|
SABLOTSKY TO RESIGN AS OFFICER OF NOVEN STRAUSS AND SABLOTSKY TO SERVE AS BOARD CO-CHAIRMEN |
BackSABLOTSKY TO RESIGN AS OFFICER OF NOVEN
STRAUSS AND SABLOTSKY TO SERVE AS BOARD CO-CHAIRMEN
- - - - - - - - - - - - - - - - - - - - - -
MIAMI, FL., September
22, 2000 - Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced
that, effective June 1, 2001, Steven Sablotsky, Noven's Chairman of the
Board and founder, is resigning from his position as an officer of the
Company in order to pursue outside interests.
As of today's announcement,
Mr. Sablotsky and Robert C. Strauss, Noven's President and Chief Executive
Officer, will serve together as Co-Chairmen of the Noven Board.
In connection with
his resignation as a Noven officer, Mr. Sablotsky will receive $1.2 million,
payable on June 1, 2001. Noven will amortize that amount over the period
of his non-competition agreement, which begins in June 2001 and remains
in effect for three years.
"Today's announcement
represents another step in a management transition that we began in early
1998," said Mr. Sablotsky. "After 12 years in management, I am pleased
to entrust the day-to-day affairs of Noven to Bob Strauss and the rest
of the Noven management team, and I'm confident that they'll work to continue
Noven's tradition of high growth, consistent performance and bold innovation
in drug delivery."
Robert Strauss added:
"On behalf of everyone at Noven, I'd like to thank Steven for his
years of service to the company that he helped found, and I'm pleased
that his experience and counsel will continue to be available to us on
the Board of Directors."
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a leader in the development of transdermal and transmucosal drug delivery systems and technologies. Noven has developed and presently manufactures a series of leading-edge products, including the world's smallest estrogen transdermal delivery system, the United States' only combination estrogen/progestin transdermal delivery system, and the first transmucosal patch approved for marketing by the U.S. Food and Drug Administration. With a wide range of additional products in development, Noven is committed to becoming the world's premier developer, manufacturer, and marketer of transdermal and transmucosal drug delivery systems. For additional information on Noven, visit www.noven.com.
Forward looking statements contained in this release are qualified by and subject to the risks and uncertainties specified by Noven in its most recent filings with the Securities and Exchange Commission.
Copyright © 2000 Noven Pharmaceuticals, Inc. All rights reserved.