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

suance of the warrants and the end of the quarter, the fair value of the warrants also increased, and we were required to record a non-cash charge of $35.8 million due to the valuation adjustment, in other expense, net, within our consolidated statements of operations.

The net loss for the first six months of 2009 was $76.8 million or $1.35 per basic and diluted share on total revenues of $1.8 million, compared with a net loss of $41.8 million or $0.78 per basic and diluted share on total revenues of $1.5 million for the same period in 2008. On a non-GAAP basis, excluding the $35.8 million non-cash charge due to the valuation adjustment on our warrants, our net loss for the first six months of 2009 was $41.0 million, or $0.72 per basic and diluted share, compared with a GAAP net loss of $41.8 million for the second quarter of 2008, or $0.78 per basic and diluted share.

"Given the delay in a potential approval of our Biologics License Application (BLA) for KRYSTEXXA(TM) (pegloticase), our biologic PEGylated uricase enzyme, we have begun implementing immediate measures to further conserve cash and reduce our cash burn, while we concentrate our efforts to remedy the chemistry, manufacturing and controls (CMC) issues identified in the complete response letter received from the Food and Drug Administration (FDA) on July 31, 2009," said Paul Hamelin, President of Savient. "We will suspend many of our pre-launch commercialization activities and are able to do so without jeopardizing our launch readiness in light of the significant interactions we have already engaged in with the FDA on our package insert which has enabled us to bring to near conclusion many of our pre-launch commercialization activities. Until we regain greater certainty regarding the timing of a potential approval of KRYSTEXXA, our spend on commercialization activities will be reduced to the minimum needed to generally maintain our current state of launch readines
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SOURCE Savient Pharmaceuticals, Inc.
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