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Savient expands board of directors

BY Allison Cerra

EAST BRUNSWICK, N.J. — A specialty biopharmaceutical company has elected two members to its board of directors.

Savient said that William Owen, current president of the University of Medicine & Dentistry of New Jersey, and David Norton, the former company group chairman of global pharmaceuticals for Johnson & Johnson, were elected Sept. 1.

"We believe that Bill and David bring unique and relevant experience to our board of directors that will complement and be immediately beneficial to our board and senior management team," Savient board chairman Stephen Jaeger said.

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Former Duane Reade CFO Tennant gets probation in securities fraud case

BY Antoinette Alexander

NEW YORK — Former Duane Reade CFO William Tennant was sentenced to three years of probation for his securities fraud conviction in June 2010, according to published reports.

Tennant, convicted of one count of securities fraud, was sentenced by U.S. District Judge Deborah Batts in a hearing Tuesday in a Manhattan federal court.

As previously reported, former Duane Reade CEO Tony Cuti was sentenced on Aug. 22 to three years in prison in connection with accounting fraud at the New York-based drug store chain. Cuti, who is to report to prison on Jan. 31, 2012, also must pay a $5 million fine.

In June 2010, Cuti was found guilty of conspiracy, securities fraud and making false statements. Tennant was found guilty of securities fraud.

From November 2000 through June 2005, Cuti and Tennant reported inflated income from fraudulent real estate transactions and reduced company expenses through fictitious credits from vendors, prosecutors said.

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Harmonix’s Sleep Formula 39 enters market

BY Allison Cerra

ATLANTA — Harmonix has launched Sleep Formula 39, a nonprescription sleep aid.

Available in twin packs of 2-oz. single-serving bottles, the product is made with a proprietary combination of ingredients, including 5-HTP, melatonin, GABA and L-Tryptophan, according to the company.

Sleep Formula 39 is available on GNC.com and select retailers.

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