Viskase Holdings, Inc.

Enzon Pharmaceuticals, Inc. is a public company acquisition vehicle, incorporated on May 11, 1983. Historically, the company generated royalty revenues from licensing agreements with other companies. These revenues were primarily related to sales of drug products that utilized Enzon's proprietary technology. For over ten years, Enzon has not conducted clinical operations and has maintained limited corporate operations. The company previously had a marketing agreement for the drug Vicineum, which could have generated future milestone and royalty payments if approved. However, the licensee for Vicineum was canceled by the counterparty to the marketing agreement, and Enzon's patent for Vicineum has since expired. Consequently, the company does not expect to earn any future material revenue from this product. On June 20, 2025, Enzon, EPSC Acquisition Corp. (a wholly owned subsidiary of Enzon), and Viskase Companies, Inc. ("Viskase") entered into an Agreement and Plan of Merger, which was amended on October 24, 2025. Under this Merger Agreement, EPSC Acquisition Corp. will merge with and into Viskase, with Viskase surviving as a wholly owned subsidiary of Enzon. Following the merger, Enzon's pre-closing stockholders, including holders of its Series C Non-Convertible Redeemable Preferred Stock, are anticipated to hold 45% of the outstanding shares of Enzon's Common Stock, while Viskase's pre-closing stockholders will hold 55%.