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 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.