Endo Pharmaceuticals Completes Tender Offer for 30M Shares of Penwest Pharmaceuticals (ENDP,PPCO)
Monday September 20, 2010 16:58:24 EDT
Sep 20, 2010 (SmarTrend News Watch via COMTEX News Network) --

9/20/2010- West Acquisition Corp., a subsidiary of Endo Pharmaceuticals (NASDAQ:ENDP) completed the tender offer for all outstanding shares of Penwest Pharmaceuticals (NASDAQ:PPCO).

Approximately 30,810,778 shares, or 82.80 percent of Penwest, were tendered.

Endo Pharmaceuticals closed 0.20 percent lower at $29.55. Penwest closed 0.20 percent lower at $4.98.

SmarTrend is bullish on shares of Penwest Pharmaceuticals and our subscribers were alerted to buy on May 07, 2010 at $3.34. The stock has risen 49.1% since the alert was issued.

ENDO will buy PPCO $5.00 a share ; but law suits follow:
http://www.reuters.com/article/idCNSGE6780JF20100809?loomia_ow=t0:s0:a49:g43:r1:c0.145833:b36403990:z0

Endo and Penwest Enter Into Agreement with Impax Laboratories to Settle OPANA® ER Patent Litigation

http://finance.yahoo.com/news/Endo-and-Penwest-Enter-Into-prnews-4038506228.html?x=0&.v=1

PPCO $3.20

Endo and Penwest Enter Into Agreement with Sandoz to Settle OPANA(R) ER Patent
Litigation

CHADDS FORD, Pa., June 8, 2010 /PRNewswire via COMTEX/ -- Endo Pharmaceuticals
(ENDP) and Penwest Pharmaceuticals (PPCO) announced today that the companies have
settled litigation with Sandoz, Inc. regarding the production and sale of generic
formulations of OPANA(R) ER (oxymorphone hydrochloride) Extended Release tablets.

Under the terms of the settlement, Endo and Penwest have agreed to grant Sandoz a
license to sell a generic of OPANA(R) ER on Sept. 15, 2012. Further terms of the
settlement were not disclosed.

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing
products that address unmet medical needs, primarily for rare disorders of the
nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a
coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro.
Penwest is also applying its drug delivery technologies and drug formulation
expertise to the formulation of our collaborators' product candidates under
licensing collaborations.

Penwest Forward-Looking Statements

The matters discussed herein contain forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties, which may cause the actual results in
future periods to be materially different from any future performance suggested
herein. For this purpose, any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, the words, "believes," "anticipates," "plans," "expects,"
"intends," "potential," "appears," "estimates," "projects," "targets," "may,"
"could," and similar expressions are intended to identify forward-looking
statements. Important factors that could cause results to differ materially
include the following: the timing of clinical trials, such as the Phase IIa
clinical trials referenced above, and risks related to patient enrollment; risks
relating to the commercial success of Opana ER, including our reliance on Endo
Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic
competition and risks that Opana ER will not generate the revenues anticipated;
the need for capital; regulatory risks relating to drugs in development,
including the timing and outcome of regulatory submissions and regulatory actions
with respect to A0001; whether the results of clinical trials will be indicative
of the results of future clinical trials and will warrant further clinical
trials, warrant submission of an application for regulatory approval of, or
warrant the regulatory approval of, the product that is the subject of the trial;
whether the patents and patent applications owned by us will protect the
Company's products and technology; actual and potential competition; and other
risks as set forth under the caption Risk Factors in Penwest's Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2010,
which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of
the date of the statements made. Penwest disclaims any intention or obligation to
update any forward-looking statements, and these statements should not be relied
upon as representing the Company's estimates or views as of any date subsequent
to the date of this release.

TIMERx is a registered trademark of Penwest. All other trademarks referenced
herein are the property of their respective owners.

About Endo

Endo Pharmaceuticals is a specialty pharmaceutical company engaged in the
research, development, sale and marketing of branded and generic prescription
pharmaceuticals used to treat and manage pain, prostate cancer and the early
onset of puberty in children, or central precocious puberty (CPP). Its products
include LIDODERM(R), a topical patch to relieve the pain of postherpetic
neuralgia; Percocet(R) and Percodan(R) tablets for the relief of
moderate-to-moderately severe pain; FROVA(R) tablets for the acute treatment of
migraine attacks with or without aura in adults; OPANA(R) tablets for the relief
of moderate-to-severe acute pain where the use of an opioid is appropriate;
OPANA(R) ER tablets for the relief of moderate-to-severe pain in patients
requiring continuous, around-the-clock opioid treatment for an extended period of
time; Voltaren(R) Gel, which is owned and licensed by Novartis AG, a nonsteroidal
anti-inflammatory drug indicated for the relief of the pain of osteoarthritis of
joints amenable to topical treatment, such as those of the hands and the knees;
VANTAS(R) for the palliative treatment of advanced prostate cancer; SUPPRELIN(R)
LA for the treatment of early onset puberty in children; and VALSTAR(TM) for the
treatment of BCG-refractory carcinoma in situ (CIS) of the urinary bladder in
patients for whom immediate cystectomy would be associated with unacceptable
medical risks. The company markets its branded pharmaceutical products to
physicians in pain management, urology, endocrinology, oncology, neurology,
surgery and primary care. More information, including this and past press
releases of Endo Pharmaceuticals, is available at http://www.endo.com.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding, among other things,
the company's financial position, results of operations, market position, product
development and business strategy, as well as estimates of future total revenues,
future expenses, future net income and future earnings per share. Statements
including words such as "believes," "expects," "anticipates," "intends,"
"estimates," "plan," "will," "may" "intend," "guidance" or similar expressions
are forward-looking statements. Because these statements reflect our current
views, expectations and beliefs concerning future events, these forward-looking
statements involve risks and uncertainties. Investors should note that many
factors could affect our future financial results and could cause our actual
results to differ materially from those expressed in forward-looking statements
contained in this press release. These factors include, but are not limited to:
our ability to successfully develop, commercialize and market new products;
timing and results of pre-clinical or clinical trials on new products; our
ability to obtain regulatory approval of any of our pipeline products;
competition for the business of our branded and generic products, and in
connection with our acquisition of rights to intellectual property assets; market
acceptance of our future products; government regulation of the pharmaceutical
industry; our dependence on a small number of products; our dependence on outside
manufacturers for the manufacture of a majority of our products; our dependence
on third parties to supply raw materials and to provide services for certain core
aspects of our business; new regulatory action or lawsuits relating to our use of
narcotics in most of our core products; our exposure to product liability claims
and product recalls and the possibility that we may not be able to adequately
insure ourselves; the successful efforts of manufacturers of branded
pharmaceuticals to use litigation and legislative and regulatory efforts to limit
the use of generics and certain other products; our ability to successfully
implement our acquisition and in-licensing strategy; regulatory or other limits
on the availability of controlled substances that constitute the active
ingredients of some of our products and products in development; the availability
of third-party reimbursement for our products; the outcome of any pending or
future litigation or claims by third parties or the government, and the
performance of indemnitors with respect to claims for which we have been
indemnified; our dependence on sales to a limited number of large pharmacy chains
and wholesale drug distributors for a large portion of our total revenues; a
determination by a regulatory agency that we are engaging or have engaged in
inappropriate sales or marketing activities, including promoting the "off-label"
use of our products and other risks and uncertainties, including those detailed
from time to time in our periodic reports filed with the Securities and Exchange
Commission, including our current reports on Form 8-K, quarterly reports on Form
10-Q and annual reports on Form 10-K, particularly the discussion under the
caption "Item 1A, RISK FACTORS" in our annual report on Form 10-K for the year
ended December 31, 2009, which was filed with the Securities and Exchange
Commission on February 26, 2010. The forward-looking statements in this press
release are qualified by these risk factors. These are factors that, individually
or in the aggregate, we think could cause our actual results to differ materially
from expected and historical results. We assume no obligation to publicly update
any forward-looking statements, whether as a result of new information, future
developments or otherwise.

SOURCE Endo Pharmaceuticals

Copyright (C) 2010 PR Newswire. All rights reserved

PPCO.. $3.27

PRESS RELEASE: Penwest Urges Shareholders to Vote "For" Three Current Directors and Reject Tang/Edelman Slate

Dow Jones & Company, Inc. - May 17 at 08:28

Company Symbols: NASDAQ-NMS:PPCO


Penwest Urges Shareholders to Vote "For" Three Current Directors and Reject Tang/Edelman Slate

Company Has Created Shareholder Value by Executing Focused Business Plan

Win by Tang/Edelman Would Give Dissidents Board Control

PATTERSON, N.Y., May 17, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today sent a letter to its shareholders in connection with the Company's annual meeting to be held on June 22, 2010. Penwest urges shareholders to vote "FOR" Penwest's director nominees on the WHITE proxy card and "AGAINST" the shareholder proposals put forth by Tang Capital Management, L.P. and Perceptive Life Sciences Master Fund Ltd.

The full text of the letter from Paul E. Freiman, Chairman, and Jennifer L. Good, President and Chief Executive Officer, follows:

May 17, 2010

KEVIN TANG AND JOE EDELMAN ARE TRYING TO TAKE CONTROL OF PENWEST

PROXY FIGHT PART TWO

Dear Fellow Penwest Shareholder:

Over the past year, Penwest's Board of Directors and management team have been successfully executing our focused business plan and creating value for all shareholders. We are encouraged by our achievements to date and the substantial increase in Penwest's share price.

At the same time, as you are likely aware, Kevin Tang of Tang Capital Management, L.P. and Joe Edelman of Perceptive Life Sciences Master Fund Ltd. have once again launched a proxy contest, this time to elect three directors of their choosing to Penwest's Board at our Annual Meeting of Shareholders on June 22, 2010. If they win, they will take full control of your Company's Board and with it Penwest's strategic direction.

At last year's Annual Meeting, Messrs. Tang and Edelman were elected to the Board. Since their election, the Board has worked cooperatively with them and considered carefully their input in its deliberations and decision making. With these major shareholders serving as directors, we believe that Penwest's eight- member Board has a healthy, productive system of checks and balances in place and represents the perspectives of all shareholders. In fact, during this period the Board approved additional reductions in operating expenses and announced its intention to declare a special cash dividend later this year.

Despite all of this, Messrs. Tang and Edelman are once again launching a proxy contest that, if successful, would give them full control of the Board. They are doing so after repeated efforts on our part to reach a compromise with them and avoid another costly and disruptive proxy fight.

Shareholders must ask themselves:

-- With a Board composed of Messrs. Tang, Edelman and their three other
hand-picked nominees, giving them voting control, who would ensure that
the Board acts in the best interests of all Penwest shareholders?
-- Wouldn't your interests be better represented by a diverse Board of
independent directors rather than a Board controlled by the agendas of
these two people?


It is perplexing that Messrs. Tang and Edelman are again taking the Company down a path that will waste shareholders' money, distract management and disrupt the progress we are making. We can only conclude that this is not about representing the best interests of all of our shareholders, but is instead about taking control of Penwest for themselves.

