EAST BRUNSWICK, N.J., April 29, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it has named Richard Crowley Executive Vice President of Biopharmaceutical Operations, effective April 30, 2011. Mr. Crowley brings extensive pharmaceutical industry knowledge and experience and will lead the overall management of Savient's manufacturing, regulatory, quality, project management and KRYSTEXXA® product teams. Mr. Crowley will report directly to Mr. John H. Johnson, Chief Executive Officer of Savient.
"Rick brings to Savient nearly 25 years of experience in the biotechnology industry along with a proven history of success in leadership roles," said Mr. Johnson. "His demonstrated ability to achieve strategic corporate goals, combined with his in-depth knowledge of research, development and manufacturing, makes him a tremendous asset to our company as we continue to advance our U.S. launch efforts to bring KRYSTEXXA to patients suffering from refractory chronic gout, as well as pursue opportunities to expand into markets around the world."
Mr. Crowley joins Savient from ImClone Systems, a wholly-owned subsidiary of Eli Lilly and Company, where he served as Senior Vice President of Biopharmaceutical Operations since 2006. Prior to that position, he served as Vice President of Manufacturing and General Manager. Mr. Crowley has also spent significant time at BASF Bioresearch Corporation, Genencor International, Eastman Kodak Company and Monsanto Company.
Savient Expands KRYSTEXXA Team Following Market Introduction
In addition to Mr. Crowley's appointment, Savient today announced four new functional leaders.
"We are strategically enhancing our management team to advance KRYSTEXXA's introduction into the market," said Mr. Johnson. "Each of these new members has a laser focus on the execution of our strategy. I am confident that with their added contributions, Savient will bring KRYSTEXXA into the hands of even more doctors, institutions and infusion centers around the globe."
ABOUT SAVIENT PHARMACEUTICALS, INC.Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University ("Duke") and Mountain View Pharmaceuticals, Inc. ("MVP"). Duke developed the recombinant uricase enzyme and MVP developed the PEGylation technology used in the manufacture of KRYSTEXXA. MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology and, in addition, Savient owns or co-owns U.S. and foreign patents and patent applications, which collectively form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA. Savient also manufactures and supplies Oxandrin® (oxandrolone tablets, USP) CIII in the U.S.
FORWARD LOOKING STATEMENTS All statements other than statements of historical facts included in this press release are forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. These risks, trends and uncertainties are in some instances beyond our control. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the success of our marketing efforts, and market demand, for KRYSTEXXA® are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on our assessment and interpretation of the currently available data and information, current expectations, assumptions, estimates and projections about our business and the biopharmaceutical and specialty pharmaceutical industries in which we operate. Important factors that may affect our ability to achieve the matters addressed in these forward-looking statements include, but are not limited to, our ability to commercialize KRYSTEXXA; our ability to retain the personnel whom we have hired and to hire the remaining personnel necessary to complete the build out of our commercial team; whether we have identified the root cause of the batch failures at our manufacturing facilities; whether the remediation steps that we have taken will eliminate or minimize these batch failures moving forward; if the remediation steps that we have taken do not reduce our batch failure rate, the risk that the FDA could require us to cease manufacturing KRYSTEXXA until we have been able to reduce our batch failure rate; our reliance on third parties to manufacture, market and distribute KRYSTEXXA; the risk that the market for KRYSTEXXA is smaller than we have anticipated; competition from existing therapies and therapies that are currently under development, including therapies that are significantly less expensive than KRYSTEXXA; our ability to gain market acceptance for KRYSTEXXA among physicians, patients, health care payors and others in the medical community; whether we are able to obtain financing, if needed; economic, political and other risks associated with foreign operations; risks of maintaining protection for our intellectual property; risks of an adverse determination in intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical industry and other important factors set forth more fully in our reports filed with the Securities and Exchange Commission, to which investors are referred for further information. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements, which speak only as of the date of publication of this press release. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We do not have a policy of updating or revising forward-looking statements and, except as required by law, assume no obligation to update any forward-looking statements.
Kelly Sullivan / Jennifer FriedmanSavient Pharmaceuticals, Inc.
Joele Frank, Wilkinson Brimmer Katcherinformation@savient.com
email@example.com / (732) 418-9300
|SOURCE Savient Pharmaceuticals, Inc.|
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