SVNTE Savient Pharmaceuticals (MM)

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 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 provided that Savient also files by January 20, 2006 its Form 10-Q for the quarter ended September 30, 2005. This extension was requested by the Company as a result of two related comment letters that the Company has received from the Division of Corporation Finance of the Securities and Exchange Commission (the "SEC") as part of a normal periodic review of the Company's filings. These comment letters resulted in unexpectedly lengthy discussions with the SEC regarding the Company's accounting treatment of the negative goodwill related to its 2001 acquisition of Myelos Corporation. The Company is continuing to evaluate this issue, together with its independent auditors. This issue is unrelated to the accounting issues that have to date delayed the filing of the above-listed reports. The Company believes that, other than this one remaining accounting issue, it has substantially completed the preparation of the reports referenced above. As previously announced, the amended filings will contain restatements of the Company's financial statements for the 2002, 2003 and 2004 fiscal years and the first quarter of 2005 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. The amended filings will also include certain restatements and adjustments to rebate allowances related to contracts with Medicaid and other government agencies where it was determined that the actual historical rebate activity that was available during each period of restatement was not being utilized in an effective manner as a basis for forecasting future rebate trends. Based upon the historical trends, the Company has determined that Medicaid rebates were generally under accrued and rebates related to other government agencies were generally over accrued. 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 and 2002 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 December 26, 2005, and files its Form 10-Q for the quarter ended September 30, 2005 on or before January 3, 2006. 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. 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 year ended December 31, 2004, including 2003, 2002 and 2001 prior period restatements. 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.