Savient Pharmaceuticals Reports Third Quarter 2008 Financi...( Conference Call Scheduled for Nov...)

Conference Call Scheduled for November 6, 2008 at 10:00 a.m. EST

EAST BRUNSWICK, N.J., Nov. 5 /PRNewswire-FirstCall/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today reported financial results for the three and nine months ended September 30, 2008. The net loss for the third quarter of 2008 was $18.2 million or $0.34 per basic and diluted share on total revenues of $0.5 million, compared with a net loss of $14.6 million or $0.28 per basic and diluted share on total revenues of $2.6 million for the same period in 2007. The net loss for the first nine months of 2008 was $60.0 million or $1.12 per basic and diluted share on total revenues of $2.1 million, compared with a net loss of $32.0 million or $0.61 per share on total revenues of $12.1 million for the same period in 2007. The company ended the quarter with $98.5 million in cash and short and long-term investments a reduction of $45.7 million from December 31, 2007.

"Our third quarter financial results were in line with expectations and represent our extensive efforts in preparing our Biologics License Application (BLA) that was recently filed with the FDA," said Christopher Clement, President and Chief Executive Officer. "Filing the BLA was a major milestone and brings us one step closer to commercializing pegloticase. We look forward to the possibility of changing the treatment paradigm for patients who suffer from this debilitating disease."

One recent highlight from the quarter is that our Biologics License Application for pegloticase was filed with the FDA on October 31, 2008. The filing included data from both the six-month placebo controlled Phase 3 pivotal trials, as well as the Open Label Extension (OLE) study. The BLA included 101 patients with at lea
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