Steelhead Owns Nearly 6% of Enzon Pharmaceuticals

Steelhead Partners now owns 2.7 million shares of development-stage biotechnology company Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN). The 13G filed with the SEC has the fund, which is managed by Michael Johnston, owning 5.8% of the total shares outstanding; Steelhead had owned some of Enzon’s debt in its most recent 13F filing, but did not report any equity ownership (see Steelhead’s stock picks). The company’s products in development primarily consist of treatments for cancer patients. The stock is down 32% over the last year though in its most recent quarterly report Enzon held a large cash position.