Take a look at Messrs. Tang and Edelman's actions since joining the Board. Upon becoming a Penwest director last summer, Mr. Tang immediately proposed to the Board that he be elected CEO of the Company. In the Board's vote on this, his self-serving proposal was defeated, with only two directors -- Messrs. Tang and Edelman -- voting in favor. Moreover, during their year as Board members, neither Mr. Tang nor Mr. Edelman has offered an alternative strategic plan for the Company -- beyond more cost reductions, with seemingly little thought given to whether the cuts make business sense.

Cost cutting for the sake of cost cutting, as espoused by Messrs. Tang and Edelman, does not build shareholder value. We, too, believe in cutting costs, and we have done so. But we believe that the way to build shareholder value is through a combination of responsible cost containment and revenue growth. We are executing on both. In our view, the dissidents' one-dimensional approach ignores revenue growth as an important driver of value for shareholders.

WHICH DIRECTORS DO YOU WANT CONTROLLING PENWEST AND YOUR INVESTMENT?

Messrs. Tang and Edelman are seeking to stack the Board with candidates with ties to Mr. Tang and take full control of the Company, replacing our three experienced, highly-qualified director nominees including our independent, non- executive Chairman Paul Freiman, President and CEO Jennifer Good and Christophe Bianchi, M.D., Executive Vice President and Head of Commercial Operations at Millennium: The Takeda Oncology Company. Dr. Bianchi was appointed to the Board in 2007, after we conducted, with the help of a professional search firm, a deliberate and thorough review to identify a director who would bring to the Board his level of commercial expertise.

And in whose hands would the dissidents place the future of the Company?

-- A 29-year-old accountant with no public company board experience who
works for Mr. Tang;
-- A hedge fund manager with college ties to Mr. Tang who likewise has
never served as a public company director; and
-- An acquaintance of Mr. Tang whose background is primarily in the medical
technology field.


Penwest's existing Board -- with Messrs. Tang and Edelman -- includes members with medical backgrounds, drug development expertise and experience in regulatory affairs and commercial operations, members who have worked in senior management at companies engaged in drug development, members who have served as board members of public companies engaged in drug development and members with backgrounds in the financial industry, as well as our two largest shareholders.

If their three nominees are elected, the Board would be controlled primarily by hedge fund managers and an accountant for Mr. Tang's hedge fund. The system of checks and balances that exists today -- and is so critical to the governance of public companies -- would be in serious jeopardy.

There are important decisions that need to be made and actions that need to be taken to continue Penwest's progress. This is not the time to change Penwest's Board or management team and risk interrupting the Company's momentum. Re- electing the Board's nominees would leave both Mr. Tang and Mr. Edelman on the Board, each with a voice equal to that of the other elected independent directors, preserve the checks and balances and ensure that Messrs. Tang and Edelman do not control the Company's future.

Your Board strongly urges all Penwest shareholders to reject the three Tang/ Edelman nominees and to vote "FOR" the re-election of each of the Company's three director nominees on the WHITE proxy card.

PLEASE USE THE WHITE PROXY CARD TO VOTE TODAY -- BY TELEPHONE, BY INTERNET OR BY SIGNING, DATING AND RETURNING THE ENCLOSED WHITE PROXY CARD. YOUR BOARD URGES YOU NOT TO SIGN OR RETURN ANY GOLD OR OTHER PROXY CARD SENT TO YOU BY TANG CAPITAL OR PERCEPTIVE.

We are confident in the Company's future and are energized by the progress the Company is making. We ask for your continued support as we pursue the right path for Penwest to build value for all of our shareholders.

If you have any questions, please don't hesitate to contact us at (845) 878- 8400 or (877) 736-9378.

Sincerely,

Paul E. Freiman Jennifer L. Good

Chairman President and Chief Executive Officer

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.

INFORMATION CONCERNING PARTICIPANTS

Information required to be disclosed with regard to the Company's directors, director nominees, officers and employees who, under the rules of the Securities and Exchange Commission (the "SEC"), are considered to be "participants" in the Company's solicitation of proxies from its shareholders in connection with its 2010 Annual Meeting of Shareholders (the "Annual Meeting") may be found in the Company's Definitive Proxy Statement for its 2010 Annual Meeting of Shareholders, as filed with the SEC on May 17, 2010 (the "2010 Proxy Statement") .

Shareholders may obtain a free copy of the 2010 Proxy Statement and other documents (when available) that the Company files with the SEC at the SEC's website at www.sec.gov. Shareholders may also obtain a free copy of these documents by writing the Company at: Penwest Pharmaceuticals Co., Attention: Corporate Secretary, 2981 Route 22, Suite 2, Patterson, New York 12563.

We have circulated a WHITE proxy card together with the 2010 Proxy Statement. We urge shareholders to vote FOR our nominees on the WHITE proxy card and not to sign or return a gold or other colored proxy card to the Company.

Penwest Forward-Looking Statements

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=6j2gDbwTafmyOYHmCUKfMw%3D%3D. You can use this link on the day this article is published and the following day.


(MORE TO FOLLOW) Dow Jones Newswires
05-17-10 0828ET

Added on 05/17 at 08:28 PRESS RELEASE: Penwest Urges Shareholders to Vote -2-
The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," " expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2010, which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

CONTACT: MacKenzie Partners
Investors:
Mark Harnett
Laurie Connell
(212) 929-5500

Kekst and Company
Media:
Caroline Gentile
Donald C. Cutler
(212) 521-4800

PPCO.. $3.63

Penwest Reports First Quarter 2010 Financial Results

Penwest Pharmaceuticals Co. On Monday May 3, 2010, 8:30 am EDT

Posts Third Consecutive Profitable Quarter..

Opana ER Royalty From Endo Now Being Paid at Full Rate..

PATTERSON, N.Y., May 3, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO - News) today announced its financial results for the first quarter ended March 31, 2010. Compared with the first quarter of 2009, first quarter 2010 revenues increased sharply to $8.8 million, and operating expenses decreased by 20%. The Company had net income of $0.12 per share for the first quarter of 2010.

Penwest's accomplishments in the first quarter of 2010 included:

•Achieving profitability for the third consecutive quarter.

•Signing the Company's fourth research and development agreement with Otsuka Pharmaceutical for Penwest to develop formulations of an Otsuka compound utilizing Penwest's TIMERx(R) drug delivery technology.

•Initiating a Phase IIa clinical trial of A0001 in patients with MELAS syndrome. The Company also has an ongoing Phase IIa clinical trial of A0001 in patients with Friedreich's Ataxia, which it initiated in the fourth quarter of 2009.

•Obtaining from the U.S. Food and Drug Administration (FDA) on March 1, 2010, "Fast Track" designation for A0001 for the treatment of Friedreich's Ataxia. The FDA's Fast Track program is designed to facilitate the development and expedite the review of new drugs that are intended to treat serious or life-threatening conditions and that demonstrate the potential to address unmet medical needs.


In addition, Penwest completed the repayment of the unfunded development costs for Opana ER through the temporary reduction in the royalty rates under the Company's agreement with Endo Pharmaceuticals.



Jennifer L. Good, President and Chief Executive Officer, said, "I am very pleased with the continued progress we made implementing the three key elements of our business plan in the first quarter. Having initiated the enrollment of patients in our two Phase IIa trials of A0001, we are looking forward to seeing data in the third quarter of this year. We have also continued to grow our drug delivery business with additional work under our on-going relationship with Otsuka, and with the signing of the multi-drug, multi-year collaboration with Alvogen that we announced early in the second quarter. Finally, with regard to Opana ER, during the first quarter we began to receive our full royalty rate. We are also continuing our patent litigation to protect the Opana ER franchise in the U.S. and recently announced a settlement of our patent litigation with Barr Laboratories.



"We believe that by executing our business plan we can create value for shareholders, both in the short term as reflected in our stock price, as well as over the long term through our various partnerships and by generating data from the clinical trials of A0001."



First Quarter 2010 Financial Results



Total revenues for the first quarter of 2010 were $8.8 million, compared with $5.3 million for the first quarter of 2009. The increase was primarily due to $7.2 million of revenue recognized in the first quarter of 2010 for royalties from Endo on its net sales of Opana ER, representing an increase of $2.8 million in royalties, compared with the first quarter of 2009. In the first quarter of 2010, Endo recouped the remainder of the $28 million in development costs that Endo funded on Penwest's behalf. As a result, the temporary 50% reduction in the Opana ER royalty rate that we were subject to ended during the quarter. Additionally, the increase in revenues in the first quarter of 2010, compared with the first quarter of 2009 was partially due to a $535,000 increase in revenues recognized by Penwest under its drug delivery technology collaborations.



Net income for the first quarter of 2010 was $3.9 million, or $0.12 per share, compared with a net loss of $962,000, or a $0.03 loss per share, for the first quarter of 2009.



Selling, general and administrative (SG&A) expenses were $1.6 million for the first quarter of 2010, compared with $2.3 million for the first quarter of 2009. The decrease was attributable to lower compensation expenses as a result of staff reductions implemented in the first and fourth quarters of 2009, and also reflected higher costs in the first quarter of 2009 with respect to a severance charge recorded in connection with the first quarter 2009 staff reduction and the 2009 proxy contest in which the Company was involved. Partially offsetting these decreased expenses were higher share-based compensation expenses in the first quarter of 2010, largely reflecting a non-cash credit recorded in the first quarter of 2009 that resulted from the forfeiture of stock options held by former employees in connection with the January 2009 staff reduction.



Research and product development (R&D) expenses were $2.2 million for the first quarter of 2010, compared with $3.0 million for the first quarter of 2009. The decrease of $798,000 was primarily due to lower spending on the development of A0001 and lower compensation costs as a result of staff reductions implemented in the first and fourth quarters of 2009.



Conference Call and Webcast



Penwest will hold a conference call today at 10:00 am EDT to review the Company's financial results for the first quarter 2010, as well as operational developments.



The conference call will include remarks by Ms. Good and Mr. Frank Muscolo, Controller and Chief Accounting Officer. The dial-in numbers for the call are:



Domestic Telephone Number: 877-675-5246
International Telephone Number: 816-650-7863
The conference ID is: 71748627



Please dial in 10 minutes prior to the scheduled start time. The conference call will also be accessible live and as a replay on the Investor Relations section of the Penwest Web site at http://www.penwest.com/. The replay will be available until May 17, 2010.



About Penwest Pharmaceuticals



Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.



Penwest Forward-Looking Statements



The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: the timing of clinical trials, such as the Phase IIa clinical trials referenced above, and risks related to patient enrollment; risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2010, which risk factors are incorporated herein by reference.



The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.



TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.



