NOVEN
APPOINTS PETER C. BRANDT AS |
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Miami,
FL, April 29, 2008 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today
announced that its board of directors has appointed former Pfizer,
Inc. senior executive Peter C. Brandt, age 51, to the offices of President
and Chief Executive Officer and to the Noven board of directors. These
appointments are effective immediately.
Brandt spent 28 years at Pfizer,
the world's leading research-based pharmaceutical company. Most recently,
he served as Pfizer’s President – U.S. Pharmaceuticals
Operations, where he helped deliver revenue and earnings growth while
engineering major change within Pfizer’s U.S. pharmaceuticals
organization. Prior to running the U.S. operations, he led the Latin
American Pharmaceuticals Operations, as well as the following Pfizer
Worldwide Pharmaceuticals functions: Finance, Information Technology,
Planning and Business Development. He also oversaw the operations of
Pfizer's care management subsidiary, Pfizer Healthcare Solutions. Brandt
earned his MBA in finance and accounting from Columbia University and
his BA in economics and marketing from the University of Connecticut.
"We
could not be more pleased to have an executive with Peter's background,
experience and vision join the Noven team," said Wayne P. Yetter,
Noven’s Chairman. "Noven has a proud and successful history
in the development and commercialization of transdermal products. Last
year, in order to diversify its prospects and significantly increase
its longer-term growth rate, the company embarked on an ambitious strategy
to transform itself into a broader-based specialty pharmaceutical company.
Just as he led the pharmaceutical operations of one of the largest
and most established companies in the world, we are confident that
Peter is the ideal executive to lead Noven’s transformation,
strategy and growth in the years ahead."
"I am honored to
be asked to lead Noven and join its board," said Brandt, "and
excited about the chance to help the company evolve from primarily
a transdermal drug delivery company to a high-growth specialty pharmaceutical
company. Noven has an impressive array of assets, including outstanding
transdermal patch technologies, the highly successful Novogyne joint
venture, and a specialty pharmaceutical unit with a significant pipeline.
I look forward to working with the team to refine the strategies that
will capitalize on these assets, to successfully execute on those strategies,
and to build substantial value for Noven shareholders."
As CEO,
Brandt succeeds Interim CEO Jeffrey F. Eisenberg, who will remain with
Noven as Executive Vice President. The board appointed Eisenberg to
the interim leadership position following the January 2008 retirement
of Robert C. Strauss. At that time, Noven’s board separated the
offices of Chairman and CEO, appointing then lead independent director
Wayne Yetter as Noven’s non-executive Chairman. In line with
good corporate governance practices, the offices will remain separated,
and Yetter will continue to serve as Chairman.
"The board thanks
Jeff for leading Noven forward strategically and operationally over
the past several months," said Yetter. "He confirmed his
outstanding leadership and importance to the organization by taking
charge at a challenging time, and we look forward to his continued
contributions to the company."
About Noven
Noven Pharmaceuticals,
Inc. 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.
These forward-looking statements include the risk that,
for any number of reasons, Noven may not achieve its longer-term growth
objectives and other goals. 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.