SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 14, 1998
ENZON, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12957 22-237286
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
20 Kingsbridge Road, Piscataway, New Jersey 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 980-4500
________________________________________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events
Company Completes $19 Million Private Placement
Enzon, Inc. (the "Company") announced the completion of its previously
announced private placement. Under the private placement agreements, which were
signed on June 25, 1998, the Company sold 3,983,000 shares of common stock to a
small group of investors resulting in gross proceeds of $18,919,250. The private
placement was managed by Warburg Dillon Read LLC.
The net proceeds of the private placement of approximately $17,600,000 will
be used for general corporate purposes, including further development of the
Company's second and third generation PEG (polyethylene glycol) products in an
effort to create more value before such products are licensed out to strategic
partners. Proceeds will also be used to develop a number of additional high
potential PEG and Single-Chain Antigen-Binding (SCA(R)) Protein compounds. The
proceeds from this private placement along with the Company's current cash
reserves should be sufficient to meet the Company's future capital and
operational requirements for the foreseeable future, based on currently planned
research and development activities and related costs.
The financing provides the Company with resources to accelerate its
existing programs and bring in additional high potential PEG and SCA products.
The Company expects that the financing will eliminate the Company's dependence
on the capital markets for the funding of currently planned operations for the
foreseeable future.
Except for the historical information herein, the matters discussed herein
include forward-looking statements that may involve a number of risks and
uncertainties. Actual results may vary significantly based upon a number of
factors which are described in the Company's Form 10-K, Form 10-Q's and Form 8-K
on file with the SEC, including without limitation, risks in obtaining and
maintaining regulatory approval for expanded indications, market acceptance of
and continuing demand for the Company's products and the impact of competitive
products and pricing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 17, 1998
ENZON, INC.
(Registrant)
By: /S/ KENNETH J. ZUERBLIS
----------------------------
Kenneth J. Zuerblis
Vice President, Finance
and Chief Financial Officer