X0202 4 2007-09-11 0 0000815838 NOVEN PHARMACEUTICALS INC NOVN 0001218321 OSS CAPITAL MANAGEMENT 598 MADISON AVENUE NEW YORK NY 10022 0 0 1 0 Common Stock ($.0001 par value) 2007-09-11 4 P 0 77500 15.48 A 2784190 I See Footnote This Form 4 is being filed to report that O.S.S. Capital Management LP, a Delaware limited partnership (the "Investment Manager"), Schafer Brothers LLC, a Delaware limited liability company (the "SB LLC") and Mr. Oscar S. Schafer ("Mr. Schafer", collectively with the Investment Manager and SB LLC, the "Reporting Persons") have purchased an additional 77,500 shares of Noven Pharmaceuticals Inc. (the "Issuer") common shares. The Reporting Persons have investment discretion with respect to securities held by a Cayman Islands exempted company and two Delaware limited partnerships as more fully described in the Form 3 filed on July 16, 2007 (Accession Number: 0000902664-07-002296), the Form 4 filed on August 8, 2007 (Accession Number: 0000902664-07-002474) and the Form 4 filed on August 14, 2007 (Accession Number 0000902664-07-002630). Each of the Investment Manager, SB LLC and Mr. Schafer may be deemed to beneficially own 2,784,190 shares of common stock, which represent, together, approximately 11.2% of the outstanding shares of common stock. Each of the Investment Manager, SB LLC, and Mr. Schafer disclaims beneficial ownership of the securities included in this report and this report shall not be deemed an admission that either the Investment Manager, SB LLC, or Mr. Schafer is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. /s/ Oscar S. Schafer 2007-09-12