| NOVEN ANNOUNCES DISMISSAL OF SECURITIES LITIGATION |
BackMiami, FL, February
26, 2003 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN), a leading developer
of advanced transdermal drug delivery technologies and prescription
transdermal products, announced today that the United States District
Court for the Southern District of Florida has dismissed with prejudice
the lawsuit filed against Noven and certain individual defendants styled
In re: Noven Pharmaceuticals, Inc. Securities Litigation. The order
of dismissal was granted with prejudice with each party to bear its
own costs and attorneys’ fees.
On December 20, 2002, the Court initially dismissed the action without
prejudice and granted the plaintiff 30 days' leave to file an
amended complaint. The Court thereafter extended the plaintiff’s
time to amend until February 21, 2003. Subsequently the plaintiff decided
not to file an amended complaint, and, on February 21, 2003 the parties
filed a joint motion for voluntary dismissal of the complaint with
prejudice, which the Court granted.
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a
leading developer of advanced transdermal drug delivery technologies
and prescription transdermal products. For additional information on
Noven, visit http://www.noven.com.
Contact:
Investors & Media
Joseph C. Jones
Vice President – Corporate Affairs
Noven Pharmaceuticals, Inc.
(305) 253-1916
Copyright © 2003 Noven Pharmaceuticals, Inc. All rights reserved.