For Immediate Release

Contact:
(Company)                                          (Corporate Communications)
Barbara Duncan                                     Kathleen Eppolito
Chief Financial Officer                            Scientia Communications, Inc.
DOV Pharmaceutical, Inc.                           (718) 281-1809
(201) 968-0980

                  DOV PHARMACEUTICAL, INC. ANNOUNCES PRICING OF
                 $65 MILLION OF 2.50% CONVERTIBLE SUBORDINATED
                              DEBENTURES DUE 2025

Hackensack, NJ, December 16, 2004 - DOV Pharmaceutical, Inc. (Nasdaq: DOVP)
("DOV" or the "Company") announced today the pricing of its offering of $65
million of convertible subordinated debentures due 2025 to be sold to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"). The debentures will bear interest at a rate of
2.50%. The Company has also granted the initial purchasers of the debentures an
option to purchase up to an additional $15 million aggregate principal amount of
such debentures. The sale of the debentures is expected to close on December 22,
2004.

The debentures will be unsecured and subordinated in right of payment to senior
indebtedness, and will initially be convertible into the Company's common stock
at a conversion rate of 43.9560 shares per $1,000 principal amount of the
debentures, subject to adjustment in certain events. The conversion rate is
equal to an initial conversion price of approximately $22.75 per share.

The Company has the right to redeem the debentures beginning on January 15, 2008
and before January 15, 2012, at 100% of the principal amount of the debentures,
plus any accrued and unpaid interest, if the price of the Company's common stock
reaches a specific threshold. The Company has the right to redeem the debentures
at any time on or after January 20, 2012, at 100% of the principal amount of the
debentures, plus any accrued and unpaid interest.

The holders of the debentures can require the Company to repurchase their
debentures on January 15, 2012, January 15, 2015 and January 15, 2020, or upon
the occurrence of a fundamental change, at 100% of the principal amount of the
debentures, plus any accrued and unpaid interest. The debentures will mature on
January 15, 2025.

The Company intends to use the net proceeds for general corporate purposes,
including working capital, research and development, capital expenditures, and
potential acquisitions or other strategic investments.


  433 Hackensack Ave., Hackensack, NJ 07601 (201) 968-0980; (201) 968-0986-fax



The debentures will be offered only to qualified institutional buyers, as
defined in Rule 144A under the Securities Act. The debentures will not be
registered under the Securities Act or any state securities laws, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act and
applicable state securities laws.

This press release does not and will not constitute an offer to sell or the
solicitation of an offer to buy the debentures. This press release is being
issued pursuant to and in accordance with Rule 135c under the Securities Act.

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is
defined in the Private Securities Litigation Reform Act of 1995. Words such as
"believes," "anticipates," "expects," "intends," "estimates," "projects" and
other similar expressions, which are predictions of or indicate future events
and trends, typically identify forward-looking statements. You should exercise
caution in interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors which are, in
some cases, beyond DOV's control, and could cause actual results to differ
materially from those projected or anticipated. Such risks and uncertainties
include, but are not limited to, DOV's ability to complete the offering of
convertible subordinated debentures under acceptable terms or on the anticipated
timetable, market conditions, and other risks and uncertainties detailed from
time to time in DOV's filings with the Securities and Exchange Commission,
including, without limitation, the risks described in our Annual Report on Form
10-K for the fiscal year ended December 31, 2003 in the section entitled "Risk
Factors and Factors Affecting Forward-Looking Statements." We disclaim any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.


  433 Hackensack Ave., Hackensack, NJ 07601 (201) 968-0980; (201) 968-0986-fax