As filed with the Securities and Exchange
                                                    Commission on March 16, 2006
                                            Registration No. 333-__________
=============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ________________

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933
                                ________________

                           Enzon Pharmaceuticals, Inc.
             (Exact name of Registrant as specified in its charter)

                       Delaware                           22-2372868
            (State or other jurisdiction of            (I.R.S. Employer
            incorporation or organization)            Identification No.)

                                685 Route 202/206
                          Bridgewater, New Jersey 08807
                    (Address of principal executive offices)
                             _______________________

                           Enzon Pharmaceuticals, Inc.
             Executive Deferred Compensation Plan (2005 Restatement)
                            (Full title of the plan)
                             _______________________

                              Jeffrey H. Buchalter
                             Chief Executive Officer
                           Enzon Pharmaceuticals, Inc.
                                685 Route 202/206
                          Bridgewater, New Jersey 08807
                     (Name and address of agent for service)

                                 (908) 541-8600
          (Telephone number, including area code, of agent for service)
                             _______________________
                                   Copies to:

       Lawrence R.  Miller, Esq.                   Kevin T. Collins, Esq.
       Vice President and General Counsel          Heller Ehrman LLP
       Enzon Pharmaceuticals, Inc.                 Times Square Tower
       685 Route 202/206                           7 Times Square
       Bridgewater, New Jersey 08807               New York, New York 10036
       Telephone   (908) 541-8600                  Telephone   (212) 832-8300


-------------------------------------------------------------------------------
                         CALCULATION OF REGISTRATION FEE
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
  Title of each class of securities                                                                                    Amount of
--------------------------------------     Amount to be          Proposed maximum            Proposed maximum        registration
           to be registered                 registered       offering price per share    aggregate offering price         fee
--------------------------------------- -------------------- -------------------------- --------------------------- ----------------
   Deferred Compensation
   Obligations(1).....................        $10,000,000            100% (2)                 $10,000,000(2)           $1,070.00
______________________

(1)  The  deferred   compensation   obligations  being  registered  are  general
     unsecured obligations of Enzon Pharmaceuticals, Inc. (the "Company") to pay
     deferred  compensation  in the future in  accordance  with the terms of the
     Enzon  Pharmaceuticals,  Inc.  Executive  Deferred  Compensation Plan (2005
     Restatement) (the "Plan").  In addition,  pursuant to Rule 416(c) under the
     Securities Act, this  registration  statement also covers an  indeterminate
     amount of interests to be offered to be sold pursuant to the Plan.

(2)  Computed in accordance  with Rule 457(h) under the  Securities Act of 1933,
     as amended (the "Securities Act") solely for the purpose of calculating the
     registration fee.
</TABLE>

<PAGE>




                                     PART I
               INFORMATION REQUIRED IN THE SECTION 10(a)PROSPECTUS

Item 1.           Plan Information.*

Item 2.           Registrant Information and Employee Plan Annual Information.*

*Information  required by Part I to be contained in the Section 10(a) prospectus
is omitted from this  registration  statement in accordance  with Rule 428 under
the Securities Act and the Note to Part I of Form S-8.


                                     PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.           Incorporation of Documents by Reference.

     The following  documents filed with the Securities and Exchange  Commission
(the "Commission") are hereby incorporated by reference:

     (a) The  registrant's  Transition  Report on Form  10-K for the  transition
period  ended  December 31, 2005,  filed with the  Commission  on March 3, 2006,
pursuant to Section  13(a) of the  Securities  Exchange Act of 1934,  as amended
(the "Exchange Act").

     (b All  other  reports  filed  pursuant  to  Section  13(a) or 15(d) of the
Exchange Act since the end of the fiscal period covered by the Transition Report
referred to in (a) above.

     All documents  subsequently  filed by the  registrant  pursuant to Sections
13(a),  13(c),  14 and  15(d) of the  Exchange  Act,  prior to the  filing  of a
post-effective amendment which indicates that all securities offered hereby have
been sold or which  deregisters all securities then remaining  unsold,  shall be
deemed to be incorporated by reference in this registration  statement and to be
part hereof from the date of filing such documents.

Item 4.           Description of Securities.

     The Plan  provides  a select  group of  management  or  highly  compensated
employees  of the Company with the  opportunity  to defer the receipt of certain
cash compensation.  Effective January 1, 2005, the Plan was amended and restated
to  comply  with the  deferred  compensation  provisions  in the  American  Jobs
Creation Act of 2004, and the restated Plan applies to all deferrals that relate
entirely to  services  performed  on or before  December  31,  2004 (i.e.,  with
respect to compensation  that was earned and vested as of December 31, 2004) and
deferrals  that relate all or in part to services  performed on or after January
1, 2005.

     The  obligations of the Company under the Plan (the "Deferred  Compensation
Obligations")  shall be that of an unfunded and unsecured promise of the Company
to  pay  money  in  the  future  to   participating   eligible   employees  (the
"Participants") in accordance with the terms of the Plan from the general assets
of the Company, and will rank pari passu with other unsecured and unsubordinated
indebtedness of the Company from time to time outstanding.

