NOVEN ANNOUNCES SHARE REPURCHASE PROGRAM

Back

Miami, FL, September 5, 2007 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced that its Board of Directors has approved a share repurchase program authorizing the company to repurchase up to $25 million of the company’s common stock. The repurchase program is effective immediately.

“The Board's action reflects our confidence in Noven’s prospects in light of the opportunities presented by our transdermal drug delivery business, our Novogyne joint venture, and the recent acquisition of JDS Pharmaceuticals,” said Robert Strauss, Noven’s President, CEO & Chairman. “Our strong financial position permits us to undertake this program while retaining the flexibility to consider strategic investments, including possible product acquisitions to leverage the JDS sales and marketing infrastructure.”

Purchases under the program may be made from time to time in the open market, through block trades, in privately-negotiated transactions or otherwise, in the discretion of management. Depending on market conditions and other factors, purchases may be commenced, suspended or recommenced at any time. The program does not require the company to acquire a specific number of shares, and it may be suspended, discontinued or terminated at any time.

The company expects to fund any repurchases under the program from Noven’s existing cash and short-term investments. As of July 31, 2007, there were approximately 24.9 million shares of Noven common stock outstanding.

About Noven
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, has established itself as a leading developer of advanced transdermal drug delivery technologies and prescription transdermal products. Its commercialized transdermal products 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.

With the acquisition of JDS Pharmaceuticals in August 2007, Noven has become a broader-based specialty pharmaceutical company with the infrastructure, products and category expertise to market and sell products itself, and with a substantially enhanced late-stage product pipeline.

Products currently marketed through the JDS psychiatry sales infrastructure include Pexeva^® (paroxetine mesylate) and Lithobid^® (lithium carbonate). Pipeline products in psychiatry include Stavzor™ (delayed release valproic acid softgel), Lithium QD (once-daily lithium), and Stavzor™ ER (extended released valproic acid softgel). Pipeline products in women’s health include Mesafem™ (low-dose paroxetine mesylate), a non-hormonal product entering Phase 3 clinical trials for vasomotor symptoms (hot flashes).

See www.noven.com for additional information.

Forward Looking Information
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 which 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 which are, in many instances, beyond Noven's control. These risks and uncertainties include the risk that Noven may not repurchase all or any of the shares authorized because of the market price of Noven's stock from time to time, other investment opportunities presented to Noven from time to time, Noven’s cash flows from operations, general economic conditions and other factors. 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.

Back

Copyright © 2007 Noven Pharmaceuticals, Inc. All rights reserved.