Enzon Inc. is using a different take on a private investment in a publicentity (PIPE) financing to raise $15 million. The Picataway, N.J.,company said Friday its stock purchase agreement with SusquehannaBrokerage Services Inc. was declared effective by the Securities andExchange Commission.Susquehanna will purchase newly issued Enzon (NASDAQ:ENZN)stock in six closings and six separate pricing periods over the next nineto 12 months. The initial registration statement covers the first $6million of stock to be purchased in the first three closings.The first $2 million purchase will buy stock based on the average stockprice over the next 20 trading days, less a 9 percent discount. Thefollowing two purchases will work the same way. Subsequenttransactions will involve Susquehanna buying between 600,000 and1.25 million shares of Enzon stock, which closed unchanged Friday at$3.75 per share."The reason the company did this was to potentially limit dilution toour shareholders," Kenneth Zuerblis, Enzon's vice president of finance,told BioWorld. "Any increase in the stock price would limit dilution.We want to take advantage of any future stock price increase." _ JimShrineThe company's stock was trading as high as $5.63 in each of the firstthree months of the year. As of March 31, Enzon had about 23.6million shares outstanding.Enzon is developing therapeutics for diseases through applications ofits proprietary technologies, Penology and Single-Chain Antigen-Binding (SAC) proteins. The company recently received $5 millionfrom Rhone-Poulenc Rorer for marketing rights to its drug, Oncaspar.It also will get half the profits from sales of the drug in the UnitedStates.The financing and $5 million will take the company through February1995, the company said. _ Jim Shrine
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