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  <TITLE> Noven Pharmaceuticals, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 22, 2006
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  	Noven Pharmaceuticals, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	0-17254
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  	59-2767632
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	11960 S.W. 144th Street, Miami, Florida
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  	33186
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	305-253-5099
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  (a)  On May 22, 2006, the Nominating and Corporate Governance Committee of the Board of Directors of Noven Pharmaceuticals, Inc. ("Noven") approved the following changes to Noven&#x2019;s compensation and reimbursement practices for its non-employee directors (previously described in Noven's 2006 Proxy Statement):<br><br>Restricted Stock granted upon Election to Board: $150,000<br>Restricted Stock granted (upon re-election at annual meeting): $100,000<br><br>The restricted awards will be granted in lieu of the stock options that were previously granted to non-employee directors.  There was no change to the other components of Noven&#x2019;s non-employee director compensation and reimbursement practices, which information is disclosed in Noven&#x2019;s 2006 Proxy Statement.  Consistent with Noven&#x2019;s prior policies, directors who are employed by Noven do not receive any additional compensation for their Board activities.<br><br>(b)  On May 22, 2006, the Compensation Committee of Noven&#x2019;s Board of Directors approved the form of Restricted Stock Agreement to be signed by Noven and each director recipient in connection with grants of restricted stock.  The agreement provides that the restricted stock awards will vest over a one-year period in equal installments on each of June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007.  The form of Restricted Stock Agreement is filed as Exhibit 10.1 to this report and is incorporated herein by reference.
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits.<br><br>10.1  Form of Restricted Stock Agreement
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Noven Pharmaceuticals, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	May 22, 2006
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  <I>
  	By:
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  <I>
  	Diane M. Barrett
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  	&nbsp;
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  <I>
  	Name: Diane M. Barrett
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  <I>
  	Title: Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Form of Restricted Stock Agreement
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12686.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11204}]
metadata_filer: {"company-data": {"conformed-name": "NOVEN PHARMACEUTICALS INC", "cik": "0000815838", "assigned-sic": "2834", "irs-number": "592767632", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17254", "film-number": "06859810"}, "business-address": {"street1": "11960 SW 144TH ST", "city": "MIAMI", "state": "FL", "zip": "33186", "phone": "3052535099"}, "mail-address": {"street1": "11960 SW 144TH STREET", "city": "MIAMI", "state": "FL", "zip": "33185"}}
text: Noven Pharmaceuticals, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  May 22, 2006
  Noven Pharmaceuticals, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  0-17254
  59-2767632
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  11960 S.W. 144th Street, Miami, Florida
  33186
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  305-253-5099
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  (a)  On May 22, 2006, the Nominating and Corporate Governance Committee of the Board of Directors of Noven Pharmaceuticals, Inc. ("Noven") approved the following changes to Noven's compensation and reimbursement practices for its non-employee directors (previously described in Noven's 2006 Proxy Statement):
  Restricted Stock granted upon Election to Board: $150,000
  Restricted Stock granted (upon re-election at annual meeting): $100,000
  The restricted awards will be granted in lieu of the stock options that were previously granted to non-employee directors.  There was no change to the other components of Noven's non-employee director compensation and reimbursement practices, which information is disclosed in Noven's 2006 Proxy Statement.  Consistent with Noven's prior policies, directors who are employed by Noven do not receive any additional compensation for their Board activities.
  (b)  On May 22, 2006, the Compensation Committee of Noven's Board of Directors approved the form of Restricted Stock Agreement to be signed by Noven and each director recipient in connection with grants of restricted stock.  The agreement provides that the restricted stock awards will vest over a one-year period in equal installments on each of June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007.  The form of Restricted Stock Agreement is filed as Exhibit 10.1 to this report and is incorporated herein by reference.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits.
  10.1  Form of Restricted Stock Agreement
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Noven Pharmaceuticals, Inc.
  May 22, 2006
  By:
  Diane M. Barrett
  Name: Diane M. Barrett
  Title: Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Form of Restricted Stock Agreement