OVATION Pharmaceuticals Receives Frost & Sullivan’s 2009 Entrepreneurial Company of the Year Award

DEERFIELD, Ill., February 26, 2009 – OVATION Pharmaceuticals, Inc. announced today that Frost & Sullivan, a global growth consulting firm, has selected OVATION as the 2009 North American Entrepreneurial Company of the Year in the pharmaceuticals and biotechnology industry. The award recognizes OVATION’s success in achieving its growth objectives while faithfully fulfilling the OVATION mission of effectively addressing the needs of small and underserved patient populations. Frost & Sullivan presents this award each year to the company that has demonstrated superior entrepreneurial achievement in its industry.

"We are proud to have earned this prestigious recognition," said Jeffrey S. Aronin, OVATION President and Chief Executive Officer. "Since our founding eight years ago, OVATION has been singularly focused on improving the lives of severely ill patients with unmet medical needs. It’s an honor to be recognized for our innovation and successes in ensuring life-sustaining therapies are available to the people who need them."

Commenting on the selection of OVATION as this year’s award winner, Frost & Sullivan Research Analyst Misty Hughes added, "Bypassing many of the pitfalls other companies encounter when strictly pursuing blockbuster indications, this pioneering company has, and continues to, achieve marked success researching and developing therapies for the often overlooked rare and orphan disease market."

Among OVATION’s most recent achievements, the company completed one orphan drug launch at the end of 2008 and is poised to bring two more high-need drugs to market in early 2009 – in each case, introducing important new treatment options to patients.

Frost & Sullivan identifies award recipients through a comprehensive research process that measures a company’s performance through in-depth interviews, analysis and extensive secondary research. Based on this research, Frost & Sullivan selects the best performing, most innovative, high growth potential company to receive the award.

About OVATION Pharmaceuticals

OVATION is a fast growing biopharmaceutical company that develops and commercializes medically necessary therapies to satisfy unmet medical needs for patients with severe illnesses. Headquartered in Deerfield, Ill., with products available in more than 85 countries, OVATION is committed to having a significant impact on patients’ lives through its focus on central nervous system (CNS), hematology/oncology, and hospital-based therapies. The company expects five new launches over the next three years, fueled largely by its late-stage CNS pipeline, which is one of the most robust in the industry. OVATION has been recognized for excellence in the global pharmaceutical and biotechnology industries with the 2006 and 2007 "Pharma Company of the Year" award from Scrip magazine for small to mid-sized enterprises. More information about the company, its products and full prescribing information may be found at www.ovationpharma.com.

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