Navigation Links
Savient Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
Date:1/27/2011

EAST BRUNSWICK, N.J., Jan. 27, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it will grant, on January 31, 2011, a stock option to John H. Johnson pursuant to the NASDAQ inducement grant exception as a component of Mr. Johnson's employment compensation.  The inducement grant was approved by the Company's Board of Directors on January 23, 2011 and is being made as an inducement material to Mr. Johnson's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). Savient previously announced that Mr. Johnson has been appointed Chief Executive Officer and a member of the Company's Board of Directors, effective January 31, 2011.  

The stock option approved by the Company's Board of Directors is for the purchase of 250,000 shares of the Company's common stock with an exercise price equal to the closing price of the Company's common stock on January 31, 2011.  The option will have a ten-year term and will vest and become exercisable upon the satisfaction of the performance conditions to be agreed upon by Mr. Johnson and the Company's Board of Directors.  In the event of a termination by the Company without "cause" (as such term is defined in the employment agreement between the Company and Mr. Johnson) or by Mr. Johnson for "good reason" (as such term is defined in the employment agreement), the stock option shall (i) cease to be exercisable and shall cease to continue vesting, but shall not terminate, on the 90th day following the effective date of Mr. Johnson's termination, (ii) become again exercisable from and after consummation of any "change of control" (as such term is defined in the employment agreement) of the Company that is consummated on or prior to the one-year anniversary of the effective date of Mr. Johnson's termination and (iii) terminate if a change of control of the Company is not consummated on or prior to the one-year anniversary of the effective date of Mr. Johnson's termination.  In the event that any such performance condition is not met by the specified date for achieving such performance condition (if any), the portion of such stock option subject to such performance condition shall remain outstanding and shall vest (subject to Mr. Johnson's continued employment by the Company) upon the earlier of (i) the fourth anniversary of the date of grant and (ii) a change of control of the Company.

Savient is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

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. 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 are 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.

SVNT-GContact:Mary Coleman

Kelly Sullivan / Jennifer Friedman Savient Pharmaceuticals, Inc.

Joele Frank, Wilkinson Brimmer Katcherinformation@savient.com

ksullivan@joelefrank.com / jfriedman@joelefrank.com(732) 418-9300

(212) 355-4449
'/>"/>

SOURCE Savient Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Savient Announces FDAs Advisory Panel to Review Pegloticase for Treatment-Failure Gout Patients
2. Savient Provides Update on Pegloticase BLA
3. Savient Pharmaceuticals Announces Proposed Public Offering of Common Stock
4. Savient Pharmaceuticals Prices Underwritten Offering of Common Stock
5. Savient Pharmaceuticals Announces Closing of Public Offering and Exercise of Over-Allotment Option
6. Savient Pharmaceuticals Reports Third Quarter 2009 Financial Results
7. Savient Provides Update on KRYSTEXXA(TM) BLA Resubmission Activities
8. Savient Pharmaceuticals To Hold Fourth Quarter And Year-End 2009 Results Conference Call On Friday, February 26, 2010
9. Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2009 Financial Results
10. Savient Resubmits Biologics License Application for KRYSTEXXA(TM) (pegloticase) for the Treatment of Chronic Gout in Patients Refractory to Conventional Therapy
11. Savient Pharmaceuticals To Hold First Quarter 2010 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... Tenn. , Feb. 8, 2016  A research ... scientists has discovered details of how the abnormal ... triggers a particularly aggressive form of acute lymphoblastic leukemia ... in which genetic mutations trigger overproduction of immature cells, ... The discoveries of the malfunction underlying the type ...
(Date:2/8/2016)... SAN DIEGO , Feb. 8, 2016 /PRNewswire/--  ... have announced that advanced tissue-engineering services are now ... using a groundbreaking new three-dimensional (3D) bioprinting approach ... Regenova® 3D Bio Printer , a state-of-the-art robotic ... Applications has created a powerful pay-for-service bio-printing model ...
(Date:2/8/2016)... Feb. 8, 2016 ... of the "Label-Free Detection Market by ... 2020" report to their offering. ... addition of the "Label-Free Detection Market ... to 2020" report to their offering. ...
Breaking Medicine Technology:
(Date:2/8/2016)... (PRWEB) , ... February 08, 2016 , ... Guruji Mahendra ... 9th, 10th and 11th, 2016 in honor of his birthday on February 10th. ... happiness. Mahendra Trivedi is known by over 250,000 people from over 40 different ...
(Date:2/7/2016)... ... February 07, 2016 , ... Women’s Excellence now ... the most minimally invasive approaches. , Women who have had multiple vaginal births ... factors include surgery to the pelvic floor, connective tissue disorders, and obesity. Women ...
(Date:2/7/2016)... Scottsdale, AZ (PRWEB) , ... February 07, 2016 ... ... & Neck and Facial Plastics, has added Kybella® to his medical and surgical ... is a newly approved FDA injectable medication used as a non-surgical alternative for ...
(Date:2/6/2016)... CA (PRWEB) , ... February 06, 2016 , ... With ... and easily add warm color grades to their footage. A LUT is a Lookup ... pixel's color to the corresponding color indicated by the table. By manipulating each pixel, ...
(Date:2/5/2016)... ... 2016 , ... Steven Tonkinson, 36, of Coconut Grove, Florida, ran the Miami ... in 2003. This year, he ran all 26.2 miles with a green 25-pound ShelterBox ... Miami Heat. , This Sunday, while many are watching the Superbowl, Steven Tonkinson will ...
Breaking Medicine News(10 mins):