Proxy Disclosure



On April 23, 2010, Penwest filed with the SEC a preliminary proxy statement in connection with its 2010 Annual Meeting of Shareholders. Penwest plans to file with the SEC and furnish to its shareholders a definitive Proxy Statement in connection with its 2010 Annual Meeting of Shareholders, and Penwest advises its shareholders to read the definitive Proxy Statement when it becomes available because it will contain important information. Shareholders may obtain a free copy of the definitive Proxy Statement and other documents (when available) that Penwest files with the SEC at the SEC's website at http://www.sec.gov/. Shareholders may also obtain a printed copy of the definitive Proxy Statement and these other documents (when available), free of charge, from us by sending a written request to: Penwest Pharmaceuticals Co., Attention: Corporate Secretary, 2981 Route 22, Suite 2, Patterson, New York 12563.



Penwest, its directors, director nominees and certain named executive officers may be deemed to be participants in the solicitation of Penwest's shareholders in connection with its 2010 Annual Meeting of Shareholders. Shareholders may obtain information regarding the names, affiliations and interests of such individuals in Penwest's preliminary proxy statement filed on April 23, 2010 with the SEC.



Penwest Pharmaceuticals Co.
Statements of Operations
(Thousands of dollars, except per share data, Unaudited)





Three Months Ended
March 31,

2010 2009




Revenues:


Royalties $7,653 $4,722
Product sales 202 180
Collaborative licensing and development revenue 903 368
Total revenues 8,758 5,270
Operating expenses:


Cost of revenues 916 654
Selling, general and administrative 1,646 2,321
Research and product development 2,208 3,006
Total operating expenses 4,770 5,981
Income (loss) from operations 3,988 (711)
Investment income 1 7
Interest expense (119) (258)
Net income (loss) $3,870 $(962)




Net income (loss) per share:


Basic $0.12 $(0.03)
Diluted $0.12 $(0.03)




Weighted average shares of common stock outstanding:


Basic 31,808 31,719
Diluted 31,930 31,719




Other Information



March 31, 2010 December 31, 2009
Cash, cash equivalents and marketable securities $11,546 $11,486






Contact:
Penwest Pharmaceuticals Co.Investors:Jennifer Good845-878-8401(877) 736-9378Kekst and CompanyMedia:Donald Cutler(212) 521-4800

Penwest Pharma beats by $0.03, beats on revsFont size: A | A | A8:35 AM ET 5/3/10 | Briefing.com
Reports Q1 (Mar) earnings of $0.12 per share, $0.03 better than the single estimate of $0.09; revenues rose 66.0% year/year to $8.8 mln vs the $7.9 mln estimate. Co notes that this was their third consecutive profitable quarter, and that they began to receive the full royalty rate for Opana ER during Q1.

Posted by: 10 bagger Date: Monday, April 26, 2010 11:27:35 AM
In reply to: 10 bagger who wrote msg# 2837 Post # of 2840

PPCO.. $3.291 Narrow escape..

Sold entire position of 20,128 shares..
Didn't like the fact they were to again piss money away on another proxy fight.. ..
I'm done with this stock and am dropping as Mod.. hank

04/26/10 10:19 AM EDT Sell 1188 PPCO Executed @ $3.67 Details | Edit
04/26/10 10:19 AM EDT Sell 1000 PPCO Executed @ $3.67 Details | Edit
04/26/10 10:16 AM EDT Sell 1100 PPCO Executed @ $3.7 Details | Edit
04/26/10 10:15 AM EDT Sell 1288 PPCO Executed @ $3.7015 Details | Edit
04/26/10 10:15 AM EDT Sell 800 PPCO Executed @ $3.72063 Details | Edit
04/26/10 9:43 AM EDT Sell 237 PPCO Executed @ $3.75 Details | Edit
04/26/10 9:43 AM EDT Sell 600 PPCO Executed @ $3.7501 Details | Edit
04/26/10 9:42 AM EDT Sell 1463 PPCO Executed @ $3.75 Details | Edit
04/26/10 9:42 AM EDT Sell 2500 PPCO Executed @ $3.76 Details | Edit
04/26/10 9:41 AM EDT Sell 1600 PPCO Executed @ $3.7601 Details | Edit
04/26/10 9:41 AM EDT Sell 200 PPCO Executed @ $3.76 Details | Edit
04/26/10 9:39 AM EDT Sell 2376 PPCO Executed @ $3.7801 Details | Edit
04/23/10 3:11 PM EDT Sell 1288 PPCO Executed @ $3.7401 Details | Edit
04/23/10 3:07 PM EDT Sell 2488 PPCO Executed @ $3.7401 Details | Edit
04/23/10 3:07 PM EDT Sell 200 PPCO Executed @ $3.75 Details | Edit
04/23/10 3:07 PM EDT Sell 200 PPCO Executed @ $3.75 Details | Edit
04/23/10 2:29 PM EDT Sell 2188 PPCO Executed @ $3.7501 Details | Edit
04/23/10 2:23 PM EDT Sell 1200 PPCO Executed @ $3.7504 Details | Edit
04/23/10 2:22 PM EDT Sell 700 PPCO Executed @ $3.7405 Details | Edit

PPCO.. #3.75

Penwest Provides Update on Recent Business Progress and Corporate Governance Developments

GlobeNewswire - Apr 23 at 09:00

Company Symbols: NASDAQ-NMS:PPCO


Company Successfully Executing Focused Business Plan; Delivering
Profitability and Gains in Shareholder Value

Anticipates Proxy Contest in Connection with June 22 Annual Meeting


PATTERSON, N.Y., April 23, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today sent a letter to its shareholders to provide an update on the Company's recent progress and on corporate governance developments. The full text of the letter from Paul E. Freiman, Chairman, and Jennifer L. Good, President and Chief Executive Officer, follows:

April 23, 2010

Dear Fellow Penwest Shareholder:

We are writing to provide you with an update on the recent progress at Penwest, and to let you know about an anticipated proxy contest at this year's annual meeting of shareholders.

You may recall that at the beginning of 2009, the Company was at a turning point. Facing a difficult economic environment, limited cash resources and key decisions to be made in our businesses, we adopted a business plan for 2009 with narrowed priorities and a set of clearly defined and measurable goals. We believed that this plan would build shareholder value in the short-term and prepare the Company for long-term profitable growth.

We have spent this past year doing exactly what we said we would: creating value for Penwest shareholders. We have been successfully executing our focused business plan, delivering profitability and bolstering the Company's financial strength. This progress has been recognized by the markets as our stock price has risen from $1.57 per share on December 31, 2008, to $3.70 per share on April 21, 2010. In addition, as a result of our disciplined execution, we have put ourselves in a position to return cash to shareholders through a special dividend, which we intend to declare in the fourth quarter of 2010.

The substantial progress we have made in each of the primary areas of our business includes the following achievements:

-- Posting three consecutive quarters of profitability beginning in the
third quarter of 2009 and including the first quarter of 2010, the
results of which we expect to announce soon. We are now entitled to
receive our full royalty under our collaboration with Endo
Pharmaceuticals and have provided guidance for 2010 that we expect
full-year profitability.

-- Continuing to maximize the value of Opana ER through collaborations for
developing, marketing and selling the product outside the U.S. To this
end, we signed a licensing agreement with Valeant Pharmaceuticals for
Canada, Australia and New Zealand, and are actively supporting Endo's
efforts to license Opana ER in other territories outside the U.S.

-- Aggressively protecting the Opana ER franchise in the U.S. We recently
announced a settlement of the Opana ER patent litigation with Barr
Laboratories, Inc., which followed a previously announced settlement
with Actavis South Atlantic LLC. Under the terms of the recent
settlement with Barr, Penwest and Endo agreed to grant Barr a license to
sell a generic version of Opana ER on or after September 15, 2012, or
earlier under certain circumstances. We and Endo are continuing the
Opana ER patent litigation against other generic manufacturers that we
believe have infringed upon our patents and are also prosecuting
multiple additional patent applications that are not the subject of
either the current litigation or the settlement agreements.

-- Successfully completing our Phase Ib clinical trial of A0001 and
advancing the compound into two separate Phase IIa trials. In the Phase
Ib trial, the drug was well tolerated by subjects and no serious adverse
events were reported. In addition, we observed a dose-dependent increase
in exposure following repeat dosing and were able to establish a maximum
tolerated dose. Based on these results, we designed and commenced two
Phase IIa trials in two rare orphan disorders that currently have no
approved treatments. One is in patients with Friedreich's Ataxia, and
the other is in patients with A3243G mitochondrial DNA point mutation
and impaired mitochondrial function (MELAS). The goal of these trials
is to demonstrate proof of concept regarding biological activity of the
drug. These two trials are currently ongoing, with results expected in
the third quarter of 2010. We also selected an additional compound -- a
new chemical entity -- from Edison. We plan to decide the next steps for
this compound based on the Phase IIa data from A0001.

-- Growing our drug delivery business based on the technology we used
successfully with Opana ER. We achieved a success-based development
milestone -- and the accompanying payment -- under our first
collaboration agreement with Otsuka Pharmaceutical, entered into our
third and fourth research and development agreements with Otsuka and,
most recently, reached a multi-drug generics agreement with Alvogen,
Inc. This new partnership allows us to leverage our drug delivery
technology for the formulation of generic drugs, an important segment of
the market for extended release technology.


We were able to accomplish all of this while, at the same time, right-sizing the organization consistent with our current priorities and significantly reducing our operating expenses in 2009 by approximately 34% compared to 2008, and by 42% compared to 2007.

The market has, in turn, reflected these achievements as the value of your shares in Penwest has appreciated approximately 136% since the beginning of 2009, when we announced our focused business plan.

We're not stopping there. Our 2009 plan was intended to deliver shareholder value in the short term and prepare for long-term growth. And that's what it has done. To build on our successes and deliver further growth, we recently announced Penwest's business goals for 2010, and we are already hard at work to achieve them. Those objectives include:

-- Working closely with Endo to maximize the value of Opana ER by seeking
additional licensing agreements for Opana ER outside the U.S. and
aggressively enforcing our U.S. patents and continuing to prosecute
additional patent applications.

-- Sharing the benefits of our Endo collaboration with Penwest
shareholders, which we intend to do through the declaration of a special
cash dividend payable in the fourth quarter of 2010.

-- Completing both Phase IIa trials of A0001, thoroughly analyzing the data
and making a "go/no-go" decision on this compound by the third quarter
of 2010.

-- Exploring potential licensing opportunities for A0001 in anticipation of
the completion of the Phase IIa trials.

-- Growing the Company's drug delivery business both by completing
formulation work on compounds under development and by signing
additional deals.


We plan to continue to aggressively manage our expenses to ensure that Penwest's costs are appropriate given our priorities. As a small company, we also believe that it is in our shareholders' best interests to forge a number of strategic relationships and business partnerships to continue to build value for our shareholders. Our expanding relationships -- such as those with Valeant, Otsuka and Alvogen, among others -- and strong, disciplined execution are contributing to our recent success.

Our 2009 successes were realized in a year when we became embroiled in a costly, burdensome proxy contest in which dissident shareholders attacked our business plan, stressed the urgent need for Penwest to immediately wind down the Company's operations and sued us unsuccessfully in three different lawsuits. Nevertheless, we remained focused on execution of our plan for the short- and long-term.