     Each  Participant may elect to defer under the Plan all or a portion of his
or her base salary and/or annual  incentive  compensation  that may otherwise be
payable in a calendar year. In addition,  the committee  administering  the Plan
may, in its sole  discretion,  award  non-elective  deferred  compensation  to a
Participant.  Any  credit of  non-elective  deferred  compensation  will vest in
accordance  with  the  schedule   determined  by  the  committee  and  shall  be
distributed in a manner consistent with the election last made by the particular
Participant.

     A Participant's  compensation  deferrals are credited to the  Participant's
bookkeeping account  ("Account")  maintained under the Plan. A Participant shall
allocate his or her Account among the deemed investment  options available under
the Plan from time to time. Amounts credited to Participants'  Accounts for each
year are adjusted for earnings or losses based on the investment options elected
by the Participant. The Company is not obligated to actually invest any deferred
amounts in those investment options. Each Participant's Account is credited on a
daily basis with a deemed rate of interest and/or  earnings or losses  depending
upon the investment performance of the deemed investment option.


                                      1
<PAGE>

     The  Participant  may generally elect the time and manner of payment of the
Deferred Compensation Obligations.  At the election of the Participant,  payment
of the  Deferred  Compensation  Obligations  may  be  made  in a lump  sum or in
substantially equal annual installments (subject to a maximum of ten (10) annual
installments).  The time for payment elected by the Participant  shall be a date
certain at the time of election or the date of the Participant's separation from
service,  provided that such  specified date shall actually occur on or prior to
the  Participant's  separation from service,  disability or death or a change in
control of the  Company.  In the event of a change in control of the  Company in
accordance  with the terms of the Plan,  payments  will be made in the form of a
lump sum.

     Neither  a  Participant,  nor any  other  person,  shall  have any right to
commute,  sell,  assign,  transfer,  pledge,  anticipate,  mortgage or otherwise
encumber, transfer,  hypothecate or convey any amounts payable under the Plan in
advance of the actual receipt of such amounts.

     The Deferred  Compensation  Obligations  are not subject to redemption,  in
whole  or in  part,  prior  to the  individual  payment  dates  selected  by the
Participants,  except that  Participants  may  withdraw  all or a portion of the
value of their Plan accounts under certain  specified  circumstances and certain
mandatory lump sum  distributions may be made. The Company reserves the right to
amend or  terminate  the Plan at any time,  provided  that,  except as otherwise
provided in the Plan, no amendment  shall decrease the benefits to a Participant
on compensation  deferred prior to the date of the amendment without the consent
of the Participant.

     The  total  amount  of  the  Deferred   Compensation   Obligations  is  not
determinable   because  the  amount  will  vary  depending  upon  the  level  of
participation by eligible  employees and the amounts of their  compensation that
they elect to defer under the Plan.

     The Deferred  Compensation  Obligations  are not  convertible  into another
security of the Company.

     The foregoing  summarizes the material terms and provisions of the Deferred
Compensation  Obligations,  is  not  a  complete  description  of  the  Deferred
Compensation  Obligations  and is  qualified in its entirety by reference to the
Plan.

Item 5.           Interests of Named Experts and Counsel.  Not applicable.

Item 6.           Indemnification of Directors and Officers.

     Section 145 of the Delaware General Corporation Law (the "DGCL") empowers a
corporation to indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil,  criminal,  administrative or investigative (other than an action
by or in the right of the  corporation)  by reason of the fact that he or she is
or was a director,  officer,  employee or agent of the  corporation or is or was
serving at the request of the  corporation as a director,  officer,  employee or
agent of another  corporation or other enterprise,  against expenses  (including
attorneys' fees),  judgments,  fines and amounts paid in settlement actually and
reasonably  incurred  by him or her in  connection  with  such  action,  suit or
proceeding if he or she acted in good faith and in a manner he or she reasonably
believed  to be in, or not opposed to, the best  interests  of the  corporation,
and, with respect to any criminal action or proceeding,  had no reasonable cause
to believe his or her conduct was unlawful.

     Section 145 also empowers a corporation  to indemnify any person who was or
is a party or is  threatened  to be made a party to any  threatened,  pending or
completed  action or suit by or in the  right of the  corporation  to  procure a
judgment in its favor by reason of the fact that such person acted in any of the
capacities  set  forth  above,  against  expenses  (including  attorneys'  fees)
actually and reasonably incurred by him or her in connection with the defense or
settlement  of such action or suit if he or she acted under  similar  standards,

                                       2

<PAGE>



except  that no  indemnification  may be made in respect of any claim,  issue or
matter as to which  such  person  shall have been  adjudged  to be liable to the
corporation  unless, and only to the extent that, the Delaware Court of Chancery
or the court in which such action was brought shall  determine  that despite the
adjudication  of  liability  such  person is fairly and  reasonably  entitled to
indemnity,  for such expenses which the Delaware Court of Chancery or such other
court shall deem proper.

