Noven Pharmaceuticals Inc. said Tuesday that it raised $17.5million in a secondary offering of 2.5 million shares of commonstock priced at $7 per share.

The transdermal drug developer's estradiol estrogen patch is inPhase III trials in the United States and Europe. Noven(NASDAQ:NOVN) plans to file for marketing approval this year.Ciba-Geigy will market the patch in the U.S. and Canada, andRhone-Poulenc Rorer has overseas rights, excluding Japan.

After the offering, the Miami company has 15.2 million sharesoutstanding. Underwriter Mabon Securities Corp. has a375,000-share overallotment option.

The stock closed down 50 cents at $7.13 on Tuesday.

(c) 1997 American Health Consultants. All rights reserved.