EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--Savient Pharmaceuticals, Inc. (NASDAQ:SVNT - News) today announced that following the launch of the Company’s A-B rated authorized generic of oxandrolone tablets, USP (CIII), an Oxandrin® brand equivalent product manufactured and supplied through Savient and now distributed by Watson Pharmaceuticals, Inc. (NYSE:WPI - News), the company, as part of a restructuring of its commercial operations, will discontinue its 19 person Oxandrin® field sales force. Oxandrin® is Savient’s oral anabolic agent for the treatment of involuntary weight loss, a frequent and sometimes life-threatening condition associated with numerous disease states. Savient will continue to distribute the Oxandrin® brand product.
“We have been anticipating potential generic competition for Oxandrin® for three years, and in preparation, had previously downsized our field sales force and only promoted our product to the highest physician prescribers,” said Christopher Clement, President and Chief Executive Officer of Savient. “With the introduction of generic products, it no longer makes sense for us to promote the branded product. Our focus remains on the successful development of Puricase, which is currently in Phase III clinical trials as a therapeutic for treatment failure gout. The discontinuation of our Oxandrin® sales force does not affect our commercialization strategy for Puricase,” concluded Mr. Clement.
About Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals is a biopharmaceutical company engaged in developing and marketing pharmaceutical products that target unmet medical needs in both niche and broader markets. The Company’s lead product development candidate, Puricase® (PEG-uricase) for treatment failure gout, has reported positive Phase 1 and 2 clinical data; patient dosing in Phase 3 clinical studies began in May 2006. 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 biopharmaceuticals with an initial focus in rheumatology. Savient also manufactures and supplies Oxandrin® (oxandrolone tablets, USP) CIII in the U.S. Puricase® is a registered trademark of Mountain View Pharmaceuticals, Inc. Further information on Savient can be accessed by visiting: http://www.savientpharma.com.
FORWARD LOOKING LANGUAGE
This news release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. These risks, trends and uncertainties are in some instances beyond Savient’s control.
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. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Savient’s business and the biopharmaceutical and specialty pharmaceutical industries in which Savient operates. Such risks and uncertainties include, but are not limited to, Savient’s stock price and market conditions, delay or failure in developing Puricase (PEG-uricase) and other product candidates, difficulties of expanding Savient’s product portfolio through in-licensing, effects of the introduction of generic competition for Oxandrin, fluctuations in buying patterns of wholesalers, potential future returns of Oxandrin or other products, Savient’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 Savient’s products, economic, political and other risks associated with foreign operations, risks of maintaining protection for Savient’s intellectual property, risks of an adverse determination in ongoing or future intellectual property litigation, and risks associated with stringent government regulation of the biopharmaceutical industry. Savient may not actually achieve the plans, intentions or expectations disclosed in Savient’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that Savient makes. Stockholders should not place undue reliance on the forward-looking statements, which speak only as to the date of this press release. Savient’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that Savient may make. Except as required by law, Savient does not assume any obligation to update any forward-looking statements.
(SVNT-I)
Contact:
Savient Pharmaceuticals, Inc. 732-418-9300 information@savient.com
or
Lippert/Heilshorn & Associates Anne Marie Fields, 212-838-3777 afields@lhai.com Bruce Voss, 310-691-7100 bvoss@lhai.com
Source: Savient Pharmaceuticals, Inc. \