Given our current momentum, it is unfortunate that these same people, Kevin Tang and Joe Edelman, have indicated their intent to conduct another proxy contest in an effort to take full control of the Company. They do this despite our working cooperatively with them since their election to the Board last year, respectfully considering their viewpoints, demonstrating the success of our strategy, further reducing costs and announcing our intention to declare a dividend, as well as our repeated efforts to agree upon a compromise slate of directors with them to avoid a proxy contest.

In their quest to take control of the Company without paying a premium to Penwest shareholders, Messrs. Tang and Edelman, who together own 41% of the Company, disregard the significant disruption to the Company and its business that a proxy contest would cause. Pursuing this path will force Penwest to once again incur significant costs and expend other resources, jeopardize current business partnerships and our ability to enter into new relationships, and risk the cohesiveness and morale of our employees and management team that we need to continue to execute our business plan.

This is particularly troubling since, had we immediately wound down our operations last summer as they proposed at that time, Penwest shareholders would not have realized the value they have in their shares today, nor would shareholders be able to participate in the potential upside evidenced in our current initiatives.

Our slate of directors for the upcoming annual meeting includes Paul E. Freiman, Chairman of the Board, Jennifer L. Good, President and CEO of Penwest, and Christophe Bianchi, M.D., Executive Vice President and Head of Commercial Operations at Millennium: The Takeda Oncology Company, each of whom is an experienced, highly qualified director. Electing the slate proposed by Messrs. Tang and Edelman rather than these key individuals will reward their disregard for the interests of all shareholders of Penwest.

Penwest's management team is successfully delivering on the Company's focused business plan. There are important decisions to be made and actions to be taken in a business in which disciplined execution is critical. This is not the time to turn over control of Penwest, change the team or interrupt the Company's momentum.

We are confident in Penwest's future and are energized by the progress the Company is making. We have greatly appreciated your support, and we ask that you continue to do so as we pursue the right path for Penwest to build value for all of Penwest's shareholders.

If you have any questions, please don't hesitate to contact either of us at (845) 878-8400 or 877-736-9378.

Sincerely,

Paul E. Freiman Jennifer L. Good
Chairman President and Chief Executive Officer

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.

Penwest Forward-Looking Statement

The matters discussed herein contain forward-looking statements that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include: risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER and risks of generic competition; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions; uncertainty of success of collaborations; the timing of clinical trials; whether the results of clinical trials will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; risks related to the costs to the Company and the potential disruption of the Company's operations that could result from the proxy fight being threatened against the Company; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2010 , which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

INFORMATION CONCERNING PARTICIPANTS

Information required to be disclosed with regard to the Company's directors, director nominees, officers and employees who, under the rules of the Securities and Exchange Commission (the "SEC"), are considered to be "participants" in the Company's solicitation of proxies from its shareholders in connection with its 2010 Annual Meeting of Shareholders (the "Annual Meeting") may be found in the Company's Proxy Statement for its 2009 Annual Meeting of Shareholders, as filed with the SEC on May 7, 2009 (the "2009 Proxy Statement").

Participant Transactions in the Company's Securities. The information in the 2009 Proxy Statement is supplemented with the information presented in the table below, which sets forth all transactions that may be deemed purchases and sales of shares of the Company's common stock by the individuals who are considered "participants" between April 1, 2008 and April 1, 2010.


Number Transaction
of
Name Date Shares Type
------------------------------------------ ---------- ------- -----------

Christophe M. Bianchi, M.D., Director 1/04/2010 6,000 (1)
1/02/2008 6,000 (1)
Peter F. Drake, Ph.D., Director 4/01/2010 2,240 (1)
2/19/2010 100 (1)
1/04/2010 6,000 (1)
1/04/2010 2,662 (1)
10/02/2009 3,286 (1)
7/01/2009 2,536 (1)
4/13/2009 12,000 (1)
4/01/2009 4,000 (1)
1/02/2009 10,192 (1)
11/12/2008 1,705 (1)
10/01/2008 3,955 (1)
9/09/2008 346 (1)
7/01/2008 2,789 (1)
6/11/2008 328 (1)
4/24/2008 502 (1)
4/01/2008 2,564 (1)
Paul E. Freiman, Director 9/03/2009 (3,466) (3)
1/02/2009 6,000 (1)
11/12/2008 1,705 (1)
10/01/2008 424 (1)
9/09/2008 519 (1)
7/01/2008 299 (1)
6/11/2008 492 (1)
6/10/2008 5,000 (3)
5/12/2008 4,000 (3)
4/24/2008 502 (1)
4/01/2008 275 (1)
Jennifer L. Good, Director and Executive
Officer 11/11/2009 7,500 (1) & (2)
11/11/2009 15,007 (4)
David P. Meeker, Director 4/01/2010 2,746 (1)
1/04/2010 6,000 (1)
1/04/2010 3,612 (1)
Anne M. VanLent, Director 1/04/2010 6,000 (1)
11/06/2008 (6,900) (3)
Anand R. Baichwal, Executive Officer -- -- --
Amale Hawi, Executive Officer -- -- --
Thomas R. Sciascia, Executive Officer -- -- --

(1) Shares acquired from the company in lieu of cash compensation payable in
connection with such person's service as a director of the company.
(2) Shares acquired upon option exercise.
(3) Shares disposed of in open market sale.
(4) Shares acquired under a 401(k) plan.

The following table sets forth purchases and sales of the company's common stock by Tang Capital Partner, LP and its affiliates for the period set forth above. Mr. Tang, a director, is the Managing Director of Tang Capital Management LLC, which is the general partner of Tang Capital Partners, LP. The information in the table has been compiled from related disclosure by Mr. Tang in that certain definitive proxy statement filed by Tang Capital and Perceptive with the SEC on May 8, 2009. Mr. Tang's business address is c/o Tang Capital Management, LLC, 4401 Eastgate Mall, San Diego, CA 92121.


Entity Transaction Security Trade Date Shares
------------------------------ ------------- ----------------- ---------- ---------
Tang Capital Partners, LP Purchase Common Stock 5/15/2008 49,100
Tang Capital Partners, LP Purchase Common Stock 5/16/2008 85,400
Tang Capital Partners, LP Purchase Common Stock 5/19/2008 85,846
Tang Capital Partners, LP Purchase Common Stock 5/20/2008 76,143
Tang Capital Partners, LP Sale Common Stock 5/23/2008 (21,760)
Tang Capital Partners, LP Sale Common Stock 5/27/2008 (3,960)
Tang Capital Partners, LP Sale Common Stock 5/28/2008 (20,000)
Tang Capital Partners, LP Sale Common Stock 5/29/2008 (24,280)
Tang Capital Partners, LP Sale Common Stock 6/3/2008 (20,000)
Tang Capital Partners, LP Sale Common Stock 6/10/2008 (20,800)
Tang Capital Partners, LP Sale Common Stock 6/11/2008 (58,898)
Tang Capital Partners, LP Sale Common Stock 6/12/2008 (14,487)
Tang Capital Partners, LP Purchase Common Stock 6/18/2008 87,511
Tang Capital Partners, LP Purchase Common Stock 6/19/2008 16,000
Tang Capital Partners, LP Sale Common Stock 6/27/2008 (5,000)
Tang Capital Partners, LP Purchase Common Stock 6/30/2008 11,062
Tang Capital Partners, LP Purchase Common Stock 7/1/2008 38,938
Tang Capital Partners, LP Sale Common Stock 7/7/2008 (45,000)
Tang Capital Partners, LP Sale Common Stock 7/9/2008 (300)
Tang Capital Partners, LP Sale Common Stock 7/17/2008 (40,500)
Tang Capital Partners, LP Sale Common Stock 7/18/2008 (75,015)
Tang Capital Partners, LP Sale Common Stock 8/1/2008 (75,000)
Tang Capital Partners, LP Sale Common Stock 8/5/2008 (25,000)
Tang Capital Partners, LP Purchase Common Stock 9/26/2008 55,361
Tang Capital Partners, LP Purchase Common Stock 9/29/2008 34,369
Tang Capital Partners, LP Purchase Common Stock 10/6/2008 10,000
Tang Capital Partners, LP Purchase Common Stock 10/6/2008 6,477
Tang Capital Partners, LP Purchase Common Stock 10/7/2008 115,823
Tang Capital Partners, LP Purchase Common Stock 10/8/2008 401,614
Tang Capital Partners, LP Purchase Common Stock 10/8/2008 12,453
Tang Capital Partners, LP Purchase Common Stock 10/9/2008 16,920
Tang Capital Partners, LP Purchase Common Stock 10/10/2008 108,080
Tang Capital Partners, LP Purchase Common Stock 10/20/2008 2,122
Tang Capital Partners, LP Purchase Common Stock 10/21/2008 7,023
Tang Capital Partners, LP Purchase Common Stock 10/22/2008 35,456
Tang Capital Partners, LP Purchase Common Stock 10/27/2008 13,644
Tang Capital Partners, LP Purchase Common Stock 10/28/2008 26,755
Tang Capital Partners, LP Purchase Common Stock 10/29/2008 14,441
Tang Capital Partners, LP Purchase Common Stock 10/30/2008 17,500
Tang Capital Partners, LP Purchase Common Stock 10/31/2008 27,424
Tang Capital Partners, LP Purchase Common Stock 11/3/2008 10,390
Tang Capital Partners, LP Purchase Common Stock 11/4/2008 1,000
Tang Capital Partners, LP Purchase Common Stock 11/6/2008 147,200
Tang Capital Partners, LP Purchase Common Stock 11/7/2008 230,717
Tang Capital Partners, LP Purchase Common Stock 11/10/2008 151,992
Tang Capital Partners, LP Sale Common Stock 11/10/2008 (7,672)
Tang Capital Partners, LP Purchase Common Stock 11/10/2008 709,000
Tang Capital Partners, LP Purchase Common Stock 11/12/2008 179,435
Tang Capital Partners, LP Purchase Common Stock 11/14/2008 830,000
Tang Capital Partners, LP Purchase Common Stock 11/14/2008 7,672
Tang Family Trust Purchase Common Stock 12/31/2008 147,500
Tang Advisors, LLC Profit
Sharing Plan Purchase Common Stock 12/31/2008 77,500
Chang L. Kong Purchase Common Stock 12/31/2008 37,500
Chung W. Kong Purchase Common Stock 12/31/2008 36,500
Tang Capital Partners, LP Purchase Common Stock 12/31/2008 661,000
Tang Capital Partners, LP Purchase Common Stock 1/9/2009 1,015,000
Tang Capital Partners, LP Purchase Common Stock 2/17/2009 665,000
Tang Capital Partners, LP Purchase Common Stock 2/19/2009 45,000
Tang Capital Partners, LP Purchase Common Stock 2/23/2009 24,140
Tang Capital Partners, LP Purchase Common Stock 2/24/2009 1,300
Tang Capital Partners, LP Purchase Common Stock 2/25/2009 69,200
Tang Capital Partners, LP Purchase Common Stock 3/5/2009 85,000
Tang Capital Partners, LP Purchase Common Stock 3/6/2009 101,500
Tang Capital Partners, LP Purchase Common Stock 3/6/2009 207,800
Tang Capital Partners, LP Purchase Common Stock 3/9/2009 296,362
Tang Capital Partners, LP Purchase Common Stock 3/10/2009 35,000
Tang Capital Partners, LP Purchase Common Stock 3/11/2009 4,100
Tang Capital Partners, LP Purchase Common Stock 3/11/2009 21,000

The following table sets forth purchases and sales of the company's common stock by Perceptive Life Sciences Master Fund and its affiliates, of which Mr. Edelman, a director, is chief executive officer, for the periods set forth above. The information in the table has been compiled from related disclosure by Mr. Edelman in that certain definitive proxy statement filed by Tang Capital and Perceptive with the SEC on May 8, 2009 and in Forms 4 filed by Perceptive Life Science Master Fund Ltd., Perceptive Advisors LLC and Mr. Edelman on January 6, 2009 and January 12, 2009. Mr. Edelman's business address is c/o Perceptive Advisors LLC, 499 Park Ave., 25th Floor, New York, NY 10022.


