Savient (NASDAQ:SVNTE)
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Savient Pharmaceuticals, Inc. (NASDAQ: SVNTE), an
emerging specialty pharmaceuticals company focused on developing,
manufacturing and marketing novel therapeutic products for unmet
medical needs, announced today that the Nasdaq Listing Qualifications
Panel (the Panel) has agreed to continue the listing of the Company's
securities on The Nasdaq National Market provided that the Company
files its amended Form 10-Q for the quarter ended March 31, 2005, its
initial Forms 10-Q for the quarters ended June 30, 2005 and September
30, 2005, and all required restatements, by January 26, 2006. On
January 19, 2006, the Company filed its amended Form 10-K for the year
ended December 31, 2004, which included prior period restatements for
fiscal 2003, 2002 and 2001. These restatements positively affected
revenues and earnings in 2004.
Savient requested this extension on January 13, 2006 because,
despite the substantial completion of the work on these filings, the
Company needed to perform additional procedures to update all
activities since the initial Annual Report on Form 10-K was filed on
March 31, 2005, including updating its assessment of its internal
controls over financial reporting.
As previously announced, the remaining filings will carry forward
the affect of the restatements of the Company's financial statements
contained in its amended Form 10-K that are primarily the result of
errors made in connection with estimating product return and inventory
reserves related to sales of the Company's products, as well as
certain restatements and adjustments to rebate allowances related to
contracts with Medicaid and other government agencies and a correction
of the Company's accounting for the negative goodwill in connection
with the 2001 acquisition of the Myelos Corporation.
Previously, the Panel had determined to continue the Company's
listing provided that the Company files amendments to its Form 10-K
for the year ended December 31, 2004, including 2003, 2002 and 2001
prior period restatements, and Form 10-Q for the quarter ended March
31, 2005, as well as its initial Form 10-Q for the quarter ended June
30, 2005 by January 13, 2006, and files its Form 10-Q for the quarter
ended September 30, 2005 on or before January 20, 2006.
Once the remaining filings have been completed, the fifth
character "E" will remain appended to the Company's trading symbol
pending a final determination by the Panel that the Company is fully
compliant with Nasdaq's filing requirement as well as all other Nasdaq
listing standards. If Savient fails to meet the terms of the current
extension granted by the Panel, the Company expects that its
securities would be delisted from The Nasdaq National Market.
About Savient Pharmaceuticals, Inc.
Based in East Brunswick, New Jersey, Savient Pharmaceuticals,
Inc., is an emerging specialty pharmaceuticals company, is engaged in
developing, manufacturing, and marketing pharmaceutical products that
address unmet medical needs in both niche and broader markets. The
Company's lead product development candidate, Puricase(R), for the
treatment of refractory gout has reported positive Phase 1 and 2
clinical data. Savient's experienced management team is committed to
advancing its pipeline and expanding its product portfolio by
in-licensing late stage compounds and exploring co-promotion and
co-development opportunities that fit the Company's expertise in
specialty pharmaceuticals and initial focus in rheumatology. Savient
markets its product Oxandrin(R) (oxandrolone, USP) in the United
States. The Company's subsidiary, Rosemont Pharmaceuticals Limited,
develops, manufactures, and markets through its own sales force oral
liquid formulations of prescription products for the UK pharmaceutical
market. Rosemont's product portfolio includes over 90 liquid
formulations primarily targeting the geriatric population. Savient's
product Mircette(R), an oral contraceptive, is marketed by its
licensee, Duramed Pharmaceuticals, Inc. Puricase is a registered
trademark of Mountain View Pharmaceuticals, Inc. Further information
on the Company can be accessed by visiting www.savientpharma.com.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this report regarding the Company's strategy, expected future
financial position, results of operations, cash flows, financing
plans, discovery and development of products, strategic alliances,
competitive position, plans and objectives of management are
forward-looking statements. Words such as "anticipate," "believe,"
"estimate," "expect," "intend," "plan," "will" and other similar
expressions help identify forward-looking statements, although not all
forward-looking statements contain these identifying words. In
particular, the statements regarding the possible continued listing of
the Company's common stock on The Nasdaq Stock Market, the timing of
the filing of the Company's amended Quarterly Report on Form 10-Q for
the period ended March 31, 2005 and initial Quarterly Reports on Form
10-Q for the periods ended June 30, 2005 and September 30, 2005 are
forward-looking statements. These forward-looking statements involve
substantial risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company's business and the biopharmaceutical and specialty
pharmaceutical industries in which the Company operates. Such risks
and uncertainties include, but are not limited to, the Company's
ability to complete the restatement of its financial statements
described above on a timely basis, delay or failure in developing
Puricase and other product candidates; difficulties of expanding the
Company's product portfolio through in-licensing; introduction of
generic competition for Oxandrin; fluctuations in buying patterns of
wholesalers; potential future returns of Oxandrin or other products;
the Company's continuing to incur substantial net losses for the
foreseeable future; difficulties in obtaining financing; potential
development of alternative technologies or more effective products by
competitors; reliance on third-parties to manufacture, market and
distribute many of the Company's products; economic, political and
other risks associated with foreign operations; risks of maintaining
protection for the Company's intellectual property; risks of an
adverse determination in on-going or future intellectual property
litigation; and risks associated with stringent government regulation
of the biopharmaceutical and specialty pharmaceutical industries. The
Company may not actually achieve the plans, intentions or expectations
disclosed in its forward-looking statements, and you should not place
undue reliance on the Company's forward-looking statements. Actual
results or events could differ materially from the plans, intentions
and expectations disclosed in the forward-looking statements that the
Company makes. The Company's forward-looking statements do not reflect
the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments that the Company may make.
The Company does not assume any obligation to update any
forward-looking statements.