     Section  145  further  provides  that to the  extent a  director,  officer,
employee or agent of a  corporation  has been  successful  in the defense of any
action,  suit or  proceeding  referred  to above or in the defense of any claim,
issue or  matter  therein,  he or she  shall  be  indemnified  against  expenses
(including  attorneys'  fees) actually and reasonably  incurred by him or her in
connection therewith, that indemnification provided for by Section 145 shall not
be deemed  exclusive of any other rights to which the  indemnified  party may be
entitled;  and that the  corporation  is  empowered  to  purchase  and  maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation  against any liability  asserted  against him or her in
any such  capacity or arising  out of his or her status as such,  whether or not
the  corporation  would  have the power to  indemnify  him or her  against  such
liability under Section 145.

     Section  102(b)(7) of the DGCL enables a corporation in its  certificate of
incorporation  to limit  the  personal  liability  of  members  of its  board of
directors for violation of a director's  fiduciary  duty of care.  Article 10 of
the Company's certificate of incorporation,  as authorized by Section 102(b)(7),
provides  that a  director  shall not be liable to the  Company  for breach of a
fiduciary duty, except for liability:

     o    for any breach of the director's duty of loyalty to the Company or the
          Company's stockholders;

     o    for acts or omissions not in good faith or which  involve  intentional
          misconduct or a knowing violation of law;

     o    under section 174 of the DGCL providing for liability of directors for
          unlawful   payment  of  dividends  or  unlawful  stock   purchases  or
          redemptions;

     o    for any transaction from which a director derived an improper benefit;
          or

     o    for any act or omission  occurring  prior to the date when  Article 10
          became effective.

     Section 8.1 of the Company's  bylaws provides for the  indemnification,  to
the fullest  extent  authorized  by law, of any person made, or threatened to be
made,  a  party  to  an  action  or   proceeding,   whether   criminal,   civil,
administrative or investigative, against expenses, judgments, fines, and amounts
paid in settlement  incurred in connection  with such action or  proceeding,  by
reason of the fact  that such  person is or was a  director  or  officer  of the
Company. The Company's  Directors' and Officers' Liability  Insurance,  which is
provided for under Section 8.3 of the Company's  bylaws,  insures  directors and
officers against any liability arising out of such person's status as a director
or officer,  and insures the Company  against its  obligations  to indemnify its
directors and officers.

     The Company's  officers and directors  have executed  indemnity  agreements
which  supplement  the  protections  provided by the  Company's  certificate  of
incorporation  and bylaws.  These agreements  require the Company to pay for any
damages,  judgments,  settlements,  costs and  expenses for the defense of legal
actions, claims,  proceedings and appeals due to any actual or alleged breach of
duty, neglect, error, misstatement,  misleading statement, omission or other act
done,  suffered  or  wrongfully  attempted  by the officer or  director.  If the
Company does not pay such costs and expenses  within 90 days after it receives a
written  claim,  such officers or directors may bring a suit against the Company
to  recover  the unpaid  amount of the claim.  If such  officer or  director  is
successful,  the  Company  will be  required  to pay for the  expenses  incurred
relating to the claim.

Item 7.           Exemption from Registration Claimed.  Not applicable.


                                       3
<PAGE>

Item 8.           Exhibits.

                   Exhibit
                   Number
                   4.1           Enzon Pharmaceuticals, Inc. Executive Deferred
                                 Compensation Plan (2005 Restatement)(1).
                   5.1           Opinion of Heller Ehrman LLP.
                   23.1          Consent of Heller Ehrman LLP (included in
                                        Exhibit 5.1).
                   23.2          Consent of Independent Registered Public
                                        Accounting Firm.
                   24.1          Powers of Attorney (included in signature
                                         page to this registration statement).
                   -------------

               (1)  Incorporated  by reference to Exhibit 10.33 to the Company's
                    Annual Report on Form 10-K for the year ended June 30, 2005,
                    previously filed with the Commission on September 9, 2005.

Item 9.         Undertakings.

         (a)  The undersigned registrant hereby undertakes:

               (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

                        (i) To include any  prospectus  required by Section
10(a)(3) of the  Securities Act;

                        (ii) To  reflect  in the  prospectus  any  facts  or
events  arising after the effective date of the  registration  statement (or the
most recent  post-effective  amendment  thereof)  which,  individually or in the
aggregate,  represent a fundamental  change in the  information set forth in the
registration statement.  Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was  registered)  and any deviation  from the low or
high end of the estimated maximum offering range may be reflected in the form of
prospectus  filed  with  the  Commission  pursuant  to Rule  424(b)  if,  in the
aggregate,  the changes in volume and price  represent no more than a 20% change
in the  maximum  aggregate  offering  price  set  forth in the  "Calculation  of
Registration Fee" table in the effective registration statement; and

                    (iii) To include any  material  information  with respect to
the plan of distribution not previously disclosed in the registration  statement
or any material change to such information in the registration statement;

     Provided,  however,  that paragraphs  (a)(1)(i) and (a)(1)(ii) above do not
apply if the information  required to be included in a post-effective  amendment
by those  paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant  pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.

               (2) That, for the purpose of determining  any liability under the
Securities Act, each such  post-effective  amendment shall be deemed to be a new
registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

               (3) To  remove  from  registration  by means of a  post-effective
amendment  any of the  securities  being  registered  which remain unsold at the
termination of the offering.