Shares/Contracts/
Number of
Entity Transaction Security Trade Date Warrants
----------------------------------------------- ------------- ----------------- ---------- -----------------
Close June 2009 $5.00
Managed Account Contract Put Option 4/11/2008 16
Close January 2009
Managed Account Contract $5.00 Put Option 4/11/2008 10
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 5/6/2008 2,500
June 2009 $5.00
Perceptive Life Sciences Master Fund Ltd. Assigned Put Option 5/6/2008 25
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 5/14/2008 2,500
June 2009 $5.00
Perceptive Life Sciences Master Fund Ltd. Assigned Put Option 5/14/2008 25
Managed Account Purchase Common Stock 6/20/2008 3,500
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 6/20/2008 91,500
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 6/20/2008 27,500
June 2009 $5.00
Perceptive Life Sciences Master Fund Ltd. Assigned Put Option 6/20/2008 915
June 2009 $5.00
Perceptive Life Sciences Master Fund Ltd. Assigned Put Option 6/20/2008 275
June 2009 $5.00
Managed Account Assigned Put Option 6/20/2008 35
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 9/26/2008 4,500
January 2009
Perceptive Life Sciences Master Fund Ltd. Assigned $5.00 Put Option 9/26/2008 45
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 10/14/2008 300
January 2009
Perceptive Life Sciences Master Fund Ltd. Assigned $5.00 Put Option 10/14/2008 3
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 10/24/2008 3,000
January 2009
Perceptive Life Sciences Master Fund Ltd. Assigned $5.00 Put Option 10/24/2008 30
Perceptive Life Sciences Master Fund Ltd. Transfer Common Stock 12/24/2008 274,362
Managed Account Purchase Common Stock 12/29/2008 2,300
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 12/29/2008 4,700
January 2009
Perceptive Life Sciences Master Fund Ltd. Assigned $5.00 Put Option 12/29/2008 47
January 2009
Managed Account Assigned $5.00 Put Option 12/29/2008 23
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 1/6/2009 25,000
January 2009
Perceptive Life Sciences Master Fund Ltd. Assigned $5.00 Put Option 1/5/2009 250
Perceptive Life Sciences Master Fund Ltd. Purchase Common Stock 1/16/2009 23,900
Managed Account Other* Common Stock 1/30/2009 (2,300)
Managed Account Other* Common Stock 3/6/2009 (274,362)

* The filings in connection with these transactions indicate that these transactions reflect the termination of
the investment discretion of Perceptive Advisors LLC over the managed account. As a result of this termination,
neither Perceptive Advisors LLC, nor Mr. Joseph Edelman has voting or dispositive power, or investment
discretion over these shares.

Beneficial Ownership of Participants. The amount of the Company's Common Stock owned by each participant as of January 31, 2010 is set forth in the table below.

Name and Address of Beneficial Owner Number of Shares

Tang Capital Management, LLC and Related
Persons 6,695,598 (1)
4401 Eastgate Mall
San Diego, CA 92121
Perceptive Advisors and Related Persons 6,476,446 (2)
499 Park Avenue, 25th Floor
New York, NY 10022
Directors:
Christophe M. Bianchi, M.D. 44,000 (3)
Peter F. Drake, Ph.D. 97,923
Paul E. Freiman 80,457 (4)
Jennifer L. Good 458,217 (5)
David P. Meeker, M.D. 47,612 (6)
Anne M. VanLent 126,107 (7)
Kevin C. Tang 6,695,598 (1)
Joseph E. Edelman 6,476,446 (2)
Other Named Executive Officers:
Anand R. Baichwal, Ph.D. 187,055 (8)
Amale Hawi, Ph.D. 87,500 (9)
Thomas R. Sciascia, M.D. 349,119 (10)

(1) The foregoing information is based solely on a Schedule 13D/A
filed with the Securities and Exchange
Commission on February 5, 2010. Tang Capital Partners, LP reports
having shared voting and dispositive
power for 6,396,598 shares; Tang Capital Management, LLC reports
having shared voting and dispositive
power for 6,396,598 shares; and Kevin C. Tang reports having sole
voting and dispositive power with respect
to 77,500 shares, shared voting power for 6,544,098 shares and
shared dispositive power for 6,618,098 shares.

(2) The foregoing information is based solely on a Schedule 13D/A
filed with the Securities and Exchange
Commission on February 5, 2010. Perceptive Advisors LLC and Mr.
Joseph Edelman report having shared
voting power and shared dispositive power for 6,476,446 shares.

(3) Includes 12,000 shares subject to outstanding stock options
held by Dr. Bianchi that are exercisable
within 60 days following January 31, 2010.

(4) Includes 51,202 shares subject to outstanding stock options
held by Mr. Freiman that are exercisable
within 60 days following January 31, 2010.

(5) Includes 425,250 shares subject to outstanding stock options
held by Ms. Good that are exercisable
within 60 days following January 31, 2010.

(6) Includes 12,000 shares subject to outstanding stock options
held by Dr. Meeker that are exercisable
within 60 days following January 31, 2010.

(7) Includes 75,616 shares subject to outstanding stock options
held by Ms. VanLent that are exercisable
within 60 days following January 31, 2010.

(8) Includes 164,125 shares subject to outstanding stock options
held by Dr. Baichwal that are exercisable
within 60 days following January 31, 2010.

(9) Includes 87,500 shares subject to outstanding stock options
held by Dr. Hawi that are exercisable within
60 days following January 31, 2010.

(10) Includes 308,625 shares subject to outstanding stock options
held by Dr. Sciascia that are exercisable
within 60 days following January 31, 2010.

ADDITIONAL INFORMATION

The Company plans to file a proxy statement with the SEC in connection with the solicitation of proxies for the Annual Meeting (the "2010 Proxy Statement"). Additional information regarding the interests of potential participants in the solicitation of proxies by the Board of Directors of the Company in connection with the Annual Meeting will be included in the 2010 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. Security holders may obtain a free copy of the 2010 Proxy Statement and other documents (when available) that the Company files with the SEC at the SEC's website at www.sec.gov. Security holders may also obtain a free copy of these documents by writing the Company at Penwest Pharmaceuticals Co., Attention: Corporate Secretary, 2981 Route 22, Suite 2, Patterson, New York 12563, or by telephoning the Company at (845) 878-8400.

We plan to circulate a WHITE proxy card together with our definitive proxy statement. We urge shareholders to vote FOR our slate on the WHITE proxy card and not to sign or return any other colored proxy card to the Company.

CONTACT: MacKenzie Partners
Investors:
Mark Harnett
Laurie Connell
(212) 929-5500

Kekst and Company
Media:
John Patteson
(212) 521-4800

PPCO.. $3.65 Added again today..

I feel that PPCO is finally on a breakout with volume increasing.. Long a bunch.. Looking for $6.00 on this move.. hank

04/21/10 12:04 PM EDT Buy 488 PPCO Executed @ $3.76 Details | Edit
04/21/10 11:52 AM EDT Buy 100 PPCO Executed @ $3.76 Details | Edit
04/21/10 11:51 AM EDT Buy 700 PPCO Executed @ $3.76 Details | Edit
04/21/10 11:03 AM EDT Buy 1288 PPCO Executed @ $3.7699 Details | Edit
04/21/10 11:03 AM EDT Buy 300 PPCO Executed @ $3.77 Details | Edit
04/21/10 11:01 AM EDT Buy 88 PPCO Executed @ $3.77 Details | Edit
04/21/10 11:01 AM EDT Buy 3800 PPCO Executed @ $3.77 Details | Edit
04/21/10 10:59 AM EDT Buy 500 PPCO Executed @ $3.77 Details | Edit
04/21/10 10:58 AM EDT Buy 400 PPCO Executed @ $3.77 Details | Edit
04/21/10 10:58 AM EDT Buy 1588 PPCO Executed @ $3.78 Details | Edit
04/21/10 10:58 AM EDT Buy 2300 PPCO Executed @ $3.78 Details | Edit
04/21/10 10:57 AM EDT Buy 100 PPCO Executed @ $3.77 Details | Edit
04/21/10 10:56 AM EDT Buy 300 PPCO Executed @ $3.77 Details | Edit

Penwest Pharmaceuticals Gains 3% on Settled Litigation with Barr Lab 04/13 08:23 AM



09:23 AM Eastern Daylight Time, 04/13/2010 (MidnightTrader) -- Endo Pharmaceuticals (ENDP:$23.29,00$-0.08,00-0.34%) and Penwest Pharmaceuticals (PPCO:$3.6705,$0.0605,1.68%) say they have settled litigation with Barr Laboratories, Inc. regarding the production and sale of generic formulations of Opana ER (oxymorphone hydrochloride) Extended Release Tablets CII.
Under the terms of the settlement, Endo and Penwest have agreed to grant Barr a license to sell a generic of Opana ER on or after Sept. 15, 2012, or earlier under certain circumstances.
Price: 3.72, Change: +0.11 , Percent Change: +3.05

PPCO..$3.61 Added again...

04/12/10 11:08 AM EDT Buy 1000 PPCO Executed @ $3.55 Details | Edit
04/12/10 11:07 AM EDT Buy 1000 PPCO Executed @ $3.55 Details | Edit
04/12/10 9:47 AM EDT Buy 2736 PPCO Executed @ $3.5999 Details | Edit
04/12/10 9:39 AM EDT Buy 152 PPCO Executed @ $3.58 Details | Edit

Endo and Penwest Enter Into Agreement with Barr to Settle Patent Litigation Over Opana(R) ER

CHADDS FORD, Pa., April 13 /PRNewswire-FirstCall/ --

Endo Pharmaceuticals (Nasdaq: ENDP) and Penwest Pharmaceuticals (Nasdaq: PPCO) announced today that the companies have settled litigation with Barr Laboratories, Inc. regarding the production and sale of generic formulations of Opana® ER (oxymorphone hydrochloride) Extended Release Tablets CII.

