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ENZN > SEC Filings for ENZN > Form 8-K on 26-Mar-2013All Recent SEC Filings

Show all filings for ENZON PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ENZON PHARMACEUTICALS INC


26-Mar-2013

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.

On March 21, 2013, in an effort to continue to cut ongoing operating expenses, Enzon Pharmaceuticals, Inc. (the "Company") committed to a plan to reduce its workforce from 19 employees to 12 employees. The Company estimates that it will incur approximately $1.3 million in charges related to the reduction in force, all of which would result in cash expenditures for one-time employee termination benefits and associated costs. The Company expects to record the charges and complete the reduction in force by the end of the first quarter of 2013.

This Item 2.05 contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this Item 2.05, other than statements that are purely historical, are forward-looking statements, 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, including statements regarding the Company's estimate of charges related to the reduction in force and the Company's expectation regarding the timing of the charges and the completion of the reduction in force. Such forward-looking statements are based upon management's present expectations, objectives, anticipation, plans, hopes, beliefs, intentions or strategies regarding the future and are subject to known and unknown risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements.

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