        (b)  The  undersigned  registrant  hereby  undertakes  that,  for
purposes of determining  any liability  under the Securities Act, each filing of
the registrant's transition report pursuant to Section 13(a) or Section 15(d) of
the  Exchange Act (and,  where  applicable,  each filing of an employee  benefit
plan's  annual  report  pursuant to Section  15(d) of the Exchange  Act) that is
incorporated by reference in the registration  statement shall be deemed to be a
new registration  statement relating to the securities offered therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

        (c) Insofar as the  indemnification for liabilities arising under
the  Securities  Act may be permitted  to  directors,  officers and  controlling
persons of the registrant  pursuant to the foregoing  provisions,  or otherwise,
the  registrant  has been  advised  that in the opinion of the  Commission  such
indemnification  is against public policy as expressed in the Securities Act and
is,  therefore,  unenforceable.  In the event  that a claim for  indemnification
against such  liabilities  (other than the payment by the registrant of expenses
incurred or paid by a director,  officer or controlling person of the registrant
in a successful  defense of any action,  suit or proceeding) is asserted by such
director,  officer or controlling person in connection with the securities being
registered hereunder,  the registrant will, unless in the opinion of its counsel
the  matter  has been  settled by  controlling  precedent,  submit to a court of
appropriate  jurisdiction the question of whether such  indemnification by it is
against public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.



                            [Signature Pages Follow]


                                       5
<PAGE>





                                   SIGNATURES

     Pursuant to the  requirements of the Securities Act of 1933, the registrant
certifies  that it has  reasonable  grounds to believe  that it meets all of the
requirements  for  filing on  Form S-8  and has duly  caused  this  Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized, in the City of Bridgewater, State of New Jersey, on March 15, 2006.

                    Enzon Pharmaceuticals, Inc.

                    By:       /s/ Jeffrey H. Buchalter
                              ----------------------------------------------
                              Jeffrey H. Buchalter
                              President, Chief Executive Officer and
                              Chairman of the Board (Principal Executive
                              Officer)

                                POWER OF ATTORNEY

     KNOW ALL  PERSONS  BY THESE  PRESENTS,  that each  person  whose  signature
appears below constitutes and appoints Jeffrey H. Buchalter and Craig A. Tooman,
jointly and severally,  his or her  attorneys-in-fact  and agents, each with the
power of substitution and resubstitution, for him or her and in his or her name,
place  or  stead,  in any and all  capacities,  to sign any  amendments  to this
Registration Statement on Form S-8,  and to file such amendments,  together with
exhibits and other  documents in connection  therewith,  with the Securities and
Exchange Commission, granting to each attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully as he or she might or could do in
person, and ratifying and confirming all that the  attorneys-in-fact and agents,
or his or her  substitute or  substitutes,  may do or cause to be done by virtue
hereof.

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
Registration  Statement  has  been  signed  by  the  following  persons  in  the
capacities and on the dates indicated.


<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                 Signature                                         Title                                    Date

/s/ Craig A. Tooman                           Executive Vice President, Finance and Chief              March 15, 2006
Craig A. Tooman                                 Financial Officer (Principal Financial
                                                Officer)

/s/ Jeffrey H. Buchalter                      President, Chief Executive Officer and Chairman          March 15, 2006
Jeffrey H. Buchalter                            of the Board (Principal Executive Officer)

/s/ Goran Ando                                Director                                                 March 15, 2006
Goran Ando

/s/ Rolf A. Classon                           Director                                                 March 15, 2006
Rolf A. Classon

/s/ Rosina B. Dixon                           Director                                                 March 15, 2006
Rosina B. Dixon

/s/ Robert LeBuhn                             Director                                                 March 15, 2006
Robert LeBuhn

/s/ Victor P. Micati                          Director                                                 March 15, 2006
Victor P. Micati

                                              Director
Phillip M. Renfro

/s/ Robert C. Salisbury                       Director                                                 March 15, 2006
Robert C. Salisbury
</TABLE>

                                       6
<PAGE>




                                INDEX TO EXHIBITS


    Exhibit
    Number
    4.1           Enzon Pharmaceuticals, Inc. Executive Deferred Compensation
                        Plan (2005 Restatement)(1).
    5.1           Opinion of Heller Ehrman LLP.
    23.1          Consent of Heller Ehrman LLP (included in Exhibit 5.1).
    23.2          Consent of Independent Registered Public Accounting Firm.
    24.1          Powers of Attorney (included in signature page to this
                        registration statement).
    -------------

(1)  Incorporated  by reference to Exhibit 10.33 to the Company's  Annual Report
     on Form 10-K for the year ended June 30,  2005,  previously  filed with the
     Commission on September 9, 2005.
[{"type": "S-8", "sequence": "1", "filename": "forms8.txt", "description": "FORM S-8", "secsgml_size_bytes": 26896}]
{"company-data": {"conformed-name": "ENZON PHARMACEUTICALS  INC", "cik": "0000727510", "assigned-sic": "2836", "irs-number": "222372868", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-132467", "film-number": "06691153"}, "business-address": {"street1": "685 ROUTE 202/206", "city": "BRIDGEWATER", "state": "NJ", "zip": "08807", "phone": "7329804500"}, "mail-address": {"street1": "C/O DORSEY & WHITNEY LLP", "street2": "250 PARK AVE", "city": "NEW YORK", "state": "NY", "zip": "10177"}, "former-company": [{"former-conformed-name": "ENZON PHARMACEUTICAL  INC", "date-changed": "20021210"}, {"former-conformed-name": "ENZON INC", "date-changed": "19920703"}]}
As filed with the Securities and Exchange
                                                    Commission on March 16, 2006
                                            Registration No. 333-__________
=============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ________________

