Savient (NASDAQ:SVNTE)
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Savient Pharmaceuticals, Inc. (NASDAQ: SVNTE), an
emerging specialty pharmaceutical company engaged in developing,
manufacturing and marketing pharmaceutical products that address unmet
medical needs in niche and broader markets, announced that it has
received a Nasdaq Staff Determination letter regarding the Company's
failure to timely file its Quarterly Report on Form 10-Q for the
period ended September 30, 2005. This notice was expected and is
routinely issued by Nasdaq to companies engaged, as Savient is, in
regaining compliance with Nasdaq's listing qualifications. As further
described below, the Nasdaq Listing Qualifications Panel (the "Panel")
has previously granted the Company an extension to file this quarterly
report by no later than January 3, 2006.
Savient announced on August 19, 2005 that it had received a Nasdaq
Staff Determination Letter stating that it was not in compliance with
Nasdaq Marketplace Rule 4310(c)(14) because the Company did not timely
file its Quarterly Report on Form 10-Q for the period ended June 30,
2005, and that the Company's common stock was, therefore, subject to
delisting from The Nasdaq Stock Market.
On October 28, 2005, Savient announced that the Panel agreed to
continue the listing of the Company's securities on The Nasdaq
National Market provided that the Company files its restated
financials for the appropriate periods and Quarterly Report on Form
10-Q for the period ending June 30, 2005 by no later than December 26,
2005. Additionally, the Panel granted the Company an extension to file
its Quarterly Report on Form 10-Q for the period ending September 30,
2005 by no later than January 3, 2006.
The Company is in the process of preparing restated financial
statements for the fiscal years ended December 31, 2002, 2003 and
2004, and the quarter ended March 31, 2005, as well as its Quarterly
Report on Form 10-Q for the three months ended June 30, 2005. It will
then need to allow adequate time for its independent auditors to
review such financial statements and periodic reports prior to their
filing with the Securities and Exchange Commission.
About Savient Pharmaceuticals, Inc.
Based in East Brunswick, New Jersey, Savient Pharmaceuticals, Inc.
is a specialty pharmaceutical company dedicated to developing,
manufacturing and marketing novel therapeutic products that address
unmet medical needs. 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. The Company's operations also include a wholly-owned
U.K. subsidiary, Rosemont Pharmaceuticals Ltd., which develops,
manufactures and markets liquid formulations of prescription
pharmaceutical products. Rosemont's product portfolio includes over 90
liquid formulations primarily targeting the geriatric population.
Further information on the Company can be accessed by visiting
www.savientpharma.com (http://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 Quarterly Reports on Form 10-Q for the
periods ended June 30, 2005 and September 30, 2005, and the timing of
the filing of restated financial statements for the years ended 2002,
2003 and 2004 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
Prosaptide, 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.