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Savient Pharmaceuticals Reports Second Quarter 2009 Financial Results
Date:8/10/2009

EAST BRUNSWICK, N.J., Aug. 10 /PRNewswire-FirstCall/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today reported financial results for the three and six months ended June 30, 2009, ending the quarter with $76.6 million in cash and short-term investments, a reduction of $2.0 million from December 31, 2008. Excluding the receipt of the $29.0 million in cash from our registered direct offering in April 2009, our cash burn for the six months ended June 30, 2009 was $31.0 million, or approximately $5.0 million per month.

The net loss for the second quarter of 2009 was $54.8 million or $0.92 per basic and diluted share on total revenues of $0.7 million, compared with a net loss of $24.2 million or $0.45 per basic and diluted share on total revenues of $0.4 million for the second quarter of 2008. A significant portion of our net loss for the three months ended June 30, 2009 resulted from a non-cash charge of $35.8 million due to a valuation adjustment relating to warrants that we issued in connection with our April 2009 registered direct offering. On a non-Generally Accepted Accounting Principles (GAAP) basis, excluding the $35.8 million non-cash charge due to the valuation adjustment, our net loss for the second quarter of 2009 was $19.0 million, or $0.32 per basic and diluted share, compared with a GAAP net loss for the second quarter of 2008 of $24.2 million, or $0.45 per basic and diluted share.

As part of our April 2009 registered direct offering, we issued to investors 5.9 million shares of common stock and warrants to purchase up to 5.0 million shares of common stock. We account for the warrants as a liability and are required to record a mark-to-market valuation adjustment at the end of each financial reporting period. Because the value of our common stock price increased between the is
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SOURCE Savient Pharmaceuticals, Inc.
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