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933
                                ________________

                           Enzon Pharmaceuticals, Inc.
             (Exact name of Registrant as specified in its charter)

                       Delaware                           22-2372868
            (State or other jurisdiction of            (I.R.S. Employer
            incorporation or organization)            Identification No.)

                                685 Route 202/206
                          Bridgewater, New Jersey 08807
                    (Address of principal executive offices)
                             _______________________

                           Enzon Pharmaceuticals, Inc.
             Executive Deferred Compensation Plan (2005 Restatement)
                            (Full title of the plan)
                             _______________________

                              Jeffrey H. Buchalter
                             Chief Executive Officer
                           Enzon Pharmaceuticals, Inc.
                                685 Route 202/206
                          Bridgewater, New Jersey 08807
                     (Name and address of agent for service)

                                 (908) 541-8600
          (Telephone number, including area code, of agent for service)
                             _______________________
                                   Copies to:

       Lawrence R.  Miller, Esq.                   Kevin T. Collins, Esq.
       Vice President and General Counsel          Heller Ehrman LLP
       Enzon Pharmaceuticals, Inc.                 Times Square Tower
       685 Route 202/206                           7 Times Square
       Bridgewater, New Jersey 08807               New York, New York 10036
       Telephone   (908) 541-8600                  Telephone   (212) 832-8300

-------------------------------------------------------------------------------
                         CALCULATION OF REGISTRATION FEE
Title of each class of securities                                                                                    Amount of
--------------------------------------     Amount to be          Proposed maximum            Proposed maximum        registration
           to be registered                 registered       offering price per share    aggregate offering price         fee
--------------------------------------- -------------------- -------------------------- --------------------------- ----------------
   Deferred Compensation
   Obligations(1).....................        $10,000,000            100% (2)                 $10,000,000(2)           $1,070.00
______________________

(1)  The  deferred   compensation   obligations  being  registered  are  general
     unsecured obligations of Enzon Pharmaceuticals, Inc. (the "Company") to pay
     deferred  compensation  in the future in  accordance  with the terms of the
     Enzon  Pharmaceuticals,  Inc.  Executive  Deferred  Compensation Plan (2005
     Restatement) (the "Plan").  In addition,  pursuant to Rule 416(c) under the
     Securities Act, this  registration  statement also covers an  indeterminate
     amount of interests to be offered to be sold pursuant to the Plan.

(2)  Computed in accordance  with Rule 457(h) under the  Securities Act of 1933,
     as amended (the "Securities Act") solely for the purpose of calculating the
     registration fee.
PART I
               INFORMATION REQUIRED IN THE SECTION 10(a)PROSPECTUS

Item 1.           Plan Information.*

Item 2.           Registrant Information and Employee Plan Annual Information.*

*Information  required by Part I to be contained in the Section 10(a) prospectus
is omitted from this  registration  statement in accordance  with Rule 428 under
the Securities Act and the Note to Part I of Form S-8.

                                     PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.           Incorporation of Documents by Reference.

     The following  documents filed with the Securities and Exchange  Commission
(the "Commission") are hereby incorporated by reference:

     (a) The  registrant's  Transition  Report on Form  10-K for the  transition
period  ended  December 31, 2005,  filed with the  Commission  on March 3, 2006,
pursuant to Section  13(a) of the  Securities  Exchange Act of 1934,  as amended
(the "Exchange Act").

     (b All  other  reports  filed  pursuant  to  Section  13(a) or 15(d) of the
Exchange Act since the end of the fiscal period covered by the Transition Report
referred to in (a) above.

     All documents  subsequently  filed by the  registrant  pursuant to Sections
13(a),  13(c),  14 and  15(d) of the  Exchange  Act,  prior to the  filing  of a
post-effective amendment which indicates that all securities offered hereby have
been sold or which  deregisters all securities then remaining  unsold,  shall be
deemed to be incorporated by reference in this registration  statement and to be
part hereof from the date of filing such documents.

Item 4.           Description of Securities.

     The Plan  provides  a select  group of  management  or  highly  compensated
employees  of the Company with the  opportunity  to defer the receipt of certain
cash compensation.  Effective January 1, 2005, the Plan was amended and restated
to  comply  with the  deferred  compensation  provisions  in the  American  Jobs
Creation Act of 2004, and the restated Plan applies to all deferrals that relate
entirely to  services  performed  on or before  December  31,  2004 (i.e.,  with
respect to compensation  that was earned and vested as of December 31, 2004) and
deferrals  that relate all or in part to services  performed on or after January
1, 2005.

