New Jersey-based biotech Enzon Pharmaceuticals (NASDAQ: ENZN) will review the possible sale of parts of the company, or the entire company, the company announced in a press release Monday. The Board of Directors has retained financial services firm Lazard (NYSE:LAZ) to serve as a financial advisor for the review.

The release said the review did not necessitate a sale, although the company will suspend early stage clinical trials that have been developing Enzon's prostate cancer program.

"Based on clinical data on the androgen receptor program, Enzon plans to suspend clinical development with a goal to conserve capital and maximize value returned to shareholders," the company said.

Enzon Chairman of the Board Alex Denner was quoted in the release as saying:"In addition to a strong balance sheet and royalty revenues, Enzon's drug candidates and technologies offer the potential for a variety of transactions."

Shares of Enzon rose nearly 3% by the end of Monday's trading session, although the stock has fallen more than 30% year-to-date. Click here to watch a video in which Motley Fool health care analyst Dave Williamson talks about Enzon's announcement.