NOVEN
ANNOUNCES CHANGES TO |
BackRobert
Strauss Retires After Ten Years of Leadership
Wayne Yetter, Noven
Director, Appointed Chairman of the Board
Jeffrey Eisenberg Appointed
Executive Vice President and Interim CEO
Miami, FL, January
3, 2008 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced
changes to its board of directors and senior management team.
Having
led Noven for the past ten years, Robert C. Strauss, age 66, has announced
his retirement from the roles of President, Chief Executive Officer,
director and Chairman of Noven. Mr. Strauss will remain available to
the company and the board of directors to facilitate an orderly transition
of the company’s leadership. “It has been my privilege
to have served Noven over the past decade, and I am confident that
the company is positioned with the strategy, opportunities and leadership
necessary for great success in the years ahead,” said Strauss. “I
would like to thank the Noven team, our board of directors, our industry
partners, our shareholders and everyone who helped build the company
during my tenure.”
As part of this leadership transition, the
Noven board of directors has acted to separate the offices of Chairman
of the Board and Chief Executive Officer, and has appointed Wayne P.
Yetter, currently Noven’s lead independent director, as the company’s
non-executive Chairman of the Board, effective today. Mr. Yetter, age
62, has been a Noven director since 2001. “I welcome my new
role as Chairman of Noven,” said Yetter, “and I extend
the appreciation of the entire board of directors to Bob for his leadership
and commitment to Noven over the years.”
A committee of Noven’s
board of directors has been working closely with a national executive
recruiting firm to identify Mr. Strauss’s permanent successor
as Chief Executive Officer. “For several months, the board and
Bob had been developing a succession plan related to Bob’s retirement,” said
Yetter. “During that process, the parties determined that it
was best to begin the leadership transition at this time, given the
decisions and opportunities that lie ahead for the company. We are
fortunate to be considering CEO candidates who are exceptionally qualified
to lead the company’s evolution into a rapidly-growing specialty
pharmaceutical company,” said Yetter. “The board expects
to complete the search process and appoint a permanent CEO in the near
future.”
The board of directors has appointed Jeffrey F. Eisenberg,
Noven’s Senior Vice President – Strategic Alliances, as
Executive Vice President and Interim Chief Executive Officer, effective
today. “In his nine years with the company, Jeff has been an
able and trusted advisor to the board, and has demonstrated outstanding
leadership in a variety of business, transactional, legal and other
senior roles,” said Yetter. “He has worked very closely
and effectively with Bob Strauss, the board of directors and our industry
partners. He has the board’s full support in his new role.”
Eisenberg
commented, “Noven is in a great position to build on the foundation
of the Novogyne joint venture, the company’s transdermal technology
and development pipeline, and the significant opportunities created
by the transformational acquisition of JDS. It is an honor to be entrusted
with this important transitional role, and I welcome the challenges
and opportunities ahead as we work to advance the company’s ambitious
strategy for continued growth and success.”
Executive Background
During his tenure at Noven, Mr. Strauss championed
the creation of Novogyne Pharmaceuticals, a highly successful joint
venture between Noven and Novartis Pharmaceuticals Corporation, and
helped Novogyne establish itself as a market leader in the transdermal
hormone therapy category with Vivelle-Dot® and other products.
Under his leadership, Noven established important industry partnerships,
including collaborations between Noven and Shire plc with respect to
Daytrana™, the first
and only patch for ADHD, and with respect to a developmental amphetamine
patch for ADHD. Mr. Strauss also supervised the acquisition and integration
of JDS Pharmaceuticals, which has expanded the company’s business
and strategy, and has created a new platform for potential long-term
growth.
In addition to his position on the Noven board of directors,
Mr. Yetter currently serves as Chief Executive Officer of Verispan
LLC. He is a pharmaceutical industry veteran with over 30 years of
experience, including serving as Chief Executive Officer of Novartis
Pharmaceuticals Corporation, Astra Merck, Inc. and Synavant Inc., and
as Chief Operating Officer of IMS Health, Inc.
