NOVEN
SIGNS TRANSDERMAL DEVELOPMENT AGREEMENT |
BackMiami, FL, April
30, 2003 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced
that it has signed an agreement to develop new prescription transdermal
delivery systems for P&G Pharmaceuticals, Inc. (P&G), a subsidiary
of The Procter & Gamble Company.
Under the agreement, Noven is entitled to receive up to $7.8 million,
payable in installments if certain development milestones are achieved.
Development efforts under the agreement are expected to continue
through 2004.
"We are very pleased to establish a development collaboration
with the emerging pharmaceutical unit of one of the world’s
largest consumer products companies," said Robert Strauss,
Noven's
President, CEO & Chairman. “Although we have not disclosed
the compounds incorporated in the new patches, they target a therapeutic
category with outstanding commercial potential."
"P&G's selection of Noven as its development partner
further validates our technology and advances our business diversification
strategy. With a product pipeline that includes dextroamphetamine
and fentanyl patches, as well as over 20 other formulated patch products,
we are optimistic that additional development collaborations lay
ahead."
About Noven
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is
a leading developer of advanced transdermal drug delivery technologies
and prescription transdermal products. Together with Novartis Pharmaceuticals
Corporation, Noven owns a profitable women’s health products
company called Novogyne Pharmaceuticals. Noven’s existing products
include advanced estrogen transdermal delivery systems (including
Vivelle-Dot®, licensed to Novogyne, and Estradot®, licensed
to Novartis Pharma AG) and combination estrogen/progestin transdermal
delivery systems (including CombiPatch®, licensed to Novogyne,
and Estalis®, licensed to Novartis Pharma AG). With a range of
additional products in development, including MethyPatch® for
ADHD (licensed to Shire Pharmaceuticals Group plc), Noven is committed
to becoming the world’s premier transdermal drug delivery company.
For further information on Noven, including product licensing opportunities,
visit www.noven.com.
Contact:
Investor & Media Contact
Joseph C. Jones
Vice President – Corporate Affairs
Noven Pharmaceuticals, Inc.
(305) 253-1916
Product Licensing Inquiries
Pavan Handa
Executive Direcor – Business Development
Noven Pharmaceuticals, Inc.
(305) 964-3330
Copyright © 2003 Noven Pharmaceuticals, Inc. All rights reserved.