Savient requests second extension from Nasdaq to refile reports, prevent delisting

By Angela McDaniels

Seattle, Jan. 3 - Savient Pharmaceuticals Inc. has requested that the Nasdaq Listing Qualifications Panel extend until Jan. 19 its deadline to file amendments to several financial reports in order to continue listing on the market.

The panel had previously agreed to extend the deadline to Friday from Dec. 26.

Savient requested the extension for its form 10-K for the year ended Dec. 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, according to a company news release.

"With all of the internal restatement work complete, we intend to file the restated financials as soon as possible ... Once we have filed the restatements, we hope for a speedy determination of compliance by the Nasdaq Listing Qualifications Hearings Department," president and chief executive officer Christopher Clement said in the release.

If the panel denies Savient's request for an extension, the company said it expects its securities to be delisted from the Nasdaq National Market.

Savient said it has nearly completed work on its 10-K report, the deadline for which was previously extended to Jan. 20 from Jan. 3, and that it expects to file the remaining reports on or before Jan. 26.

Savient has requested this additional extension because the company needs to perform additional procedures to update all activities since the initial 10-K report was filed on March 31, 2005, including updating its assessment of its internal controls over financial reporting.

The company expects that, once completed, the restatements will positively affect revenues and earnings in 2004 and the first half of 2005.

Savient is a specialty pharmaceutical company based in East Brunswick, N.J., that develops therapeutic products to address unmet medical needs.

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