Edgar Filing: ENZON PHARMACEUTICALS INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Highbridge International LLC

2. Issuer Name and Ticker or Trading Symbol
ENZON PHARMACEUTICALS INC [ENZN]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

C/O HARMONIC FUND SERVICES, THE CAYMAN CORPORATE CENTRE, 4TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
02/15/2007

(Street)

27 HOSPITAL ROAD, GRAND CAYMAN, E9 00000

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Shares of common stock, $0.01 par value ("Common Stock")	02/15/2007		P		30,000	A	$ 8.67	30,000	I ⁽²⁾ ⁽³⁾	See footnotes ⁽²⁾ ⁽³⁾
Common Stock	02/15/2007		P		8,368	A	$ 8.75	38,368	I ⁽³⁾ ⁽⁴⁾	See footnotes ⁽³⁾ ⁽⁴⁾
Common Stock	02/15/2007		P		8,743	A	$ 8.74	47,111	I ⁽³⁾ ⁽⁵⁾	See footnotes ⁽³⁾ ⁽⁵⁾
Common Stock	02/15/2007		P		9,065	A	$ 8.73	56,176	I ⁽³⁾ ⁽⁶⁾	See footnotes ⁽³⁾ ⁽⁶⁾
Common Stock	02/15/2007		P		8,700	A	$ 8.72	64,876	I ⁽³⁾ ⁽⁷⁾	See footnotes ⁽³⁾ ⁽⁷⁾
Common Stock	02/15/2007		P		4,034	A	$ 8.71	68,910	I ⁽³⁾ ⁽⁸⁾	See footnotes ⁽³⁾ ⁽⁸⁾
Common Stock	02/15/2007		J⁽¹⁾		4,034	D	$ 8.71	64,876	I ⁽³⁾ ⁽⁸⁾	See footnotes ⁽³⁾ ⁽⁸⁾
Common Stock	02/15/2007		J⁽¹⁾		8,700	D	$ 8.72	56,176	I ⁽³⁾ ⁽⁷⁾	See footnotes ⁽³⁾ ⁽⁷⁾
Common Stock	02/15/2007		J⁽¹⁾		9,065	D	$ 8.73	47,111	I ⁽³⁾ ⁽⁶⁾	See footnotes ⁽³⁾ ⁽⁶⁾
Common Stock	02/15/2007		J⁽¹⁾		8,743	D	$ 8.74	38,368	I ⁽³⁾ ⁽⁵⁾	See footnotes ⁽³⁾ ⁽⁵⁾
Common Stock	02/15/2007		J⁽¹⁾		8,368	D	$ 8.75	30,000	I ⁽³⁾ ⁽⁴⁾	See footnotes ⁽³⁾ ⁽⁴⁾
Common Stock	02/15/2007		J⁽¹⁾		30,000	D	$ 8.76	0	I ⁽²⁾ ⁽³⁾	See footnotes ⁽²⁾ ⁽³⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Highbridge International LLC C/O HARMONIC FUND SERVICES THE CAYMAN CORPORATE CENTRE, 4TH FLOOR 27 HOSPITAL ROAD, GRAND CAYMAN, E9 00000		X
Dubin Glenn C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC 9 WEST 57TH STREET, 27TH FLOOR NEW YORK, NY 10019		X
Highbridge Convertible Arbitrage Master Fund, L.P. C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC 9 WEST 57TH STREET, 27TH FLOOR NEW YORK, X1 10019		X
HIGHBRIDGE CAPITAL MANAGEMENT LLC 9 WEST 57TH STREET, 27TH FLOOR NEW YORK, NY 10019		X
Swieca Henry C/O HIGHBRIDGE CAPITAL MANAGEMENT, LLC 9 WEST 57TH STREET, 27TH FLOOR NEW YORK, NY 10019		X
HIGHBRIDGE CAPITAL CORP C/O HARMONIC FUND SERVICES THE CAYMAN CORPORATE CENTRE, 4TH FLOOR 27 HOSPITAL ROAD GRAND CAYMAN, E9 00000		X

Signatures

HIGHBRIDGE CAPITAL MANAGEMENT, LLC, By: /s/ Carolyn Rubin, Managing Director		02/20/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Exempt transfer of shares to return shares borrowed in connection with short sales entered into prior to the time that the Reporting Persons became subject to the reporting requirements of Section 16.
(2)	6,269 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 23,731 shares of Common Stock are attributable to Highbridge International LLC.
(3)	Highbridge International LLC is a subsidiary of Highbridge Master L.P. Highbridge Capital Corporation and Highbridge Capital L.P. are limited partners of Highbridge Master L.P. Highbridge GP, Ltd. is the General Partner of Highbridge Master L.P. Highbridge GP, LLC is the General Partner of Highbridge Capital L.P. Highbridge Capital Management, LLC is the trading manager of Highbridge Capital Corporation, Highbridge Capital L.P., Highbridge International LLC, Highbridge Convertible Arbitrage Master Fund, L.P. and Highbridge Master L.P. Glenn Dubin is a Co-Chief Executive Officer of Highbridge Capital Management, LLC. Henry Swieca is a Co-Chief Executive Officer of Highbridge Capital Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock owned by another Reporting Person to the extent such beneficial ownership exceeds such Reporting Person's pecuniary interest.
(4)	1,749 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,619 shares of Common Stock are attributable to Highbridge International LLC.
(5)	1,827 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,916 shares of Common Stock are attributable to Highbridge International LLC.
(6)	1,894 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 7,171 shares of Common Stock are attributable to Highbridge International LLC.
(7)	1,818 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 6,882 shares of Common Stock are attributable to Highbridge International LLC.
(8)	843 shares of Common Stock are attributable to Highbridge Convertible Arbitrage Master Fund, L.P. and 3191 shares of Common Stock are attributable to Highbridge International LLC.

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