Exhibit 10.1

May 17, 2011

Ana I. Stancic
1 Squire Court
Mahwah, NJ 07430

Dear Ana:

We are pleased to extend this invitation to join Enzon Pharmaceuticals, Inc. This letter confirms our offer of employment to you. Reporting to Ralph del Campo, Chief Operating Officer & Principal Executive Officer, you will join Enzon in the position of Senior Vice President, Finance and Chief Financial Officer, starting on June 8, 2011.

Compensation
Your base salary will be $12,692.31 payable bi-weekly, which annualizes to $330,000 (over 26 pay periods). You are eligible for participation in Enzon’s annual cash incentive program with a target incentive of 50% of your base salary. This annual incentive may vary above (up to 150% of target) or below target based on the achievement of individual objectives. Your first year incentive will be prorated from June 8, 2011, and based on mutually agreed upon goals with your supervisor. Your performance will be reviewed on an annual basis in conjunction with Enzon’s annual performance management review process. Base salary increases and cash incentive payouts are at the discretion of management and will be based on individual and company performance. All compensation described in this letter will be subject to applicable withholdings.

Equity
To be effective on your first date of employment, you will be granted options to purchase Thirty Thousand (30,000) shares of common stock under the Enzon 2011 Stock Option and Incentive Plan, granted with exercise prices equal to the fair market value of the Company’s Common Stock on the date of the grant. These options have a ten (10) year grant life and shall vest and become exercisable at a rate of one-fourth (1/4) of these shares per year commencing on the first anniversary from your date of hire, conditioned upon your continued employment with the Company as of the date of vesting. A separate stock option grant agreement document will provide more detail on the terms and conditions of the above grant. These and any subsequent grants are as governed by Company policy and at the discretion of the Board of Directors.

To be effective on your first date of employment, you will be awarded Twenty-Five Thousand (25,000) restricted stock units under the Enzon 2011 Stock Option and Incentive Plan. These units shall vest and convert to shares of common stock on the third anniversary of your first date of employment, conditioned upon your continued employment with the Company as of the date of vesting; however 50% of these units are subject to accelerated vesting based upon the achievement of specified performance milestones as approved by the Board. A separate restricted stock unit award agreement document will provide more detail on the terms and conditions of the above award. These and any subsequent grants are as governed by Company policy and at the discretion of the Board of Directors.

Benefits
You will be granted up to twenty-two (22) days of compensated time off per year, which is earned each pay period, to be used for vacation, personal and sick days. In addition, Enzon observes paid holidays, in accordance