DEERFIELD, Ill.--(BUSINESS WIRE)--OVATION Pharmaceuticals, Inc., a leading biopharmaceutical company based in Deerfield, Illinois, today announced it has been honored as a recipient of the 2007 Chicago Innovation Awards™. OVATION is one of only ten area organizations this year awarded with this distinction. Based on the company’s solid, six-year history of innovation, OVATION was recognized for its unique business model focused on developing medications for targeted populations of severely ill patients with unmet medical needs.