Biotech firm Savient said first-quarter revenue fell slightly short of expectations ($1.3 million, vs. consensus $2.1 million), due to lower-than-anticipated sales of its gout drug Krystexxa. Sales of the drug, which launched in March, came in at just $300,000, well short of the $1.5 million analysts were predicting. Commenting on a call with analysts, Savient execs cited physician reimbursement concerns and lack of preparedness for the launch, given the firm's prior aspiration to be sold. The fourth quarter should bring accelerated uptake, they said, as Krystexxa is added to more formularies and payer coding is ironed out. Savient also said it submitted the drug for EU approval, which is possible by mid-2012.
Michael J. Hennessy & Associates, through its medical education company, ArcMesa Educators, has acquired Physicians' Education Resource, a CME company that produced oncology and hematology meetings and conferences.
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