<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------
FORM 10-K/A
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-17254
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NOVEN PHARMACEUTICALS, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 59-2767632
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
11960 S.W. 144th Street, Miami, Florida 33186
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (305)253-5099
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Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered Pursuant to Section 12(g) of the Act:
Common Stock $.0001 Par Value
- -------------------------------------------------------------------------------
(Title of class)
<PAGE> 2
<TABLE>
<S> <C> <C> <C> <C>
Research and
development 2,164 4,127 5,161 8,036 10,509
General and
administrative 1,133 1,836 2,244 2,805 3,442
----- ----- ----- ----- -----
Total 3,297 5,963 7,405 10,989 18,765
Net loss $(3,098) $(3,041) $(3,311) $(4,944) $(6,581)
======= ======== ======== ======= =======
Net loss per share $ (.25) $ (.21) $ (.21) $ (.28) (.34)
======== ======= ======== ======= =======
Weighted average
shares of common
stock and common
stock equivalents 12,246 14,761 15,925 17,440 19,237
</TABLE>
<TABLE>
<CAPTION>
AT DECEMBER 31,
-----------------------------------------------------------------------
1991 1992 1993 1994 1995
---- ---- ---- ---- ----
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C>
BALANCE SHEET DATA:
Working capital $ 1,946 $ 20,781 $ 14,822 $ 35,047 $ 27,560
Total assets 3,534 23,289 29,860 54,365 48,646
Long-term obligations -- -- -- ----
Accumulated deficit (4,186) (7,228) (10,539) (15,483) (22,063)
Total stockholders'
equity 1,562 20,740 20,693 44,546 38,030
</TABLE>
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
General
Since commencing operations in 1987, the Company has been engaged
primarily in the research and development of transdermal drug delivery systems.
The Company's revenues have been generated principally by license fees,
milestone payments pursuant to various license agreements and interest. A
significant portion of revenues in 1995, however, is attributable to the
purchase by the Company's licensee partners of transdermal estrogen delivery
systems for commercial sale in Europe and in anticipation of that product's
commercial launch in the United States.
23
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date: April 22, 1996 NOVEN PHARMACEUTICALS, INC.
By:/s/ Steven Sablotsky
---------------------------
STEVEN SABLOTSKY, Chairman
of the Board and President
<PAGE> 4
Exhibit
Number Description of Document
- ------ -----------------------
27 Financial Data Schedule (for SEC use only).
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF NOVEN PHARMACEUTICALS, INC. FOR THE YEAR ENDED DECEMBER
31, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 16,131,263
<SECURITIES> 7,881,397
<RECEIVABLES> 2,512,561
<ALLOWANCES> 0
<INVENTORY> 5,069,946
<CURRENT-ASSETS> 31,853,387
<PP&E> 17,506,935
<DEPRECIATION> 1,974,138
<TOTAL-ASSETS> 48,645,552
<CURRENT-LIABILITIES> 4,293,185
<BONDS> 0
0
0
<COMMON> 1,967
<OTHER-SE> 38,028,389
<TOTAL-LIABILITY-AND-EQUITY> 48,645,552
<SALES> 8,747,965
<TOTAL-REVENUES> 12,184,341
<CGS> 4,814,349
<TOTAL-COSTS> 4,814,349
<OTHER-EXPENSES> 10,508,763
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,580,608)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,580,608)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,580,608)
<EPS-PRIMARY> (.34)
<EPS-DILUTED> (.34)
</TABLE>
