Palm Beach, FL 5/9/12 (StreetBeat) -- Savient Pharmaceuticals Inc (Nasdaq: SVNT), 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.
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