Under the terms of the settlement, Endo and Penwest have agreed to grant Barr a license to sell a generic of Opana® ER on or after Sept. 15, 2012, or earlier under certain circumstances.

About Endo

Endo Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development, sale and marketing of branded and generic prescription pharmaceuticals used to treat and manage pain, prostate cancer and the early onset of puberty in children, or central precocious puberty (CPP). Its products include LIDODERM®, a topical patch to relieve the pain of postherpetic neuralgia; Percocet® and Percodan® tablets for the relief of moderate-to-moderately severe pain; FROVA® tablets for the acute treatment of migraine attacks with or without aura in adults; OPANA® tablets for the relief of moderate-to-severe acute pain where the use of an opioid is appropriate; OPANA® ER tablets for the relief of moderate-to-severe pain in patients requiring continuous, around-the-clock opioid treatment for an extended period of time; Voltaren® Gel, which is owned and licensed by Novartis AG, a nonsteroidal anti-inflammatory drug indicated for the relief of the pain of osteoarthritis of joints amenable to topical treatment, such as those of the hands and the knees; VANTAS® for the palliative treatment of advanced prostate cancer; SUPPRELIN® LA for the treatment of early onset puberty in children; and VALSTAR™ for the treatment of BCG-refractory carcinoma in situ (CIS) of the urinary bladder in patients for whom immediate cystectomy would be associated with unacceptable medical risks. The company markets its branded pharmaceutical products to physicians in pain management, urology, endocrinology, oncology, neurology, surgery and primary care. More information, including this and past press releases of Endo Pharmaceuticals, is available at www.endo.com.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the company's financial position, results of operations, market position, product development and business strategy, as well as estimates of future total revenues, future expenses, future net income and future earnings per share. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may" "intend," "guidance" or similar expressions are forward-looking statements. Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in this press release. These factors include, but are not limited to: our ability to successfully develop, commercialize and market new products; timing and results of pre-clinical or clinical trials on new products; our ability to obtain regulatory approval of any of our pipeline products; competition for the business of our branded and generic products, and in connection with our acquisition of rights to intellectual property assets; market acceptance of our future products; government regulation of the pharmaceutical industry; our dependence on a small number of products; our dependence on outside manufacturers for the manufacture of a majority of our products; our dependence on third parties to supply raw materials and to provide services for certain core aspects of our business; new regulatory action or lawsuits relating to our use of narcotics in most of our core products; our exposure to product liability claims and product recalls and the possibility that we may not be able to adequately insure ourselves; the successful efforts of manufacturers of branded pharmaceuticals to use litigation and legislative and regulatory efforts to limit the use of generics and certain other products; our ability to successfully implement our acquisition and in-licensing strategy; regulatory or other limits on the availability of controlled substances that constitute the active ingredients of some of our products and products in development; the availability of third-party reimbursement for our products; the outcome of any pending or future litigation or claims by third parties or the government, and the performance of indemnitors with respect to claims for which we have been indemnified; our dependence on sales to a limited number of large pharmacy chains and wholesale drug distributors for a large portion of our total revenues; a determination by a regulatory agency that we are engaging or have engaged in inappropriate sales or marketing activities, including promoting the "off-label" use of our products and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption "Item 1A, RISK FACTORS" in our annual report on Form 10-K for the year ended December 31, 2009, which was filed with the Securities and Exchange Commission on February 26, 2010. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, we think could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

SOURCE Endo Pharmaceuticals

Endo and Penwest Enter Into Agreement with Barr to Settle Patent Litigation Over Opana(R) ER

Press Release Source: Endo Pharmaceuticals On Tuesday April 13, 2010, 8:33 am
CHADDS FORD, Pa., April 13 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals (Nasdaq:ENDP - News) and Penwest Pharmaceuticals (Nasdaq:PPCO - News) announced today that the companies have settled litigation with Barr Laboratories, Inc. regarding the production and sale of generic formulations of Opana® ER (oxymorphone hydrochloride) Extended Release Tablets CII.

Under the terms of the settlement, Endo and Penwest have agreed to grant Barr a license to sell a generic of Opana® ER on or after Sept. 15, 2012, or earlier under certain circumstances.

PPCO... $3.54

This stock is dirt cheap.. Current year..$0.79,, Next year $1.02..hank

Analyst Estimates Get Analyst Estimates for:
http://finance.yahoo.com/q/ae?s=PPCO

Earnings Est Current Qtr
Mar-10 Next Qtr
Jun-10 Current Year
Dec-10 Next Year
Dec-11
Avg. Estimate 0.09 0.22 0.79 1.02
No. of Analysts 1 1 1 1
Low Estimate 0.09 0.22 0.79 1.02
High Estimate 0.09 0.22 0.79 1.02
Year Ago EPS -0.03 -0.07 -0.04 0.79

Revenue Est Current Qtr
Mar-10 Next Qtr
Jun-10 Current Year
Dec-10 Next Year
Dec-11
Avg. Estimate 7.86M 11.89M 44.94M 57.56M
No. of Analysts 1 1 1 1
Low Estimate 7.86M 11.89M 44.94M 57.56M
High Estimate 7.86M 11.89M 44.94M 57.56M
Year Ago Sales 5.27M 5.26M 23.81M 44.94M
Sales Growth (year/est) 49.1% 126.1% 88.7% 28.1%

04/09/10 10:00 AM EDT Buy 1108 PPCO Executed @ $3.5 Details | Edit
04/09/10 9:59 AM EDT Buy 1780 PPCO Executed @ $3.5 Details | Edit
04/09/10 9:53 AM EDT Buy 500 PPCO Executed @ $3.5 Details | Edit
04/09/10 9:53 AM EDT Buy 4388 PPCO Executed @ $3.4999 Details | Edit
04/09/10 9:48 AM EDT Buy 1200 PPCO Executed @ $3.4995 Details | Edit
04/09/10 9:43 AM EDT Sell 1600 PPCO Executed @ $3.5105 Details | Edit
04/09/10 9:35 AM EDT Sell 100 PPCO Executed @ $3.625 Details | Edit
04/09/10 9:35 AM EDT Sell 500 PPCO Executed @ $3.625 Details | Edit
04/09/10 9:35 AM EDT Sell 100 PPCO Executed @ $3.62 Details | Edit
04/09/10 9:32 AM EDT Sell 2000 PPCO Executed @ $3.6201 Details | Edit
======================================

Penwest Signs Multi-Drug Generics Agreement With Alvogen, Inc.

PATTERSON, N.Y., April 9, 2010
GLOBE NEWSWIRE
Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that it has signed a drug development and commercialization agreement with Alvogen, Inc. under which Penwest and Alvogen have agreed to identify and select up to five compounds for generic development. Penwest's TIMERx technology may be used for each compound selected. Penwest will formulate the agreed-upon compounds and receive milestone and royalty payments that are linked to the development of each compound.

Alvogen, the U.S.-based pharmaceutical manufacturer of complex generic products for U.S., E.U. and other international markets, will be responsible for manufacturing, clinical trials and regulatory filings for each of the formulations, as well as commercialization of the products worldwide.

Jennifer L. Good, Penwest's President and CEO, said, "We are very pleased to be partnering with Alvogen because of their record for successful product introductions within the generic pharmaceutical industry. This multi-drug, multi-national agreement allows Penwest to leverage its drug delivery technology for the formulation of generic drugs, an important segment of the market for extended release technology.

"TIMERx technology had its start in generics with the development of the first generic to Pfizer's Procardia XL product, which was formulated using the Alza Oros technology. We are pleased to be leveraging this valuable advantage of TIMERx in the development of difficult-to-formulate generic products with the expertise of the team from Alvogen."

The collaboration agreement with Alvogen represents a valuable addition to Penwest's growing drug delivery portfolio of development programs, which is being built upon broader strategic partnerships. Penwest currently has four individual research and development agreements with Otsuka Pharmaceutical Co., Ltd. working on branded products, and will now add this multi-drug agreement with Alvogen focused on generic drug development.

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.

About Alvogen, Inc.

Alvogen, Inc. is a multinational pharmaceuticals company focused on complex generic products. Alvogen is building the pharmaceutical company of tomorrow through the strategic selection of products, partners and markets, and the utilization of a consolidated global supply chain. The company product portfolio consists of a broad range of leading molecules for the treatment of conditions in the areas of Oncology, Cardiology, Respiratory, Neurology and Gastroenterology. With more than 100 years in operation, Alvogen possesses first-class regulatory, development and manufacturing capabilities in Asia, Europe and North America. Visit www.alvogen.com for additional information.

Penwest Forward-Looking Statements

The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: the dependence on third parties for the advancement of compounds utilizing the Company's drug delivery technology, the timing of clinical trials, such as the Phase IIa clinical trials, and risks related to patient enrollment; risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Quarterly Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2010, which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

CONTACT: Penwest Pharmaceuticals Co.

Investors:

Jennifer Good

845-878-8401

(877) 736-9378

Kekst and Company

Media:

John Patteson

(212) 521-4800

8:31AM Penwest Pharma signs multi-drug generics agreement with Alvogen (PPCO) 3.50 : Co announces that it has signed a drug development and commercialization agreement with Alvogen, Inc. under which Penwest and Alvogen have agreed to identify and select up to five compounds for generic development. Penwest's TIMERx technology may be used for each compound selected. Penwest will formulate the agreed-upon compounds and receive milestone and royalty payments that are linked to the development of each compound.

PPCO..$3.72

Penwest Signs Multi-Drug Generics Agreement With Alvogen, Inc.

PATTERSON, N.Y., April 9, 2010
GLOBE NEWSWIRE
Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that it has signed a drug development and commercialization agreement with Alvogen, Inc. under which Penwest and Alvogen have agreed to identify and select up to five compounds for generic development. Penwest's TIMERx technology may be used for each compound selected. Penwest will formulate the agreed-upon compounds and receive milestone and royalty payments that are linked to the development of each compound.

Alvogen, the U.S.-based pharmaceutical manufacturer of complex generic products for U.S., E.U. and other international markets, will be responsible for manufacturing, clinical trials and regulatory filings for each of the formulations, as well as commercialization of the products worldwide.

Jennifer L. Good, Penwest's President and CEO, said, "We are very pleased to be partnering with Alvogen because of their record for successful product introductions within the generic pharmaceutical industry. This multi-drug, multi-national agreement allows Penwest to leverage its drug delivery technology for the formulation of generic drugs, an important segment of the market for extended release technology.

"TIMERx technology had its start in generics with the development of the first generic to Pfizer's Procardia XL product, which was formulated using the Alza Oros technology. We are pleased to be leveraging this valuable advantage of TIMERx in the development of difficult-to-formulate generic products with the expertise of the team from Alvogen."

