Enzon Files for Spin-off of Biotech Business

BRIDGEWATER, N.J.--(Business Wire)--
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that it
filed a Form 10 Registration Statement with the U.S. Securities and
Exchange Commission ("SEC") related to its previously announced plan
to spin-off its biotechnology business to Enzon's shareholders.

In May 2008, Enzon announced its plan to spin-off its
biotechnology business, named Evivrus, Inc., to create a separate,
publicly-traded, highly-focused biotechnology company. Evivrus will
concentrate on the discovery and development of important medicines
for patients with cancer and other life-threatening conditions
utilizing cutting-edge technologies, including PEGylation Customized
Linker Technology and Locked Nucleic Acid technology.

"Filing this document with the SEC is an important milestone in
the process of spinning-off our biotechnology business as part of
Enzon's ongoing efforts to build value for all of our shareholders.
This separation will allow Enzon and Evivrus to concentrate on their
respective businesses and to appeal to their own unique shareholder
bases," said Jeffrey H. Buchalter, Chairman, President and Chief
Executive Officer of Enzon.

The Form 10 contains detailed information regarding the business
and management of Evivrus, as well as important details about the
proposed spin-off transaction. The spin-off is expected to be a
taxable transaction. Completion of the spin-off is subject to numerous
conditions, including final approval by Enzon's Board of Directors and
the effectiveness of the Form 10 Registration Statement.

The information statement included the Form 10 will be mailed to
all persons who are Enzon shareholders prior to the spin-off. The Form
10 Registration Statement is available on the SEC's website at
www.sec.gov under the company name Evivrus, Inc. and will also be
available at Enzon's website at www.enzon.com.

About Enzon

Enzon Pharmaceuticals, Inc. is a biopharmaceutical company
dedicated to the development, manufacturing, commercialization of
important medicines for patients with cancer and other
life-threatening conditions. Enzon has a portfolio of four marketed
products, Oncaspar(R), DepoCyt(R), Abelcet(R) and Adagen(R). The
Company's drug development programs utilize several cutting-edge
approaches, including its industry-leading PEGylation technology
platform used to create product candidates with benefits such as
reduced dosing frequency and less toxicity. Enzon's PEGylation
technology was used to develop two of its products, Oncaspar and
Adagen, and has created a royalty revenue stream from licensing
partnerships for other products developed using the technology. Enzon
also engages in contract manufacturing for several pharmaceutical
companies to broaden the Company's revenue base. Further information
about Enzon and this press release can be found on the Company's web
site at www.enzon.com.

Forward Looking Statements

There are forward-looking statements contained herein, which can
be identified by the use of forward-looking terminology such as the
words "believes," "expects," "may," "will," "should," "potential,"
"anticipates," "plans" or "intends" and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, events
or developments to be materially different from the future results,
events or developments indicated in such forward-looking statements.
Such factors include, but are not limited to the timing, success and
cost of clinical studies; the ability to obtain regulatory approval of
products, market acceptance of, and continuing demand for, Enzon's
products and the impact of competitive products and pricing. A more
detailed discussion of these and other factors that could affect
results is contained in our filings with the U.S. Securities and
Exchange Commission, including our annual report on Form 10-K for the
period ended December 31, 2007. These factors should be considered
carefully and readers are cautioned not to place undue reliance on
such forward-looking statements. No assurance can be given that the
future results covered by the forward-looking statements will be
achieved. All information in this press release is as of the date of
this press release and Enzon does not intend to update this
information.

Enzon Pharmaceuticals, Inc.
Craig Tooman, 908-541-8777
EVP, Finance and Chief Financial Officer

Copyright Business Wire 2008