Savient shares fall over gout drug safety concerns

sea-maid submitted, created time 2 months 1 week (biz.yahoo.com)

Shares of Savient Pharmaceuticals plunged Monday as Wall Street urged caution over the safety profile of the drug developer's candidate for gout treatment Puricase.

The stock plunged $8.51, or 73.5 percent, to $3.07. Earlier in the session, shares fell to $2.80, their lowest point in more than three years.

On Monday, Savient reported more late-stage study data on Puricase, reinforcing its effectiveness in prior results. If approved, the drug would be administered intravenously, with the goal of removing uric acid from the blood

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