     The  obligations of the Company under the Plan (the "Deferred  Compensation
Obligations")  shall be that of an unfunded and unsecured promise of the Company
to  pay  money  in  the  future  to   participating   eligible   employees  (the
"Participants") in accordance with the terms of the Plan from the general assets
of the Company, and will rank pari passu with other unsecured and unsubordinated
indebtedness of the Company from time to time outstanding.

     Each  Participant may elect to defer under the Plan all or a portion of his
or her base salary and/or annual  incentive  compensation  that may otherwise be
payable in a calendar year. In addition,  the committee  administering  the Plan
may, in its sole  discretion,  award  non-elective  deferred  compensation  to a
Participant.  Any  credit of  non-elective  deferred  compensation  will vest in
accordance  with  the  schedule   determined  by  the  committee  and  shall  be
distributed in a manner consistent with the election last made by the particular
Participant.

     A Participant's  compensation  deferrals are credited to the  Participant's
bookkeeping account  ("Account")  maintained under the Plan. A Participant shall
allocate his or her Account among the deemed investment  options available under
the Plan from time to time. Amounts credited to Participants'  Accounts for each
year are adjusted for earnings or losses based on the investment options elected
by the Participant. The Company is not obligated to actually invest any deferred
amounts in those investment options. Each Participant's Account is credited on a
daily basis with a deemed rate of interest and/or  earnings or losses  depending
upon the investment performance of the deemed investment option.

                                      1
The  Participant  may generally elect the time and manner of payment of the
Deferred Compensation Obligations.  At the election of the Participant,  payment
of the  Deferred  Compensation  Obligations  may  be  made  in a lump  sum or in
substantially equal annual installments (subject to a maximum of ten (10) annual
installments).  The time for payment elected by the Participant  shall be a date
certain at the time of election or the date of the Participant's separation from
service,  provided that such  specified date shall actually occur on or prior to
the  Participant's  separation from service,  disability or death or a change in
control of the  Company.  In the event of a change in control of the  Company in
accordance  with the terms of the Plan,  payments  will be made in the form of a
lump sum.

     Neither  a  Participant,  nor any  other  person,  shall  have any right to
commute,  sell,  assign,  transfer,  pledge,  anticipate,  mortgage or otherwise
encumber, transfer,  hypothecate or convey any amounts payable under the Plan in
advance of the actual receipt of such amounts.

     The Deferred  Compensation  Obligations  are not subject to redemption,  in
whole  or in  part,  prior  to the  individual  payment  dates  selected  by the
Participants,  except that  Participants  may  withdraw  all or a portion of the
value of their Plan accounts under certain  specified  circumstances and certain
mandatory lump sum  distributions may be made. The Company reserves the right to
amend or  terminate  the Plan at any time,  provided  that,  except as otherwise
provided in the Plan, no amendment  shall decrease the benefits to a Participant
on compensation  deferred prior to the date of the amendment without the consent
of the Participant.

     The  total  amount  of  the  Deferred   Compensation   Obligations  is  not
determinable   because  the  amount  will  vary  depending  upon  the  level  of
participation by eligible  employees and the amounts of their  compensation that
they elect to defer under the Plan.

     The Deferred  Compensation  Obligations  are not  convertible  into another
security of the Company.

     The foregoing  summarizes the material terms and provisions of the Deferred
Compensation  Obligations,  is  not  a  complete  description  of  the  Deferred
Compensation  Obligations  and is  qualified in its entirety by reference to the
Plan.

Item 5.           Interests of Named Experts and Counsel.  Not applicable.

Item 6.           Indemnification of Directors and Officers.

     Section 145 of the Delaware General Corporation Law (the "DGCL") empowers a
corporation to indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil,  criminal,  administrative or investigative (other than an action
by or in the right of the  corporation)  by reason of the fact that he or she is
or was a director,  officer,  employee or agent of the  corporation or is or was
serving at the request of the  corporation as a director,  officer,  employee or
agent of another  corporation or other enterprise,  against expenses  (including
attorneys' fees),  judgments,  fines and amounts paid in settlement actually and
reasonably  incurred  by him or her in  connection  with  such  action,  suit or
proceeding if he or she acted in good faith and in a manner he or she reasonably
believed  to be in, or not opposed to, the best  interests  of the  corporation,
and, with respect to any criminal action or proceeding,  had no reasonable cause
to believe his or her conduct was unlawful.

     Section 145 also empowers a corporation  to indemnify any person who was or
is a party or is  threatened  to be made a party to any  threatened,  pending or
completed  action or suit by or in the  right of the  corporation  to  procure a
judgment in its favor by reason of the fact that such person acted in any of the
capacities  set  forth  above,  against  expenses  (including  attorneys'  fees)
actually and reasonably incurred by him or her in connection with the defense or
settlement  of such action or suit if he or she acted under  similar  standards,

                                       2
except  that no  indemnification  may be made in respect of any claim,  issue or
matter as to which  such  person  shall have been  adjudged  to be liable to the
corporation  unless, and only to the extent that, the Delaware Court of Chancery
or the court in which such action was brought shall  determine  that despite the
adjudication  of  liability  such  person is fairly and  reasonably  entitled to
indemnity,  for such expenses which the Delaware Court of Chancery or such other
court shall deem proper.

