Savient Pharmaceuticals receives filing extension from Nasdaq

By Angela McDaniels

Seattle, Oct. 28 - Savient Pharmaceuticals Inc. said it has been given more time by the Nasdaq Stock Market to file its 10-Q form for the period ended June 30, averting a possible delisting.

The Nasdaq Listing Qualifications Panel has agreed to continue the listing of the company's securities on the Nasdaq National Market provided that Savient files its restated financials no later than Dec. 26, the company said.

The panel also granted the company an extension to file its 10-Q form for the period ended Sept. 30 by no later than Jan. 3, 2006.

Without the extra time, Savient's common stock would have been subject to delisting.

Savient said it determined that its accounts for the six months ended June 30 and the fiscal years ended 2004, 2003 and 2002 have been affected by an error in recording the company's reserve for product returns and inventory.

The company is in the process of preparing its restated financial statements and said it will need adequate time for its independent auditors to review them prior to their filing with the SEC.

Based in East Brunswick, N.J., Savient develops therapeutic products for unmet medical needs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.