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Savient Pharmaceuticals Announces U.S. Launch of KRYSTEXXA™; Reports Fourth Quarter and Year-End 2010 Financial Results
Date:2/25/2011

Company believes that no patients have been denied reimbursement for KRYSTEXXA.  
  • Staged Roll-out – During the first phase of the launch program, Savient sales teams will target  Rheumatologists and Nephrologists.  Savient anticipates the ramp-up to be slow in this initial phase as the Company conducts infusion center in-service education and works to speed the private and public payer reimbursement processes.  
  • Expanding market opportunities – Savient is on track to complete the EU submission for KRYSTEXXA in the first quarter of 2011 or shortly thereafter.  The Company then expects to execute plans to file in other markets around the world, including Asia where the prevalence of gout is among the highest in the world.

  • Fourth Quarter and Year-End 2010 Financial ResultsSavient also today reported financial results for the three months and year ended December 31, 2010.  Savient ended the quarter with $64.9 million in cash and short-term investments, a decrease of $13.2 million for the quarter and $43.3 million since December 31, 2009.

    For the fourth quarter 2010, the Company had a net loss of $0.5 million, or $0.01 per share, inclusive of a gain from a non-cash valuation adjustment of $18.1 million, relating to a previous warrant liability, on total revenues of $1.0 million.  This compares with a net loss of $0.2 million, or $0.00 per share, on total revenues of $0.9 million for the same period in 2009.

    The net loss for the year ended December 31, 2010 was $73.1 million, or $1.08 per share, on total revenues of $4.0 million, compared with a net loss of $90.9 million, or $1.51 per share, on total revenues of $3.0 million in 2009.  Savient ended 2010 with 70.3 million shares outstanding.

    Operational Highlights:

  • Closed the sale, on February 4, 2011, of $230 million in aggregate principal amount of 4.75% Convertible Senior Notes due 2018
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  • SOURCE Savient Pharmaceuticals, Inc.
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