The Company also announced that it has been granted patent compositionof matter protection for its PEG-SN38 compound until 2027. "We are excited about PEG-SN38`s potential novel mechanism of action and arepleased that we have patent protection for this novel compound until 2027," saidJeffrey H Buchalter, Enzon's chairman and chief executive officer. "Now that wehave identified the recommended dose and schedule for our Phase II program, weplan to move quickly to open Phase II studies." About PEG-SN38SN38 is the active metabolite of the widely used cancer drug irinotecan,marketed as Camptosar(R) in the U.S. Although unmodified SN38 is 1,000 timesmore potent than CPT-11, it has not been converted into a viable drug candidatebecause of its insolubility. Using Enzon's proprietary PEGylation technology,the Company developed PEG-SN38 (EZN-2208), which results in a compound withexcellent pharmaceutical properties as shown in animal models: increasedsolubility, higher exposure, and longer half-life than unmodified SN38 About EnzonEnzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated todeveloping, manufacturing and commercializing important medicines for patientswith cancer and other life-threatening conditions. The Company has a portfolioof four marketed products, Oncaspar, DepoCyt, Abelcet and Adagen.
Enzon`s drugdevelopment programs utilize several cutting-edge approaches, including itsindustry-leading PEGylation technology platform and the Locked Nucleic Acid(LNA) technology. Enzon`s PEGylation technology was used to develop two of itsproducts, Oncaspar and Adagen, and has created a royalty revenue stream fromlicensing partnerships for other products developed using the technology. Enzonalso engages in contract manufacturing for several pharmaceutical companies tobroaden its revenue base. Further information about Enzon and this press releasecan be found on the Company`s web site at Forward Looking StatementsThere are forward-looking statements contained herein, which can be identifiedby the use of forward-looking terminology such as the words "believes,""expects," "may," "will," "should," "potential," "anticipates," "plans" or"intends" and similar expressions.
Such forward-looking statements involve knownand unknown risks, uncertainties and other factors that may cause actualresults, events or developments to be materially different from the futureresults, events or developments indicated in such forward-looking statements.Such factors include, but are not limited to the timing, success and cost ofclinical studies; the ability to obtain regulatory approval of products, marketacceptance of, and continuing demand for, Enzon`s products and the impact ofcompetitive products and pricing.A more detailed discussion of these and otherfactors that could affect results is contained in our filings with the U.S.Securities and Exchange Commission, including our annual report on Form 10-K forthe year ended December 31, 2008. These factors should be considered carefullyand readers are cautioned not to place undue reliance on such forward-lookingstatements.No assurance can be given that the future results covered by theforward-looking statements will be achieved. All information in this pressrelease is as of the date of this press release and Enzon does not intend toupdate this information.Enzon Pharmaceuticals, Inc.Craig Tooman, 908-541-8777EVP, Finance and Chief Financial Officer Copyright Business Wire 2009. Reuters has stopped distributing the full text of Moody'sInvestors Service press releases on ratings actions, effectiveApril 1, 2009. The text of this Moody's Investor Service ratingis available at Stocks | Bonds | Global Markets Stocks Bonds Global Markets. BOSTON, May 6 /PRNewswire-FirstCall/ -- The Boston Beer Company, Inc. We appear to besimultaneously suffering from some trade down due to economic conditions,decreases in inventory levels at retailers and wholesalers, declines in thepromotion activity at retail for better beers relative to premium andsub-premium brands, and increased competitive activity through new productsand geographic expansion.
Having grown faster than the category for severalyears, we think we are being more impacted by these factors than some of ourcompetition, who are still benefiting from increasing distribution of primaryand secondary styles. We have adjusted our activities accordingly to focus onefficient brand investments and improving retail execution.During thequarter, we raised our prices slightly to at least partially offset thesignificant cost pressures we have seen over the last twelve months in ourtraditional brewing ingredients and in our packaging materials. In the lasttwo years we have seen above inflation price moves from most craft brewersthat have not been universally matched by all competitors. Our craft beer isnow priced at parity to or higher than the major import brands, reflecting ourhigher costs.
We are unlikely to see our cost pressures ease until the end ofthe year at the earliest and are monitoring appropriate price activity basedon our long term goals and competitive actions. Looking forward, we feel weare in a good position to compete effectively through the strength of ourbrand and our sales force.Furthermore, we are prepared to forsake someearnings in the short term in order to make appropriate investments in brandbuilding activities to position us well for future growth."Mr. Roper continued, "Our Pennsylvania Brewery continues to brew superiorquality beer and we have been able to transition production from our contractbrewers and continue to supply our drinkers without disruption.Our brewingthere has not yet reached its full potential as the Packaging ServicesAgreement with Diageo ended on May 2, 2009.We do not believe we will knowthe full impact of this brewery on our costs until the end of the thirdquarter, which will be our first full quarter with no contract volume.Themajor investments necessary to upgrade the facility have been completed and wesaw some promising signs of efficiency and cost improvements late in the firstquarter. We are now focused on projects that will drive efficiency andincrease productivity to bring this brewery's economics closer to what we hadplanned and to maximize capacity."1st Quarter ResultsCore shipment volume for the three months ended March 28, 2009 wasapproximately 382,000 barrels, a 4% decrease versus the same period in 2008. Excluding the impact of the product recall in 2008, core shipment volumedecreased 13%.Total Company depletions in the first quarter decreased 6%, or5% adjusted for one less selling day in the first quarter of 2009.TheCompany believes that during the quarter wholesaler inventory levels adjustedto levels lower than last year.Bill Urich, Boston Beer Company CFO, said, "Our first quarter 2009 grossmargin of 47% is consistent with our fourth quarter 2008 trends.This 47%gross margin represented an 8 percentage point decrease from the 55% grossmargin realized in the first quarter of 2008, excluding the impact of theproduct recall.