     Section  145  further  provides  that to the  extent a  director,  officer,
employee or agent of a  corporation  has been  successful  in the defense of any
action,  suit or  proceeding  referred  to above or in the defense of any claim,
issue or  matter  therein,  he or she  shall  be  indemnified  against  expenses
(including  attorneys'  fees) actually and reasonably  incurred by him or her in
connection therewith, that indemnification provided for by Section 145 shall not
be deemed  exclusive of any other rights to which the  indemnified  party may be
entitled;  and that the  corporation  is  empowered  to  purchase  and  maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation  against any liability  asserted  against him or her in
any such  capacity or arising  out of his or her status as such,  whether or not
the  corporation  would  have the power to  indemnify  him or her  against  such
liability under Section 145.

     Section  102(b)(7) of the DGCL enables a corporation in its  certificate of
incorporation  to limit  the  personal  liability  of  members  of its  board of
directors for violation of a director's  fiduciary  duty of care.  Article 10 of
the Company's certificate of incorporation,  as authorized by Section 102(b)(7),
provides  that a  director  shall not be liable to the  Company  for breach of a
fiduciary duty, except for liability:

     o    for any breach of the director's duty of loyalty to the Company or the
          Company's stockholders;

     o    for acts or omissions not in good faith or which  involve  intentional
          misconduct or a knowing violation of law;

     o    under section 174 of the DGCL providing for liability of directors for
          unlawful   payment  of  dividends  or  unlawful  stock   purchases  or
          redemptions;

     o    for any transaction from which a director derived an improper benefit;
          or

     o    for any act or omission  occurring  prior to the date when  Article 10
          became effective.

     Section 8.1 of the Company's  bylaws provides for the  indemnification,  to
the fullest  extent  authorized  by law, of any person made, or threatened to be
made,  a  party  to  an  action  or   proceeding,   whether   criminal,   civil,
administrative or investigative, against expenses, judgments, fines, and amounts
paid in settlement  incurred in connection  with such action or  proceeding,  by
reason of the fact  that such  person is or was a  director  or  officer  of the
Company. The Company's  Directors' and Officers' Liability  Insurance,  which is
provided for under Section 8.3 of the Company's  bylaws,  insures  directors and
officers against any liability arising out of such person's status as a director
or officer,  and insures the Company  against its  obligations  to indemnify its
directors and officers.

     The Company's  officers and directors  have executed  indemnity  agreements
which  supplement  the  protections  provided by the  Company's  certificate  of
incorporation  and bylaws.  These agreements  require the Company to pay for any
damages,  judgments,  settlements,  costs and  expenses for the defense of legal
actions, claims,  proceedings and appeals due to any actual or alleged breach of
duty, neglect, error, misstatement,  misleading statement, omission or other act
done,  suffered  or  wrongfully  attempted  by the officer or  director.  If the
Company does not pay such costs and expenses  within 90 days after it receives a
written  claim,  such officers or directors may bring a suit against the Company
to  recover  the unpaid  amount of the claim.  If such  officer or  director  is
successful,  the  Company  will be  required  to pay for the  expenses  incurred
relating to the claim.

Item 7.           Exemption from Registration Claimed.  Not applicable.

                                       3
Item 8.           Exhibits.

                   Exhibit
                   Number
                   4.1           Enzon Pharmaceuticals, Inc. Executive Deferred
                                 Compensation Plan (2005 Restatement)(1).
                   5.1           Opinion of Heller Ehrman LLP.
                   23.1          Consent of Heller Ehrman LLP (included in
                                        Exhibit 5.1).
                   23.2          Consent of Independent Registered Public
                                        Accounting Firm.
                   24.1          Powers of Attorney (included in signature
                                         page to this registration statement).
                   -------------

               (1)  Incorporated  by reference to Exhibit 10.33 to the Company's
                    Annual Report on Form 10-K for the year ended June 30, 2005,
                    previously filed with the Commission on September 9, 2005.

Item 9.         Undertakings.

         (a)  The undersigned registrant hereby undertakes:

               (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

                        (i) To include any  prospectus  required by Section
10(a)(3) of the  Securities Act;

                        (ii) To  reflect  in the  prospectus  any  facts  or
events  arising after the effective date of the  registration  statement (or the
most recent  post-effective  amendment  thereof)  which,  individually or in the
aggregate,  represent a fundamental  change in the  information set forth in the
registration statement.  Notwithstanding the foregoing, any increase or decrease
in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was  registered)  and any deviation  from the low or
high end of the estimated maximum offering range may be reflected in the form of
prospectus  filed  with  the  Commission  pursuant  to Rule  424(b)  if,  in the
aggregate,  the changes in volume and price  represent no more than a 20% change
in the  maximum  aggregate  offering  price  set  forth in the  "Calculation  of
Registration Fee" table in the effective registration statement; and

                    (iii) To include any  material  information  with respect to
the plan of distribution not previously disclosed in the registration  statement
or any material change to such information in the registration statement;

     Provided,  however,  that paragraphs  (a)(1)(i) and (a)(1)(ii) above do not
apply if the information  required to be included in a post-effective  amendment
by those  paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant  pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.

