Enzon falls to loss on restructuring costs
New Jersey, USA-based Enzon Pharmaceuticals fell into loss for the 12 months to December 31, 2008, due to costs associated with the evaluation of strategic alternatives and related restructuring.
Revenue rose 6% to $196.9 million, whereas R&D costs were up 6% to $58.1 million. The firm posted a net loss of $2.7 million, or $0.06 loss per share, versus a profit of $83.1 million, or $1.89 per share. As of December 31, 2008, the company had $144.9 million in cash remaining.
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