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EAST BRUNSWICK, N.J., Jul 03, 2008 (BUSINESS WIRE) -- 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(R) (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(R) (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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SOURCE: Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals, Inc. Mary Coleman, Director, Investor Relations 732-418-9300 information@savient.com or Lippert/Heilshorn & Associates Anne Marie Fields, 212-838-3777 afields@lhai.com
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