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Savient Pharmaceuticals Reports Third Quarter 2009 Financial Results
Date:11/4/2009

September 14, 2009 to discuss the CRL and next steps. The meeting with the FDA provided clarification and alignment on a resubmission plan for us to fully address all deficiencies and issues identified in the CRL. Since the resubmission will include REMS materials, this is subject to a Class 2 review cycle, meaning a Prescription Drug User Fee Act date for all components of our filing six months after the date of our resubmission.
  • In September 2009, we committed to a corporate restructuring plan where we reduced our workforce by 25 employees. We expect that this cost savings initiative will save $2.9 million through the year ending December 31, 2010, net of $1.2 million of severance-related expenses.
  • In October 2009, we raised $65.7 million from an underwritten public offering of 4,945,000 shares of our common stock that yielded $60.9 million in cash, net of $4.8 million of offering costs.

The net loss for the third quarter of 2009 was $13.9 million, or $0.23 per basic and diluted share, on total revenues of $0.3 million, compared with a net loss of $18.2 million, or $0.34 per basic and diluted share, on total revenues of $0.5 million for the third quarter of 2008. Partially offsetting our net loss for the three months ended September 30, 2009 was non-cash gain of $11.8 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 and excluding the $11.8 million non-cash gain due to a valuation adjustment on our warrants, our net loss for the third quarter of 2009 was $25.7 million, or $0.42 per basic and diluted share, compared with a GAAP net loss for the third quarter of 2008 of $18.2 million, or $0.34 per basic and diluted share.

The net loss for the first nine months of 2009 was $90.6 million, or $1.56 per basic and diluted share, on tot
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SOURCE Savient Pharmaceuticals, Inc.
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