Noven Announces Dismissal of Securities Litigation

-- 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 Contact
Joseph C. Jones
Vice President – Corporate Affairs
Noven Pharmaceuticals, Inc.
305-253-1916