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Savient Pharmaceuticals Reports First Quarter 2009 Financial Results
Date:5/6/2009

Conference Call Scheduled for May 7, 2009 at 10:00 a.m. EDT

EAST BRUNSWICK, N.J., May 6 /PRNewswire-FirstCall/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today reported financial results for the three months ended March 31, 2009. For the first quarter of 2009, the Company had a net loss of $21.9 million, or $0.41 per basic and diluted share, on total revenues of $1.1 million compared with a net loss of $17.6 million, or $0.33 per basic and diluted share on total revenues of $1.2 million for the same period in 2008. The Company ended the quarter with $58.1 million in cash and short-term investments, a reduction of $20.5 million during the quarter. In April 2009, we raised $31.0 million from a registered direct offering, which yielded $29.0 million in cash, net of offering and related expenses. Our pro forma cash and short-term investments balance as of March 31, 2009, reflecting receipt of the net proceeds from the April registered direct offering, is $87.1 million.

Operational Highlights:

  • Filed key amendments to our Biologics License Application (BLA) for KRYSTEXXA(TM) (pegloticase) to strengthen and clarify data included in our previously submitted BLA. The BLA priority review Prescription Drug User Fee Act (PDUFA) action date was extended by three months to August 1, 2009.

  • First published study to document a significant loss in the quality of life and increased functional disability in patients with treatment failure gout appeared in the Journal of Rheumatology.

"We began the year with the notification from the Food and Drug Administration (FDA) of a priority review for KRYSTEXXA and we focused our Company priorities on obtaining FDA app
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SOURCE Savient Pharmaceuticals, Inc.
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