               (2) That, for the purpose of determining  any liability under the
Securities Act, each such  post-effective  amendment shall be deemed to be a new
registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

               (3) To  remove  from  registration  by means of a  post-effective
amendment  any of the  securities  being  registered  which remain unsold at the
termination of the offering.

        (b)  The  undersigned  registrant  hereby  undertakes  that,  for
purposes of determining  any liability  under the Securities Act, each filing of
the registrant's transition report pursuant to Section 13(a) or Section 15(d) of
the  Exchange Act (and,  where  applicable,  each filing of an employee  benefit
plan's  annual  report  pursuant to Section  15(d) of the Exchange  Act) that is
incorporated by reference in the registration  statement shall be deemed to be a
new registration  statement relating to the securities offered therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

        (c) Insofar as the  indemnification for liabilities arising under
the  Securities  Act may be permitted  to  directors,  officers and  controlling
persons of the registrant  pursuant to the foregoing  provisions,  or otherwise,
the  registrant  has been  advised  that in the opinion of the  Commission  such
indemnification  is against public policy as expressed in the Securities Act and
is,  therefore,  unenforceable.  In the event  that a claim for  indemnification
against such  liabilities  (other than the payment by the registrant of expenses
incurred or paid by a director,  officer or controlling person of the registrant
in a successful  defense of any action,  suit or proceeding) is asserted by such
director,  officer or controlling person in connection with the securities being
registered hereunder,  the registrant will, unless in the opinion of its counsel
the  matter  has been  settled by  controlling  precedent,  submit to a court of
appropriate  jurisdiction the question of whether such  indemnification by it is
against public policy as expressed in the Securities Act and will be governed by
the final adjudication of such issue.

                            [Signature Pages Follow]

                                       5
SIGNATURES

     Pursuant to the  requirements of the Securities Act of 1933, the registrant
certifies  that it has  reasonable  grounds to believe  that it meets all of the
requirements  for  filing on  Form S-8  and has duly  caused  this  Registration
Statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized, in the City of Bridgewater, State of New Jersey, on March 15, 2006.

                    Enzon Pharmaceuticals, Inc.

                    By:       /s/ Jeffrey H. Buchalter
                              ----------------------------------------------
                              Jeffrey H. Buchalter
                              President, Chief Executive Officer and
                              Chairman of the Board (Principal Executive
                              Officer)

                                POWER OF ATTORNEY

     KNOW ALL  PERSONS  BY THESE  PRESENTS,  that each  person  whose  signature
appears below constitutes and appoints Jeffrey H. Buchalter and Craig A. Tooman,
jointly and severally,  his or her  attorneys-in-fact  and agents, each with the
power of substitution and resubstitution, for him or her and in his or her name,
place  or  stead,  in any and all  capacities,  to sign any  amendments  to this
Registration Statement on Form S-8,  and to file such amendments,  together with
exhibits and other  documents in connection  therewith,  with the Securities and
Exchange Commission, granting to each attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully as he or she might or could do in
person, and ratifying and confirming all that the  attorneys-in-fact and agents,
or his or her  substitute or  substitutes,  may do or cause to be done by virtue
hereof.

     Pursuant  to  the   requirements  of  the  Securities  Act  of  1933,  this
Registration  Statement  has  been  signed  by  the  following  persons  in  the
capacities and on the dates indicated.
Signature                                         Title                                    Date

/s/ Craig A. Tooman                           Executive Vice President, Finance and Chief              March 15, 2006
Craig A. Tooman                                 Financial Officer (Principal Financial
                                                Officer)

/s/ Jeffrey H. Buchalter                      President, Chief Executive Officer and Chairman          March 15, 2006
Jeffrey H. Buchalter                            of the Board (Principal Executive Officer)

/s/ Goran Ando                                Director                                                 March 15, 2006
Goran Ando

/s/ Rolf A. Classon                           Director                                                 March 15, 2006
Rolf A. Classon

/s/ Rosina B. Dixon                           Director                                                 March 15, 2006
Rosina B. Dixon

/s/ Robert LeBuhn                             Director                                                 March 15, 2006
Robert LeBuhn

/s/ Victor P. Micati                          Director                                                 March 15, 2006
Victor P. Micati

                                              Director
Phillip M. Renfro

/s/ Robert C. Salisbury                       Director                                                 March 15, 2006
Robert C. Salisbury
6
INDEX TO EXHIBITS

    Exhibit
    Number
    4.1           Enzon Pharmaceuticals, Inc. Executive Deferred Compensation
                        Plan (2005 Restatement)(1).
    5.1           Opinion of Heller Ehrman LLP.
    23.1          Consent of Heller Ehrman LLP (included in Exhibit 5.1).
    23.2          Consent of Independent Registered Public Accounting Firm.
    24.1          Powers of Attorney (included in signature page to this
                        registration statement).
    -------------

(1)  Incorporated  by reference to Exhibit 10.33 to the Company's  Annual Report
     on Form 10-K for the year ended June 30,  2005,  previously  filed with the
     Commission on September 9, 2005.