Noven Pharmaceuticals, Inc. (NASDAQ:NOVN) today announced that it will
release its 2007 fourth quarter and full year financial results before
the market opens on Thursday, March 27, 2008. Noven management will host
a conference call that same morning at 8:30 a.m. ET to review the
financial results and answer questions.
Noven also indicated that it will maintain its current revenue
recognition accounting policy following resolution of a previously
announced comment from the Securities and Exchange Commission (“SEC”).
As announced on March 12, 2008, the company delayed the release of its
2007 financial results and the filing of its 2007 Form 10-K due to an
open comment relating to revenue recognition raised in an SEC comment
letter. Noven has confirmed that the SEC has completed its review and
analysis and has no objection to Noven’s
current revenue recognition policy. Accordingly, Noven will maintain its
current policy, and no restatement of prior financial periods will be
required as a result of the SEC comment. With this matter resolved,
Noven expects to file its 2007 Annual Report on Form 10-K with the SEC
within the previously announced extended filing period, which ends April
1, 2008.
The conference call with management will be broadcast live on March 27
at 8:30 a.m. ET at www.noven.com,
and thereafter a rebroadcast will be accessible at the same site for at
least two weeks. A taped replay of the call will be available beginning
March 27 through March 29 by calling 877-660-6853 (from within the U.S.)
or 201-612-7415 (from outside the U.S.) and entering account number 286
and conference ID number 279741.
About Noven
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a
specialty pharmaceutical company engaged in the research, development,
manufacture, marketing and sale of prescription pharmaceutical products.
Noven’s leading transdermal products utilize
its proprietary DOT Matrix®
drug delivery technology and 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. Oral products currently offered through Noven’s
psychiatry/CNS marketing and sales organization consist of Pexeva®
(paroxetine mesylate) and Lithobid®
(lithium carbonate). Developmental products include Stavzor™
(delayed release valproic acid capsule) and Mesafem™
(low-dose paroxetine mesylate), a non-hormonal product for vasomotor
symptoms. See www.noven.com for
additional information.
Safe Harbor Statement under the Private Litigation Reform Act of 1995
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 that 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
that are, in many instances, beyond Noven's control.
These risks and uncertainties include the risk that unanticipated
events could change Noven’s expectations
regarding the timing of the filing of its 2007 Annual Report on Form
10-K, the resolution of the revenue recognition accounting policy
comment, and/or Noven’s revenue recognition
accounting policy. 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.
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