr. Buchalter has also been one of the least accessible CEOs of a small biopharmaceutical company that we have ever come across. This has been evidenced by a paucity of meetings with investors, lack of presence at institutional investor conferences, and an apparent disinterest in responding to inquiries from shareholders and sell-side analysts. As a result, we believe that the market does not appreciate the value of the Company's clinical programs.
  3. Management mishandled last year's search for a buyer for certain Company assets by restricting the process. We believe all options should have been left on the table with potential buyers, including the sale of the entire Company, or the sale of the specialty pharmaceuticals business with or without the royalty stream.
  4. Management compensation is well out of line with the Company's stock price performance.
  5. The idea of spinning off the biotech R&D entity was flawed from the beginning, given market conditions which afford little value to Phase I programs. This is particularly true when management has not done nearly enough to explain and justify these programs to potential investors.

Steps must be taken to remedy these past missteps, improve the Company's business and prospects, and ultimately elevate shareholder value. Among other things, we believe that Enzon's current board should consider the following steps to increase shareholder value:

  1. Institute an aggressive share buyback plan in addition to the recently completed tender offer for a portion of the Company's convertible debt.
  2. Hold a legitimate auction for the entire company or, at
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SOURCE Knott Partners
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