On the Line: Savient Pharmaceuticals CEO Christopher Clement
Savient Pharmaceuticals has a drug possibly coming to market that could help as many as 5 million people. That's one reason the stock is one of Cramer's speculative picks of the year.
President and CEO Christopher Clement called into the show today and told Cramer that the drug, a treatment for gout, is in the late stage of a Phase III trial. He expects topline results by mid-December, application to the Food and Drug Administration by early 2008 and hopefully full launch by early 2009.
The initial labeling for the drug will focus only on those patients for which other gout treatments have failed, but "with additional studies and a change in our labeling, we will then look to expand into that larger gout market," Clement said.
"You see why I'm behind this," said Cramer. "There's a gigantic drug in the works, and the time frame is very close. I think you stick with Savient and buy it down on any weakness."
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