Abbey Gardy, Entwistle & Cappucci, and Wolf Haldenstein Announce Proposed Settlement and Hearing.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--Feb. 21, 2003

Plaintiffs' Co-Lead Counsel announced that on January 21, 2003, a Settlement Class was certified by the U.S. District Court, Southern District of NY in an action entitled: In re DOV Pharmaceutical, Inc. Securities Litigation, Civil Action No. 02-CV-3271 (RWS). The Settlement Class includes all persons and entities who purchased the common stock of DOV in, or traceable to, DOV's April 25, 2002 IPO through and including December 20, 2002 and suffered damages. Excluded from the Class are DOV, its subsidiaries and affiliates, the Underwriter Defendants, the other members of the underwriting syndicate involved in the IPO, the Individual Defendants, members of the immediate families of each of the Individual Defendants, any entity in which any of the Defendants had or have a controlling interest, and the legal representatives, heirs, successors, predecessors in interest, affiliates, or assigns of any of the Defendants (collectively referred to as the "Defendants").

A hearing will be held on April 16, 2003 at noon before the Honorable Robert W. Sweet, U.S. District Judge for the Southern District of New York, in Courtroom 18C, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007 to determine whether an Order should be entered: (1) finally approving the proposed Settlement of the claims asserted by plaintiffs in this action against Defendants DOV, Bernard Beer, Barbara G. Duncan, Zola Horovitz, Mark Lampert, Arnold S. Lippa, Daniel S. Van Riper, CIBC World Markets Corp., and Lehman Brothers, Inc., on the terms set forth in the Stipulation of Settlement dated December 20, 2002; (2) dismissing this action with prejudice; and (3) awarding fees and reimbursement of expenses to Co-Lead Counsel for Lead Plaintiffs and the Class.

If you are a member of the Class and you have not yet received the "Notice of Class Action, Proposed Settlement and Hearing Thereon" and the accompanying Proof of Claim and Release form, which detail the proposed Settlement, the proposed plan of allocation of the proceeds of the Settlement, the application of plaintiffs' counsel for an award of attorneys' fees and reimbursement of expenses, and your rights and obligations thereto, you should immediately obtain a copy by contacting: Claims Administrator, In re DOV Pharmaceutical, Inc. Securities Litigation, c/o Berdon LLP, P.O. Box 9014, Jericho, NY 11753-8914; Telephone: [phone]; Fax: [phone]; Website: www.berdonllp.com/claims.

To participate in the settlement, you must file a Proof of Claim and Release no later than June 16, 2003. If you do not file a timely and properly completed Proof of Claim and Release and have not excluded yourself from the Settlement Class, you will not share in the Settlement, but you will be bound by the Final Order and Judgment of the Court.

To be excluded from the Settlement Class, you must follow the procedures described in the Notice.

Please do not contact the Court or the Clerk of the Court for information.