Transdermal drug developer Noven Pharmaceuticals Inc. saidTuesday that it has filed for a secondary offering of 2.5 millionshares of common stock.
Noven's estradiol (estrogen) patch is in Phase III trials in the UnitedStates and Europe. The company (NASDAQ:NOVN) plans to file a newdrug application this year. Ciba-Geigy will market the patch in theUnited States and Canada and Rhone-Poulenc Rorer has overseasrights excluding Japan.
The company has completed trials of its nitroglycerine patch andanticipates filing an abbreviated NDA in the first half of the year.The Miami company is in late-stage negotiations with a marketingpartner.
A transoral mucosal dental anesthetic is in Phase I/II trials.
In October, Ivax Corp. (AMEX:IVX) canceled a plan to acquire Novenbecause the transaction couldn't meet the accounting rulescontemplated by the deal. The transaction, valued at about $47million, was to involve Ivax's acquisition of Noven's sharesoutstanding for $3.50 per share, payable in shares of Ivax commonstock. Noven shares closed Tuesday at $8.13, down 63 cents.
If the offering is completed, Noven will have 15.2 million sharesoutstanding. Underwriter Mabon Securities Corp. has a 375,000-share overallotment option. -- KB
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