Savient Pharmaceuticals Announces U.S. Launch of KRYSTEXXA™; Reports Fourth Quarter and Year-End 2010 Financi... (. Savient received net cash procee...)

Savient Pharmaceuticals Announces U.S. Launch of KRYSTEXXA™; Reports Fourth Quarter and Year-End 2010 Financial Results

Date:2/25/2011

. Savient received net cash proceeds from the Notes after expenses of approximately $222.5 million. On a pro forma basis, cash and short-term investments would have been $287.4 million as of December 31, 2010 if the sale of the Notes were included.

Announced the appointment of John H. Johnson as Chief Executive Officer and a member of Savient's board of directors.

Announced the appointments of Louis Ferrari, Senior Vice President, North America Commercial; Christine Mikail, Senior Vice President, Corporate Development; and Stephen Davies, Chief Information Officer and Group Vice President.

Commenced shipments of KRYSTEXXA to specialty distributors on November 30, 2010. The product became commercially available for prescription as of December 1, 2010.

Announced the wholesale acquisition cost (WAC) of KRYSTEXXA priced at $2,300.00 per 8 mg vial for IV administration.

Launched KRYSTEXXA reimbursement and pharmacovigilance hotline services for the benefit and use of prescribers and patients.

Acceptance of three abstracts for poster presentation at the American College of Rheumatology Conference in November 2010 and an additional abstract accepted and granted podium presentation in a plenary session.

Financial Results of Operations for the Three Months Ended December 31, 2010 Total revenues increased $0.1 million, or 11%, to $1.0 million for the three months ended December 31, 2010, as compared to $0.9 million for the three months ended December 31, 2009. The increased net sales resulted primarily from the Company's branded product Oxandrin®. As expected, sales of KRYSTEXXA were minimal subsequent to its marketplace availability during the month of December 2010. The objective of making the product available in the distribution channel was to provide access if there was an immediate medical need in this orphan populatio
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SOURCE Savient Pharmaceuticals, Inc.
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