Noven Pharmaceuticals Added To Russell Equity Indexes

-- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN), a leader in the development of transdermal and transmucosal drug delivery products and technologies, today announced that its common stock has been added to the Russell 3000® and Russell 2000® equity indexes. The addition of Noven, which was effective July 1, 2000, was part of the Frank Russell Company's annual index reconstitution process.

Each year, the Frank Russell Company ranks the 3,000 largest U.S. companies by market capitalization on the Russell 3000® Equity Index. The 2,000 stocks from that list with the smallest market capitalizations then comprise the Russell 2000® Equity Index, which is a broadly-accepted barometer of the U.S. small-cap market.

"We are pleased to be added to the Russell indexes," said Robert Strauss, Noven's President and Chief Executive Officer. "Our inclusion should help expand investor awareness of Noven as we work to continue to increase shareholder value."

According to The Frank Russell Company, more than $175 billion is invested annually in funds that rely on Russell's indexes as investment models. Annual readjustment of the Russell indexes aids in providing a truer reflection of the stock market's performance.

Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a leader in the development of transdermal and transmucosal drug delivery technologies and products. Noven's existing products include advanced estrogen transdermal delivery systems (including Vivelle-Dot™, licensed to Novogyne Pharmaceuticals); combination estrogen/progestin transdermal delivery systems (including CombiPatch™, licensed to Aventis S.A., and Estalis®, licensed to Novartis Pharma AG); and the first transmucosal patch delivery system approved by the FDA (DentiPatch®). With a range of additional products in development, including MethyPatch™ (transdermal methylphenidate system), Noven is committed to becoming the world's premier developer, manufacturer and marketer of transdermal and transmucosal drug delivery systems.