EAST BRUNSWICK, N.J., Sept. 26 SavientPharmaceuticals, Inc. (Nasdaq: SVNT) announced today that it continues toevaluate strategic business development options for its lead product,pegloticase, as well as other strategic transactions that would maximizeshareholder value. There can be no assurance as to when or whether anytransaction will be consummated. Savient had previously stated that it wouldprovide this update to investors before September 30, 2008. Savient will notprovide any further updates until the process or any strategic transaction hasconcluded. Savient also announced that it believes it continues to be ontrack to file its biologics license application for pegloticase with the Foodand Drug Administration by the end of October.
ABOUT SAVIENT PHARMACEUTICALS, INC.
Savient Pharmaceuticals is a biopharmaceutical company engaged indeveloping and distributing pharmaceutical products that target unmet medicalneeds in both niche and broader markets. The company's product developmentcandidate, Puricase(R) (pegloticase) for treatment-failure gout, has reportedpositive Phase 1, 2 and 3 clinical data. Patient dosing in the Phase 3clinical studies began in June 2006; patient enrollment was completed in March2007; and the Phase 3 clinical studies were completed in October 2007. Savienthas exclusively licensed worldwide rights to the technology related toPuricase from Duke University and Mountain View Pharmaceuticals, Inc.Savient's experienced management team is committed to advancing its pipelineand expanding its product portfolio by in-licensing late-stage compounds andexploring co-promotion and co-development opportunities that fit the Company'sexpertise in specialty pharmaceuticals and biopharmaceuticals with an initialfocus in rheumatology. Savient also manufactures and supplies Oxandrin(R)(oxandrolone tablets, USP) CIII in the U.S. Puricase is a registered trademarkof Mountain View Pharmaceuticals, Inc. Further information on Savient can beaccessed by visiting: http://www.savient.com.
This release includes forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. All statements other thanstatements of historical facts included in this press release are forward-looking statements that are subject to certain risks, trends and uncertaintiesthat could cause actual results and achievements to differ materially fromthose expressed in such statements. These risks, trends and uncertainties arein some instances beyond our control. Words such as "anticipate," "believe,""estimate," "expect," "intend," "plan," "will" and other similar expressionshelp identify forward-looking statements, although not all forward-lookingstatements contain these identifying words. In particular, any statementsregarding our ability to identify, negotiate and consummate a partnership orstrategic transaction, potential strategic options for pegloticase or otherstrategic collaborations or transaction and the timing of filing of abiologics license application with the FDA are forward-looking statements.These forward-looking statements involve substantial risks and uncertaintiesand are based on our current assessment of the Phase 3 clinical data and oncurrent expectations, assumptions, estimates and projections about ourbusiness and the biopharmaceutical and specialty pharmaceutical industries inwhich we operate. Important factors that may affect our ability to achieve thematters addressed in these forward-looking statements include, but are notlimited to, the delay or failure in completing development of pegloticase anddeveloping other product candidates; our stock price and economic and marketconditions; varying interpretations of our clinical and CMC data by the FDA;delay achieving or failure to achieve FDA approval of pegloticase; inabilityto manufacture commercial quantities of our products; inabi