Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) today announced that the
United States Court of Appeals for the Third Circuit has entered a
Judgment affirming the decision of the U.S. District Court for the
District of New Jersey dismissing, with prejudice, the Second
Consolidated Amended Complaint in the Class Action litigation that was
originally filed on December 20, 2002, against the Company and three of
its former officers. The District Court’s
decision was based on the plaintiff’s failure
to set forth particularized facts, through direct or circumstantial
evidence, which give rise to a strong inference that the defendants
acted with intent to defraud, recklessness or a conscious disregard of
the truth.
ABOUT SAVIENT PHARMACEUTICALS, INC.
Savient Pharmaceuticals is a biopharmaceutical company engaged in
developing and distributing pharmaceutical products that target unmet
medical needs in both niche and broader markets. The company's product
development candidate, Puricase®
(pegloticase) for treatment-failure gout, has reported positive Phase 1,
2 and 3 clinical data. Patient dosing in the Phase 3 clinical studies
began in June 2006; patient enrollment was completed in March 2007; and
the Phase 3 clinical studies were completed in October 2007. Savient has
exclusively licensed worldwide rights to the technology related to
Puricase from Duke University and Mountain View Pharmaceuticals, Inc.
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
biopharmaceuticals with an initial focus in rheumatology. Savient also
manufactures and supplies Oxandrin®
(oxandrolone tablets, USP) CIII in the U.S. Puricase is a registered
trademark of Mountain View Pharmaceuticals, Inc. Further information on
Savient can be accessed by visiting: http://www.savient.com.
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