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. Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling. StreetBeat Disclaimer Distributed by Viestly