Savient Receives Expected Nasdaq Notice Regarding Delay in Filing Third Quarter Form 10-Q
November 18 2005 - 4:15PM
Business Wire
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.
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