The collaboration agreement with Alvogen represents a valuable addition to Penwest's growing drug delivery portfolio of development programs, which is being built upon broader strategic partnerships. Penwest currently has four individual research and development agreements with Otsuka Pharmaceutical Co., Ltd. working on branded products, and will now add this multi-drug agreement with Alvogen focused on generic drug development.

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.

About Alvogen, Inc.

Alvogen, Inc. is a multinational pharmaceuticals company focused on complex generic products. Alvogen is building the pharmaceutical company of tomorrow through the strategic selection of products, partners and markets, and the utilization of a consolidated global supply chain. The company product portfolio consists of a broad range of leading molecules for the treatment of conditions in the areas of Oncology, Cardiology, Respiratory, Neurology and Gastroenterology. With more than 100 years in operation, Alvogen possesses first-class regulatory, development and manufacturing capabilities in Asia, Europe and North America. Visit www.alvogen.com for additional information.

Penwest Forward-Looking Statements

The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: the dependence on third parties for the advancement of compounds utilizing the Company's drug delivery technology, the timing of clinical trials, such as the Phase IIa clinical trials, and risks related to patient enrollment; risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Quarterly Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2010, which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

CONTACT: Penwest Pharmaceuticals Co.

Investors:

Jennifer Good

845-878-8401

(877) 736-9378

Kekst and Company

Media:

John Patteson

(212) 521-4800

PPCO - Hank thanks for bringing my attention to this. eom

PPCO..$3.57

Finnaly we get thru $3.50.. There was a huge seller there that took over 3 weeks to chew thru..hank

Penwest Pharmaceuticals: The Trend Continues Up (PPCO)
Tuesday March 23, 2010 18:10:02 EDT
Mar 23, 2010 (SmarTrend(R) Spotlight via COMTEX News Network) --

SmarTrend identified an Uptrend for Penwest Pharmaceuticals (NASDAQ:PPCO) on November 06, 2009 at $2.36. In approximately 5 months, Penwest Pharmaceuticals has returned 45.8% as of today's recent price of $3.44.

Penwest Pharmaceuticals is currently above its 50-day moving average of $2.68 and above its 200-day moving average of $2.47. Look for these moving averages to climb to confirm the company's upward momentum.

PPCO..$3.57

Added again..

03/19/10 12:14 PM EDT Buy 988 PPCO Executed @ $3.5699 Details | Edit
03/19/10 12:14 PM EDT Buy 1900 PPCO Executed @ $3.57 Details | Edit

Long.. 7,776.. hank

PPCO..$3.54

Sure wish I had bought earlier but I think we will see a three bagger from here..Visit my favorite board at:

http://investorshub.advfn.com/boards/board.aspx?board_id=3251

PPCO.. Cross Post..http://investorshub.advfn.com/boards/board.aspx?board_id=3251

Posted by: Knowledge is King Date: Tuesday, March 16, 2010 12:54:50 PM
In reply to: hweb2 who wrote msg# 124307 Post # of 124385

PPCO $3.53; nice call hweb!


There's alot of blue sky above given the guidance here...

PPCO.. Cross Post.. http://investorshub.advfn.com/boards/board.aspx?board_id=3251

Posted by: hweb2 Date: Tuesday, March 16, 2010 10:22:35 AM
In reply to: hweb2 who wrote msg# 124140 Post # of 124385

PPCO looks like its getting ready to breakout. New 52-week high. Guess people are finally crunching the numbers here. Wish I had bought more below $2.80.

PPCO.. Cross Post.. http://investorshub.advfn.com/boards/board.aspx?board_id=3251

Posted by: hweb2 Date: Friday, March 05, 2010 10:53:28 AM
In reply to: hweb2 who wrote msg# 124010 Post # of 124385

PPCO Q4 CC transcript available on Yahoo:

http://seekingalpha.com/article/192010-penwest-pharmaceuticals-co-q4-2009-earnings-call-transcript?source=yahoo

Looks like once they pay the remaining $3.7M to Endo, Opana ER royalties will jump from 11% to 22%! That should happen about halfway through Q1. So Q1 results should be better than Q4, but in Q2 revenues and earnings should see a big jump. Could be earning .10-.20/share per quarter! Am I reading this right?

PPCO Cross POST.. $2.60 http://investorshub.advfn.com/boards/board.aspx?board_id=3251

Posted by: hweb2 Date: Thursday, March 04, 2010 10:08:42 AM
In reply to: None Post # of 124385

PPCO looks interesting in the $2.60's. Company earned .05/share (excluding a $260K restructuring charge) in Q4 vs. a loss the prior year. Q4 revenues up 37%.

Check out the guidance though. Looking for a BIG jump in 2010 revenues to $43-$45M. Q4 revenues were only $7M! Company also provided SG&A and R&D targets for 2010. If they maintain their high gross margins, 2010 earnings could be over .50/share! They only said they'd be profitable in 2010. But they're already planning a large .50-.75/share dividend later this year...so I'm guessing they will be very profitable.

Should have some terrific comps coming up. Plus the hefty dividend may attract the traders who are playing MSN and apparently MNDO.




Penwest Reports Fourth Quarter and Year End 2009 Financial Results

Press Release Source: Penwest Pharmaceuticals Co. On Thursday March 4, 2010, 8:00 am EST

Posts Second Consecutive Profitable Quarter

Outlines Guidance and Business Plan Goals for 2010

Announces Intent to Pay Special Cash Dividend in Fourth Quarter 2010



PATTERSON, N.Y., March 4, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO - News) today announced its financial results for the fourth quarter and full year ended December 31, 2009. Compared with the fourth quarter of 2008, fourth quarter 2009 revenues increased sharply to $7.0 million, selling, general and administrative expenses decreased by 15% and the Company had net income of $0.04 per share for the fourth quarter of 2009.



Penwest's accomplishments in the fourth quarter of 2009 included:



•Achieving profitability for the second consecutive quarter.

•Initiating a Phase IIa clinical trial of A0001 in patients with Friedreich's Ataxia. In the first quarter of 2010, the Company commenced a Phase IIa clinical trial of A0001 in patients with MELAS syndrome.

•Signing its fourth research and development agreement with Otsuka for Penwest to develop a formulation of an Otsuka compound utilizing Penwest's TIMERx(R) drug delivery technology.

•Significantly reducing total operating expenses compared to the fourth quarter of 2008.


Penwest also announced today that, in view of the cash reserves it expects to accumulate from royalties on Opana ER, as well as the Company's cost reduction initiatives implemented in 2008 and 2009, the Company's Board of Directors currently intends to declare a special cash dividend in the fourth quarter of 2010. The Company expects that the special dividend would be between $0.50 and $0.75 per share in cash. Any determination to pay a dividend would be subject to Endo Pharmaceuticals Inc.'s (Endo) net sales for Opana ER during 2010 and any other events that may arise that would limit the availability of the Company's cash resources for distribution. The Board also plans to continue to consider additional cash dividends in future years as the Company's cash resources warrant.



Jennifer L. Good, President and Chief Executive Officer, said, "2009 was marked by significant accomplishments for Penwest. We made substantial progress in each of the three primary areas of our business including maximizing the value of Opana ER, advancing A0001 into Phase IIa patient trials, and continuing to grow our drug delivery business by signing new deals and advancing the compounds we are developing under our existing arrangements. We were able to accomplish these goals while at the same time reducing our operating expenses to strengthen the Company financially.



"As we look forward to 2010, we expect to generate increasing levels of profitability and cash, to obtain results from the two Phase IIa trials that will enable us to make a 'go/no-go' decision on A0001, and to further grow our drug delivery business.



"Finally, we are pleased with the Board's intent to share the benefits of our success directly with our shareholders through the special cash dividend. We believe that this demonstrates our commitment to building and returning value to shareholders."



Fourth Quarter 2009 Financial Results



Total revenues for the fourth quarter of 2009 were $7.0 million, compared with $5.1 million for the fourth quarter of 2008. The increase was primarily due to $5.5 million of revenue recognized in the fourth quarter of 2009 for royalties from Endo on its net sales of Opana ER, representing an increase of $1.1 million in royalties, compared to the fourth quarter of 2008, and $748,000 of increased revenues earned by Penwest under its drug delivery collaborations.



Net income for the fourth quarter of 2009 was $1.2 million, or $0.04 per share, compared with a net loss of $2.2 million, or a $0.07 loss per share, for the fourth quarter of 2008.



Selling, general and administrative (SG&A) expenses were $2.1 million for the fourth quarter of 2009, compared with $2.4 million for the fourth quarter of 2008. The decrease was primarily attributable to lower compensation expenses as a result of staff reductions implemented in the first quarter of 2009 and lower share-based compensation expenses resulting from the first quarter and fourth quarter 2009 staff reductions, which were previously announced by the Company. Partially offsetting these decreased expenses were restructuring charges recorded in the fourth quarter of 2009 totaling approximately $260,000, primarily related to severance pay in connection with the fourth quarter 2009 staff reductions.



Research and product development (R&D) expenses were $2.7 million for the fourth quarter of 2009, compared with $4.2 million for the fourth quarter of 2008. The decrease of $1.5 million reflects lower contractual payments to Edison Pharmaceuticals, Inc. (Edison). In addition, the decrease reflects that the Company did not incur significant expenses in the fourth quarter of 2009 related to development of any compounds other than A0001, and that the Company had lower compensation expenses in the fourth quarter of 2009, primarily due to increased allocations of internal R&D costs relating to its drug delivery technology collaborations to cost of revenues, and the staff reductions implemented in January 2009.



Year Ended December 31, 2009 Financial Results



Total revenues for the year ended December 31, 2009 were $23.8 million, compared with $8.5 million for the year ended December 31, 2008. The increase was due to $19.3 million of revenue recognized in 2009 for royalties from Endo on its net sales of Opana ER, representing an increase of $14.2 million, compared to 2008, and $1.4 million of increased revenues earned by Penwest under its drug delivery collaborations. These increases were partially offset by lower royalties from Mylan Pharmaceuticals Inc. (Mylan) on Mylan's net sales of Pfizer Inc.'s 30 mg generic version of Procardia XL(R).



The net loss for the year ended December 31, 2009 was $1.5 million, or $0.05 per share, compared with a net loss of $26.7 million, or $0.89 per share, for the year ended December 31, 2008.



SG&A expenses were $9.4 million for the year ended December 31, 2009, compared with $12.1 million for the year ended December 31, 2008. The decrease was attributable to several factors, including lower share-based compensation expense, largely due to credits recorded in the first and fourth quarters of 2009 and a decrease in expense due to the reduction in the number of outstanding stock options, both of which resulted from the forfeiture of stock options held by former employees, as well as lower compensation expenses primarily due to the January 2009 staff reductions. The decrease also reflects the $1.0 million reserve established in the first quarter of 2008 related to the collectability of a loan the Company made to Edison in February 2008 and a credit the Company recorded in the third quarter of 2009 related to the cash surrender value of the Company's insurance policies. Partially offsetting these decreased expenses were $1.3 million in costs incurred related to the proxy contest in connection with the 2009 annual meeting of shareholders and the related litigation.



