UPDATE 1-Savient posts wider Q2 loss

* Q2 includes non-cash charge of $35.8 mln

* Says taking steps to conserve cash

* Suspends many pre-launch activities of Krystexxa

Aug 10 (Reuters) - Savient Pharmaceuticals Inc (SVNT.O) posted a wider quarterly loss, hurt by a non-cash charge of $35.8 million from a valuation adjustment relating to warrants issued in April, and said it was taking steps to conserve cash.

Earlier this month, U.S. regulators declined to approve Savient's experimental gout drug Krystexxa, citing deficiencies with the chemistry, manufacturing and controls (CMC) section of the company's marketing application. [ID:nN02486344]

Savient said until it regained greater certainty regarding the timing of a potential approval of Krystexxa, it would suspend many of its pre-launch commercialization activities.

For the second quarter, the net loss was $54.8 million, or 92 cents per share, compared with a net loss of $24.2 million, or 45 cents a share, in the year-ago quarter.

Excluding the non-cash charge, net loss for the quarter was $19 million, or 32 cents per share.

Analysts on average were expecting the company to post a loss of 39 cents a share, excluding extraordinary items, according to Reuters Estimates.

As of June 30, the company had cash and cash equivalents of $76.6 million.

Shares of Savient closed at $12.59 Friday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Aradhana Aravindan)