Savient Pharmaceuticals Receives Additional Extension from NASDAQ
January 23 2006 - 2:45PM
Business Wire
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.
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