Reuters: Global Markets: Savient's loss widens on higher Krystexxa costs

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Savient's loss widens on higher Krystexxa costs May 9th 2012, 12:07 Wed May 9, 2012 8:07am EDT (Reuters) - Savient Pharmaceuticals Inc, under pressure from its largest creditor to liquidate itself, reported a larger-than-expected first-quarter loss on higher costs related to selling its gout drug Krystexxa. January-March net loss widened to $34.2 million, or 49 cents per share, from $13.5 million, or 19 cents per share, last year. Revenue more than doubled to $3.5 million. Sales of Krystexxa contributed nearly 90 percent to the total revenue. Cost of goods sold more than tripled to $1.7 million. Analysts on average had expected a loss of 46 cents per share on revenue of $4.6 million, according to Thomson Reuters I/B/E/S. The company's largest creditor, Tang Capital Partners, was denied a request on Tuesday to bar Savient's plan to raise $44 million. Tang Capital, calling Krystexxa a commercial failure, demanded earlier this month that Savient liquidate itself and distribute its assets to creditors. Shares in the East Brunswick, New Jersey-based company have fallen more than 10 percent since its chief financial officer resigned last month. The stock closed at $1.82 on Tuesday on the Nasdaq. (Reporting by Zeba Siddiqui in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

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