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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _____)
NOVEN PHARMACEUTICALS, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
670009-10-9
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(CUSIP Number)
Check the following box if a fee is being paid with the statement [ ]. (A fee is
not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(see Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
"filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("Act") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP NO. 67009-10-9 13G Page 2 of 5
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(1) NAME OF REPORTING PERSON
STEVEN SABLOTSKY
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(A) [ ]
(B) [XX]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
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: (5) SOLE VOTING POWER
: (a) 4,694,420
:
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: (6) SHARED VOTING POWER
NUMBER OF SHARES :
BENEFICIALLY :
OWNED BY EACH REPORTING -----------------------------------------------
PERSON WITH : (7) SOLE DISPOSITIVE POWER
: (a) 4,694,420
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: (8) SHARED DISPOSITIVE POWER
:
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
4,694,420
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9
EXCLUDES CERTAIN SHARES*
[XX]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
22.9%
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(12) TYPE OF REPORTING PERSON
IN
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SCHEDULE 13G
ITEM 1:
(a) NAME OF ISSUER: Noven Pharmaceuticals, Inc.
(b) ADDRESS: 11960 S.W. 144 Street
Miami, FL 33186
ITEM 2:
(a) NAME OF PERSON FILING: Steven Sablotsky
(b) ADDRESS (BUSINESS): 11960 S.W. 144 Street
Miami, FL 33186
(c) CITIZENSHIP: U.S.A.
(d) TITLE OF CLASS OF SECURITIES: Common Stock (.0001 par value)
(e) CUSIP NUMBER: 670009-10-9
ITEM 3: N/A
ITEM 4: OWNERSHIP:
(a) AMOUNT BENEFICIALLY OWNED: 4,694,420 shares. Of this total, 20,275
shares are indirectly owned by Mr. Sablotsky's spouse; includes
3,352,825 shares which Mr. Sablotsky transferred to Nevon Ventures
Limited Partnership, a Nevada limited partnership, on December 30,
1996. Mr. Sablotsky is the beneficial owner of Nevon Ventures Limited
Partnership.(1)
(b) PERCENT OF CLASS: 22.9%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) sole power to vote or to direct the vote: 4,694,420
(ii) shared power to vote or to direct the vote: N/A
(iii) sole power to dispose or to direct the disposition of: 4,694,420
(iv) shared power to dispose or to direct the disposition of: N/A
ITEM 5: OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: N/A
ITEM 6: OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: N/A
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(1) Mr. Sablotsky disclaims beneficial ownership of 34,400 shares held
in custodial accounts for the benefit of his minor children under the Uniform
Transfers to Minors Act and for which neither he nor his wife act as trustees.
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ITEM 7: IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY: N/A
ITEM 8: IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: N/A
ITEM 9: NOTICE OF DISSOLUTION OF GROUP: N/A
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement on Schedule 13G is
true, complete and correct as of the date hereof.
Dated: February 13, 1998
/s/ Steven Sablotsky
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STEVEN SABLOTSKY
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