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, today filed its Form 10-Q for the third quarter of 2005 with the Securities and Exchange Commission (SEC). As a result of today's filing, Savient now believes that it is in compliance with all listing requirements of The Nasdaq National Market. Christopher Clement, President and Chief Executive Officer of Savient Pharmaceuticals said, "Through this process, we have continued to manage and drive the business and advance our strategy. It has been a long and thorough process, and while our internal controls and financial reporting practices have been strengthened, we will continue to work with our financial consultants to improve and modify as necessary our financial processes and procedures. As always, we wish to thank our shareholders for their patience and support." Today's Form 10-Q filing, as well as Savient's 2005 Form 10-K amendment and its Forms 10-Q for the quarters ended March 31 and June 30, 2005, remain subject to review by the Nasdaq staff to determine whether the reports are deemed to be complete. Upon completion of that review, Savient anticipates that Nasdaq will acknowledge the Company's compliance with the terms of the Panel's decision and Nasdaq filing requirements. Soon thereafter, the Company expects the fifth character "E" to be removed from its trading symbol, at which time the Company will resume trading under its original trading symbol "SVNT". About Savient 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 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.