NEW RIVER PHARMACEUTICALS INC - Current report filing (8-K) EXHIBIT 99.1

Exhibit 99.1

Merrill Lynch
Healthcare Conference 2006

RJ Kirk (Chairman and CEO)

Krish Krishnan (CFO/COO)

Forward Looking Statements

This presentation may contain forward-looking statements that
reflect management’s current views as to the Company’s clinical
trials, regulatory approval process, product development,
research programs and other future events and operations. These
forward-looking statements involve uncertainties and risks that
are detailed in the Company’s Annual Report on Form 10-K filed
with the SEC on April 1, 2005, as well as other public filings with
the SEC. Actual results could differ materially from these
forward-looking statements.

A platform technology yielding

proprietary products that offer significant clinical

advantages with low technical risk and

shorter development pathway, facing timely market

demand, in a favorable regulatory climate.

Investment Thesis

NRP104

•

New Drug Application (NDA) on NRP104 accepted by the FDA

•

$50 million milestone payment received from Shire Pharmaceuticals

•

2 of 3 clinical abuse liability studies completed and met desired objectives

•

Remaining study is ongoing and will be submitted during the review cycle

NRP290

•

Second Phase I/II study completed

NRP388

•

IND on NRP388 anticipated by end of 2Q 2006

NRP409

•

Preclinical studies to date met desired objectives

•

IND on NRP409 anticipated by end of 2Q 2006

Pipeline Update

NRP290

A conditionally bioreversible derivative of hydrocodone

Potential indications: pain (moderate to moderately severe)

Non-clinical studies to date have met their desired objectives

Second Phase I/II PK clinical study on NRP290 completed

Difficult to recover/extract hydrolyzed hydrocodone based on results to date

Treatment A	Test formulation (NRP290); Dose = 1 x 12 mg solution; 1 x 500 mg acetaminophen tablet
Treatment B	Test formulation (NRP290); Dose = 1 x 24 mg solution; 2 x 500 mg acetaminophen tablet
Treatment C	Reference Product (Vicodin ^® ); Dose = 1 x 5/500 mg tablet
Treatment D	Reference Product (Vicodin ^® ); Dose = 2 x 5/500 mg tablet

A Single-Dose, 4-Treatment, 4-Period, Crossover Pharmacokinetic Study to
Assess Relative Bioavailability of Two Investigational Formulations of
NRP290 (1 x 12 mg and 1 x 24 mg) solution versus Vicodin® (1 x 5/500 mg
and 2 x 5/500 mg) Tablet in Fasted State Healthy Adult Volunteers.

NRP290: Multi-Dose Study

NRP290: Second Phase I study

Comparing hydrocodone from NRP290 (1x12mg) to Vicodin ^® (1x5/500mg)

•

The 90% confidence intervals for peak and overall exposure parameters of
hydrocodone based on ln(C _max ), ln(AUC _last ) and ln(AUC _inf ) were within
80% to 125%. Therefore, a single dose of NRP290 12 mg is bioequivalent to
the single dose of Vicodin ® 5/500 mg under fasting conditions.

Comparing hydrocodone from NRP290 (1x24mg) to Vicodin ^® (2x5/500mg)

•

The 90% confidence intervals for peak of hydrocodone based on ln(C _max )
was within 80% to 125%. The upper limit of 90% confidence intervals for overall
exposure parameters of hydrocodone based on ln(AUC _last ) and ln(AUC _inf )
were slightly higher(128.51% and 134.67%).

Intact NRP290 conjugates

•

No intact NRP290 conjugates observed in systemic circulation in either dose.

NRP290: Next Steps

Finalize Formulation on NRP290 (with and without APAP)

Request End-of-Phase 2 meeting with FDA in Q2/Q3 2006 to finalize
efficacy and safety studies and define regulatory strategy