"Our corporate name change is driven by the change in the direction and strategic focus of our business over the past several years," stated Sim Fass, Chairman and CEO of the Company. "We have transitioned from a developer and manufacturer of recombinant therapeutic products into a profitable pharmaceutical business now encompassing the development, manufacture, and marketing of both genetically engineered and niche-focused, specialty pharmaceutical products. We believe our new name, Savient Pharmaceuticals, Inc., conveys the wisdom and knowledge base supporting this broader pharmaceutical focus. It is a more appropriate reflection of who we are today and will better represent us in the future as we work toward achieving the fulfillment of our mission and goals."
About The Company
Bio-Technology General Corp. (Savient Pharmaceuticals, Inc.) is a specialty pharmaceutical company with expertise in developing, manufacturing, and marketing human health care products for niche and wider markets. Products marketed by the Company's sales force in the United States are Oxandrin(R) (oxandrolone, USP) and Delatestryl(R) (testosterone enanthate). The Company's subsidiary, Rosemont Pharmaceuticals, Limited, develops, manufactures, and markets oral liquid formulations of prescription products for the UK pharmaceutical market through its own sales force. The Company's Israeli subsidiary, Bio-Technology General (Israel), Ltd., manufactures and markets in Israel Bio-Tropin(TM) (recombinant human growth hormone), BioLon(TM) (sodium hyaluronate), Bio-Hep-B(R) (hepatitis B vaccine), and Arthrease(TM) (sodium hyaluronate for osteoarthritis). Products marketed by the Company's licensees are Mircette(R) (oral contraceptive), and BioLon(TM) in the United States, and Bio-Tropin(TM), BioLon(TM), Bio-Hep-B(R), Silkis(R) (vitamin D derivative), Arthrease(TM), and recombinant human insulin, in international markets. The Company's news releases and other information are available on the Company's website at www.btgc.com, and www.savientpharma.com, effective June 23, 2003.
Arthrease is a trademark of DePuy Orthopaedics, Inc.; Mircette is a registered trademark of Organon, Inc.; Silkis is a registered trademark of Galderma S.A.
Statements in this news release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, development, introduction, or consumer acceptance of competing products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.