Noven Announces Stock Repurchase Plan; Company Updates Third Quarter Outlook and Future Prospects
Business Wire - October 21, 1997 08:05
MIAMI--(BW HealthWire)--Oct. 21, 1997--Noven Pharmaceuticals Inc. (NASDAQ:NOVN) announced Tuesday that its Board of Directors has approved a stock purchase plan allowing the company to purchase up to 500,000 shares of its common stock in open market transactions from time to time over the next six months.
At the end of September, the company had 20,471,596 shares outstanding. In addition, the company expects to report break-even results for the third quarter ended 1997 on higher total revenues compared to a loss of ($.10) per share for the second quarter ended 1997. Noven will report its third quarter results on Nov. 12, 1997. Noven's prospects for near and long term growth are strong as the company has over 20 active research and development projects in the pipeline. Of these, 10 transdermal and transoral drug delivery systems could be commercialized between 1998 and 2001. These include several products for hormone replacement therapy, dental therapeutics and central nervous system disorders. The company intends to self-market a majority of these products through its in-house marketing and sales group. Noven is also evaluating product acquisitions and co-promotion opportunities as a means to expand its product base.
Noven's President and Chairman of the Board, Steven Sablotsky said, "Based on our proven track record of product commercialization, and our robust pipeline, we feel our market valuation is inconsistent with our current and future prospects."
Noven Pharmaceuticals Inc. is an industry leader in the development and commercialization of advanced drug delivery systems.
Forward looking statements contained herein are qualified by and subject to the risks and uncertainties specified by Noven it its most recent periodic filings with the Securities and Exchange Commission.
CONTACT: Noven Pharmaceuticals
Mitchell Goldberg, 516/739-0536 |
