Noven PharmaceuticalsÂ Appoints New CEO & Director
MIAMI -- Noven Pharmaceuticals, Inc. (NASDAQ:NOVN - News) today announced that its board of directors has appointed former Pfizer, Inc. senior executive Peter C. Brandt, age 51, to the offices of President and Chief Executive Officer and to the Noven board of directors. These appointments are effective immediately.
Brandt spent 28 years at Pfizer, the world's leading research-based pharmaceutical company. Most recently, he served as Pfizerâ€™s President â€“ U.S. Pharmaceuticals Operations, where he helped deliver revenue and earnings growth while engineering major change within Pfizerâ€™s U.S. pharmaceuticals organization. Prior to running the U.S. operations, he led the Latin American Pharmaceuticals Operations, as well as the following Pfizer Worldwide Pharmaceuticals functions: Finance, Information Technology, Planning and Business Development. He also oversaw the operations of Pfizer's care management subsidiary, Pfizer Healthcare Solutions. Brandt earned his MBA in finance and accounting from Columbia University and his BA in economics and marketing from the University of Connecticut.
â€œWe could not be more pleased to have an executive with Peterâ€™s background, experience and vision join the Noven team,â€ said Wayne P. Yetter, Novenâ€™s Chairman. â€œNoven has a proud and successful history in the development and commercialization of transdermal products. Last year, in order to diversify its prospects and significantly increase its longer-term growth rate, the company embarked on an ambitious strategy to transform itself into a broader-based specialty pharmaceutical company. Just as he led the pharmaceutical operations of one of the largest and most established companies in the world, we are confident that Peter is the ideal executive to lead Novenâ€™s transformation, strategy and growth in the years ahead.â€
"I am honored to be asked to lead Noven and join its board," said Brandt, "and excited about the chance to help the company evolve from primarily a transdermal drug delivery company to a high-growth specialty pharmaceutical company. Noven has an impressive array of assets, including outstanding transdermal patch technologies, the highly successful Novogyne joint venture, and a specialty pharmaceutical unit with a significant pipeline. I look forward to working with the team to refine the strategies that will capitalize on these assets, to successfully execute on those strategies, and to build substantial value for Noven shareholders."
As CEO, Brandt succeeds Interim CEO Jeffrey F. Eisenberg, who will remain with Noven as Executive Vice President. The board appointed Eisenberg to the interim leadership position following the January 2008 retirement of Robert C. Strauss. At that time, Novenâ€™s board separated the offices of Chairman and CEO, appointing then lead independent director Wayne Yetter as Novenâ€™s non-executive Chairman. In line with good corporate governance practices, the offices will remain separated, and Yetter will continue to serve as Chairman.
â€œThe board thanks Jeff for leading Noven forward strategically and operationally over the past several months,â€ said Yetter. â€œHe confirmed his outstanding leadership and importance to the organization by taking charge at a challenging time, and we look forward to his continued contributions to the company.â€
Noven Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the research, development, manufacture, marketing and sale of prescription pharmaceutical products. Novenâ€™s commercialized transdermal products utilize its proprietary DOT MatrixÂ® drug delivery technology and include Vivelle-DotÂ® (estradiol transdermal system), the most prescribed estrogen patch in the U.S., and Daytranaâ„¢ (methylphenidate transdermal system), the first and only patch approved for the treatment of ADHD. Oral products currently offered through the Noven marketing and sales infrastructure consist of PexevaÂ® (paroxetine mesylate) and LithobidÂ® (lithium carbonate). Developmental products in psychiatry consist of Stavzorâ„¢ (delayed release valproic acid capsule), Lithium QD (once-daily lithium carbonate), and Stavzorâ„¢ ER (extended release valproic acid capsule). The development program in womenâ€™s health consists of Mesafemâ„¢ (low-dose paroxetine mesylate), a non-hormonal product scheduled to enter Phase 3 clinical trials for vasomotor symptoms (hot flashes). See www.noven.com for additional information.
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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 â€œbelieves,â€ â€œanticipates,â€ â€œplans,â€ â€œexpectsâ€ or similar expressions and statements are forward-looking statements. Novenâ€™s estimated or anticipated future results, product performance or other non-historical facts are forward-looking and reflect Novenâ€™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.
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