NOVEN
AMENDS STOCKHOLDER RIGHTS PLAN, |
BackMiami, FL, March
18, 2008 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced
that its Board of Directors has approved an amendment to the company’s
Stockholder Rights Plan (the “Plan”). The amendment increases
the stock ownership threshold that would cause rights issued under
the Plan to become exercisable from 15% of shares outstanding to 20%
of shares outstanding. No other changes were made to the Plan.
"The
amendment provides Noven’s individual stockholders, if they choose,
the ability to acquire Noven shares equal to less than 20% of shares
outstanding, without meaningfully diminishing the protections that
the Plan is intended to afford stockholders as a whole,” said
Jeffrey F. Eisenberg, Noven’s Executive Vice President & Interim
Chief Executive Officer.
The amendment to the Plan is effective today,
March 18, 2008. The Plan was originally adopted in November 2001, and
by its terms remains in effect through November 2011. The purpose of
the Plan is, among other things, to protect company stockholders in
the event of takeover activity that would deny them the full value
of their investment.
About Noven
Noven Pharmaceuticals, Inc., headquartered
in Miami, Florida, is a specialty pharmaceutical company engaged in
the research, development, manufacture, marketing and sale of prescription
pharmaceutical products. Noven’s commercialized transdermal products
utilize its proprietary DOT Matrix® drug delivery technology
and 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.
Oral products currently offered through the Noven marketing and sales
infrastructure consist of Pexeva® (paroxetine mesylate)
and Lithobid® (lithium
carbonate). Developmental products in psychiatry consist of Stavzor™ (delayed
release valproic acid capsule), Lithium QD (once-daily lithium carbonate),
and Stavzor™ ER (extended release valproic acid capsule). The
development program in women’s health consists of Mesafem™ (low-dose
paroxetine mesylate), a non-hormonal product scheduled to enter Phase
3 clinical trials for vasomotor symptoms (hot flashes). See www.noven.com
for additional information.
Safe Harbor Statement under the Private
Litigation Reform Act of 1995
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 that 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. 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 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.
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Copyright © 2008 Noven Pharmaceuticals, Inc. All rights reserved.