Mr. Eisenberg, age 42,
joined Noven in 1998. He served as the company's Senior Vice
President until his current appointment as Executive Vice President
and Interim Chief Executive Officer, and continues to serve as one
of two Noven representatives on the Management Committee of Novogyne
Pharmaceuticals. During his tenure, Mr. Eisenberg has played an important
role in the structuring and negotiation of many of Noven’s industry
collaborations, licensing arrangements and acquisitions, including
the Shire and Endo collaborations, the out-license of the company’s
Estradot™ product in Europe, the acquisition of the company’s
CombiPatch® product by Novogyne, and the company’s recent
acquisition and integration of JDS Pharmaceuticals. He also established
Noven’s alliance management function, which plays a key role
in the operation and expansion of Noven’s industry collaborations.
Prior to Noven, he served in various legal capacities at IVAX Corporation,
including as Acting General Counsel. Prior to IVAX, he was a transactional
lawyer at the law firm of Steel Hector & Davis. He earned his undergraduate
degree from The Wharton School of the University of Pennsylvania and
his law degree from Columbia Law School.
Additional Information – Form
8-K
The company expects to file today a Current Report on Form 8-K
with the Securities and Exchange Commission describing agreements between
the company and Mr. Strauss and Mr. Eisenberg, respectively, relating
to the subject matter of this release.
About Noven
Noven Pharmaceuticals,
Inc., headquartered in Miami, Florida, has long been established as
a leading developer of advanced transdermal drug delivery technologies
and prescription transdermal products. Its commercialized transdermal
products include Vivelle-Dot® (estradiol transdermal system), the
most prescribed estrogen patch in the U.S., and Daytrana™ (methylphenidate
transdermal system), the first and only patch approved for the treatment
of ADHD. With the acquisition of JDS Pharmaceuticals in August 2007,
Noven has become a broader-based specialty pharmaceutical company with
a substantially enhanced late-stage product pipeline and the infrastructure,
products and category expertise to market and sell its own products.
Products
currently marketed through the Noven/JDS sales infrastructure consist
of Pexeva® (paroxetine mesylate) and Lithobid® (lithium
carbonate). Developmental products in psychiatry consist of Stavzor™ (delayed
release valproic acid softgel), Lithium QD (once-daily lithium carbonate),
and Stavzor™ ER (extended release valproic acid softgel). The
development pipeline in women’s health consists of Mesafem™ (low-dose
paroxetine mesylate), a non-hormonal product entering Phase 3 clinical
trials for vasomotor symptoms (hot flashes).
See www.noven.com for
additional information.
Forward Looking Information
Except
for historical information contained herein, the matters discussed in
this press release contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 that involve substantial risks and uncertainties.
Statements that are not historical facts, including statements which
are preceded by, followed by, or that include, the words "believes," "anticipates," "plans," "expects" or
similar expressions and statements, are forward-looking statements. Noven’s
estimated or anticipated future results, product performance or other
non-historical facts are forward-looking and reflect Noven’s current
perspective on existing trends and information. Actual results, performance
or achievements could differ materially from those contemplated, expressed
or implied by the forward-looking statements contained herein. These
forward-looking statements are based largely on the current expectations
of Noven and are subject to a number of risks and uncertainties that
are subject to change based on factors that are, in many instances, beyond
Noven's control. These risks and uncertainties include, among others,
risks associated with the transition of executive leadership, including
those related to the identification, recruitment, hiring and ultimate
retention of qualified senior executives in the pharmaceutical industry,
and the difficulty of predicting the outcome and timing of such actions.
For additional information regarding these and other risks associated
with Noven’s business, readers should refer to Noven’s Annual
Report on Form 10-K for the year ended December 31, 2006 as well as other
reports filed from time to time with the Securities and Exchange Commission.
Unless required by law, Noven undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Company
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Copyright © 2008 Noven Pharmaceuticals, Inc. All rights reserved.