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NEW YORK - DellaCamera Capital Master Fund Ltd. said Tuesday it has agreed to withdraw its three nominations to the board of drug maker Enzon Pharmaceuticals Inc., according to a filing with the Securities and Exchange Commission.
| ENZN | 8.71 |  -0.2 |
In return, the Bridgewater, N.J.-based company has agreed to add one new independent director to its board.
Enzon said the board will identify and recommend a new director for approval before May 31. The board may consider one of the individuals previously nominated by DellaCamera, but is not required to do so, the company said.
According to the filing, the investment fund beneficially owns 2.4 million shares, or a 5.5 percent stake in Enzon.
In January, DellaCamera sent a letter to Enzon, nominating three individuals for election to the board in an effort to increase shareholder value.
Enzon shares gained 16 cents to $8.56 in afternoon trading.
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