EAST BRUNSWICK, N.J., Aug. 8, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three and six months ended June 30, 2012, which reflects the Company's continuing commercialization of KRYSTEXXA® (pegloticase) in the U.S.
Savient ended the quarter with approximately $142.2 million in cash and short-term investments, a net increase of $11.2 million for the quarter. The increase in cash and short-term investments was primarily driven by the Company entering into definitive financing and restructuring agreements with certain of its 2018 convertible note-holders during the quarter, which raised approximately $43.1 million in net cash proceeds.
Net sales for KRYSTEXXA were $4.0 million for the second quarter of 2012, a 30% increase over the first quarter of 2012. For the second quarter of 2012, the Company had a net loss of $16.4 million, or $0.23 per share, on total revenues of $4.6 million, compared with a net loss of $30.2 million, or $0.43 per share, on total revenues of $2.0 million for the same period in 2011. The net loss for the first six months of 2012 was $50.6 million, or $0.72 per share, on total revenues of $8.2 million, compared with a net loss of $43.8 million, or $0.63 per share, on total revenues of $3.3 million for the same period in 2011. The net loss for the three and six-month periods ended June 30, 2012 includes a $21.8 million, or $0.31 per share, gain on the extinguishment of debt.
"We are confident in our plan, which builds upon the foundation we have established and the long term opportunity for KRYSTEXXA," said Louis Ferrari, Chief Executive Officer and President. "To achieve that goal, we have implemented our reorganization plan and have put cost control initiatives in place that we believe will support future growth opportunities. We
|SOURCE Savient Pharmaceuticals, Inc.|
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