New River Pharmaceuticals Inc. Reduces Expected IPO Price

RADFORD, Va., Aug. 5 /PRNewswire-FirstCall/ -- New River Pharmaceuticals Inc. announced today the initial public offering of 4,200,000 shares of its common stock at $8.00 per share on the NASDAQ National Market under the trading symbol "NRPH." New River Pharmaceuticals has granted the underwriters the right to purchase up to an additional 630,000 shares of common stock to cover over-allotments, if any. All of such shares are being offered by the company.

New River Pharmaceuticals is a specialty pharmaceutical company focused on developing novel pharmaceuticals that are safer and improved versions of widely-prescribed drugs, including amphetamines and opioids.

WR Hambrecht + Co is acting as the lead underwriter of the offering. First Albany Capital, Wells Fargo Securities, LLC and Punk, Ziegel & Company are acting as co-managers. The shares were offered through WR Hambrecht + Co's OpenIPO(R), an auction that allows investors to participate in the pricing and allocation process of the IPO shares.

The public offering is made only by means of a prospectus, which may be obtained by going to WR Hambrecht + Co's web site, by calling 800-673-6476 or by writing to WR Hambrecht + Co, P.O. Box 677, Berwyn, PA 19312.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Contact: The Ruth Group Stephanie Carrington 646-536-7017

New River Pharmaceuticals Inc.

CONTACT: Stephanie Carrington of The Ruth Group, +1-646-536-7017,, for New River Pharmaceuticals Inc.

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