NOVEN
TO REPORT 2007 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS |
BackSEC Comment Resolved, Noven to Maintain Current Revenue Recognition Policy
Miami, FL, March
24, 2008 -- Noven
Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced that it will release
its 2007 fourth quarter and full year financial results before the market
opens on Thursday, March 27, 2008. Noven management will host a conference
call that same morning at 8:30 a.m. ET to review the financial results
and answer questions.
Noven also indicated that it will maintain its current
revenue recognition accounting policy following resolution of a previously
announced comment from the Securities and Exchange Commission (“SEC”).
As announced on March 12, 2008, the company delayed the release of
its 2007 financial results and the filing of its 2007 Form 10-K due
to an open comment relating to revenue recognition raised in an SEC
comment letter. Noven has confirmed that the SEC has completed its
review and analysis and has no objection to Noven’s current revenue
recognition policy. Accordingly, Noven will maintain its current policy,
and no restatement of prior financial periods will be required as a
result of the SEC comment. With this matter resolved, Noven expects
to file its 2007 Annual Report on Form 10-K with the SEC within the
previously announced extended filing period, which ends April 1, 2008.
The
conference call with management will be broadcast live on March 27
at 8:30 a.m. ET at www.noven.com, and thereafter a rebroadcast will
be accessible at the same site for at least two weeks. A taped replay
of the call will be available beginning March 27 through March 29 by
calling 877-660-6853 (from within the U.S.) or 201-612-7415 (from outside
the U.S.) and entering account number 286 and conference ID number
279741.
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 leading 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 Noven’s psychiatry/CNS marketing and sales organization
consist of Pexeva® (paroxetine mesylate) and Lithobid® (lithium
carbonate). Developmental products include Stavzor™ (delayed
release valproic acid capsule) and Mesafem™ (low-dose paroxetine
mesylate), a non-hormonal product for vasomotor symptoms. 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.
These risks and uncertainties include the risk
that unanticipated events could change Noven’s expectations regarding
the timing of the filing of its 2007 Annual Report on Form 10-K, the
resolution of the revenue recognition accounting policy comment, and/or
Noven’s revenue recognition accounting policy. 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.