R&D expenses were $12.4 million for the year ended December 31, 2009, compared with $21.0 million for the year ended December 31, 2008. The decrease of $8.6 million reflects that the Company had lower contractual payments to Edison under the collaboration agreement with Edison, no significant expenses related to the development of product candidates other than A0001, and lower compensation expenses, primarily as a result of the staff reductions implemented in the first quarter of 2008 and the first quarter of 2009, and increased allocations of internal R&D costs relating to its drug delivery technology collaborations to the cost of revenues. These decreases in R&D expenses were partially offset by increased expenses for the development of A0001.



As of December 31, 2009, Penwest had $11.5 million in cash, cash equivalents and marketable securities, compared with $16.7 million as of December 31, 2008.



2010 Financial Guidance and Business Objectives



For the full year 2010, Penwest expects revenue to be in the range of $43 million to $45 million. The Company expects SG&A expense to be in the range of $6.5 million to $7.5 million, and R&D expense to be in the range of $10.5 million to $11.5 million. The Company expects to be profitable for the full year 2010. This guidance for revenues and profitability is dependent upon projections that Penwest has received from Endo for 2010 net sales of Opana ER.



Penwest's 2010 financial guidance is aligned with the goals of the Company's business objectives for the year, which include:



•Working closely with Endo to maximize the value of Opana ER and sharing the benefits of these efforts with Penwest shareholders through the contemplated special cash dividend.

•Completing both Phase IIa trials of A0001 -- one in patients with Friedreich's Ataxia and the other in patients with MELAS syndrome -- and making a "go/no-go" decision on this compound.

•Exploring potential licensing opportunities for A0001 in anticipation of the completion of the Phase IIa trials.

•Continuing to grow the Company's drug delivery business both by completing formulation work on compounds under development and by signing additional deals.

•Continuing to aggressively manage the Company's expenses to ensure its costs are appropriate given its priorities.


Conference Call and Webcast



Penwest will hold a conference call today at 11:00 am EST to review the Company's financial results for the fourth quarter and year end 2009, operational developments and financial guidance for 2010.



The conference call will include remarks by Ms. Good and Mr. Frank Muscolo, Controller and Chief Accounting Officer. The dial-in numbers for the call are:



Domestic Telephone Number: 877-675-5246



International Telephone Number: 816-650-7863



The conference ID is: 58987357



Please dial in 10 minutes prior to the scheduled start time. The conference call will also be accessible live and as a replay on the Investor Relations section of the Penwest Web site at www.penwest.com. The replay will be available until March 18, 2010.



About Penwest Pharmaceuticals



Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.



Penwest Forward-Looking Statements



The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: the timing of clinical trials, such as the Phase IIa clinical trials referenced above, and risks related to patient enrollment; risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2009, which risk factors are incorporated herein by reference.



The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.



TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

PPCO..$3.51..

Penwest Pharmaceuticals Co.
2981 Route 22
Patterson, NY 12563
United States - Map
Phone: 877-736-9378
Fax: 845-878-3420
Web Site: http://www.penw.com

DETAILS
Index Membership: N/A
Sector: Healthcare
Industry: Drug Delivery
Full Time Employees: N/A


BUSINESS SUMMARY
Penwest Pharmaceuticals Co. develops pharmaceutical products based on drug delivery technologies with focus on products that address disorders of the nervous system. Its proprietary drug delivery technologies include TIMERx, a controlled-release technology; Geminex, a technology enabling drug release at two different rates; SyncroDose, a technology enabling controlled release at the appropriate site in the body; and GastroDose system, a technology enabling drug delivery to the upper gastrointestinal tract. The company offers Opana ER, an oral extended release opioid analgesic for patients with moderate to severe pain requiring continuous opioid treatment using its TIMERx drug delivery technology; and Nifedipine XL for the treatment of hypertension and angina. Its products under development include Nalbuphine ER, a Phase IIa clinical trail product for the treatment of moderate chronic pain; and A0001, a Phase Ib clinical trail product for the treatment of diseases related to the inherited mitochondrial respiratory chain. Penwest Pharmaceuticals Co. has strategic alliance agreement with Endo Pharmaceuticals, Inc. for the development of Opana ER; collaboration and licensing agreement with Edison Pharmaceuticals, Inc. for the development of A0001 and up to one additional drug candidate of Edison?s.; and collaboration agreement with Mylan Pharmaceuticals Inc. for the development of Nifedipine XL. It also has a research and development agreement with Otsuka Pharmaceutical Co. Ltd. to develop a formulation of Otsuka compound utilizing the company?s TIMERx drug delivery technology. The company was founded in 1991 and is based Danbury, Connecticut. Penwest Pharmaceuticals Co. (NasdaqNM:PPCO) operates independently of Penford Corp. as of August 31, 1998.

=================================================

UPCOMING EVENTS

Date Event Reminder
3-May-10 Earnings announcement Set a Reminder


RECENT EVENTS

Date Event
16-Mar-10 PENWEST PHARMACEUTICALS CO Files SEC form 10-K, Annual Report
16-Mar-10 Price hit new 52-week high ($3.59)
4-Mar-10 Penwest Pharmaceuticals Earnings Call scheduled for 11:00 am ET today
4-Mar-10 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Results of Operations and Financial Condition
9-Nov-09 PENWEST PHARMACEUTICALS CO Files SEC form 10-Q, Quarterly Report
5-Nov-09 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Results of Operations and Financial Condition
10-Aug-09 PENWEST PHARMACEUTICALS CO Files SEC form 10-Q, Quarterly Report
7-Aug-09 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Results of Operations and Financial Condition
19-Jun-09 Price hit new 52-week high ($3.26)
15-Jun-09 Price hit new 52-week high ($2.87)
11-May-09 PENWEST PHARMACEUTICALS CO Files SEC form 10-Q, Quarterly Report
7-May-09 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Results of Operations and Financial Condition
16-Mar-09 PENWEST PHARMACEUTICALS CO Files SEC form 10-K, Annual Report
12-Mar-09 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Entry into a Material Definitive Agreement, Material Modification to R
4-Mar-09 PENWEST PHARMACEUTICALS CO Files SEC form 8-K, Results of Operations and Financial Condition

PPCO.. $3.49

Chart..

PPCO... $3.49

Penwest Reports Fourth Quarter and Year End 2009 Financial Results

Posts Second Consecutive Profitable Quarter
Outlines Guidance and Business Plan Goals for 2010...

Announces Intent to Pay Special Cash Dividend in Fourth Quarter 2010

PATTERSON, N.Y., March 4, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO - News) today announced its financial results for the fourth quarter and full year ended December 31, 2009. Compared with the fourth quarter of 2008, fourth quarter 2009 revenues increased sharply to $7.0 million, selling, general and administrative expenses decreased by 15% and the Company had net income of $0.04 per share for the fourth quarter of 2009.

Penwest's accomplishments in the fourth quarter of 2009 included:

•Achieving profitability for the second consecutive quarter.

•Initiating a Phase IIa clinical trial of A0001 in patients with Friedreich's Ataxia. In the first quarter of 2010, the Company commenced a Phase IIa clinical trial of A0001 in patients with MELAS syndrome.

•Signing its fourth research and development agreement with Otsuka for Penwest to develop a formulation of an Otsuka compound utilizing Penwest's TIMERx(R) drug delivery technology.

•Significantly reducing total operating expenses compared to the fourth quarter of 2008.

Penwest also announced today that, in view of the cash reserves it expects to accumulate from royalties on Opana ER, as well as the Company's cost reduction initiatives implemented in 2008 and 2009, the Company's Board of Directors currently intends to declare a special cash dividend in the fourth quarter of 2010. The Company expects that the special dividend would be between $0.50 and $0.75 per share in cash. Any determination to pay a dividend would be subject to Endo Pharmaceuticals Inc.'s (Endo) net sales for Opana ER during 2010 and any other events that may arise that would limit the availability of the Company's cash resources for distribution. The Board also plans to continue to consider additional cash dividends in future years as the Company's cash resources warrant.

Jennifer L. Good, President and Chief Executive Officer, said, "2009 was marked by significant accomplishments for Penwest. We made substantial progress in each of the three primary areas of our business including maximizing the value of Opana ER, advancing A0001 into Phase IIa patient trials, and continuing to grow our drug delivery business by signing new deals and advancing the compounds we are developing under our existing arrangements. We were able to accomplish these goals while at the same time reducing our operating expenses to strengthen the Company financially.

"As we look forward to 2010, we expect to generate increasing levels of profitability and cash, to obtain results from the two Phase IIa trials that will enable us to make a 'go/no-go' decision on A0001, and to further grow our drug delivery business.

"Finally, we are pleased with the Board's intent to share the benefits of our success directly with our shareholders through the special cash dividend. We believe that this demonstrates our commitment to building and returning value to shareholders."

Fourth Quarter 2009 Financial Results

Total revenues for the fourth quarter of 2009 were $7.0 million, compared with $5.1 million for the fourth quarter of 2008. The increase was primarily due to $5.5 million of revenue recognized in the fourth quarter of 2009 for royalties from Endo on its net sales of Opana ER, representing an increase of $1.1 million in royalties, compared to the fourth quarter of 2008, and $748,000 of increased revenues earned by Penwest under its drug delivery collaborations.

Net income for the fourth quarter of 2009 was $1.2 million, or $0.04 per share, compared with a net loss of $2.2 million, or a $0.07 loss per share, for the fourth quarter of 2008.

Selling, general and administrative (SG&A) expenses were $2.1 million for the fourth quarter of 2009, compared with $2.4 million for the fourth quarter of 2008. The decrease was primarily attributable to lower compensation expenses as a result of staff reductions implemented in the first quarter of 2009 and lower share-based compensation expenses resulting from the first quarter and fourth quarter 2009 staff reductions, which were previously announced by the Company. Partially offsetting these decreased expenses were restructuring charges recorded in the fourth quarter of 2009 totaling approximately $260,000, primarily related to severance pay in connection with the fourth quarter 2009 staff reductions.

Research and product development (R&D) expenses were $2.7 million for the fourth quarter of 2009, compared with $4.2 million for the fourth quarter of 2008. The decrease of $1.5 million reflects lower contractual payments to Edison Pharmaceuticals, Inc. (Edison). In addition, the decrease reflects that the Company did not incur significant expenses in the fourth quarter of 2009 related to development of any compounds other than A0001, and that the Company had lower compensation expenses in the fourth quarter of 2009, primarily due to increased allocations of internal R&D costs relating to its drug delivery technology collaborations to cost of revenues, and the staff reductions implemented in January 2009.

Year Ended December 31, 2009 Financial Results

Total revenues for the year ended December 31, 2009 were $23.8 million, compared with $8.5 million for the year ended December 31, 2008. The increase was due to $19.3 million of revenue recognized in 2009 for royalties from Endo on its net sales of Opana ER, representing an increase of $14.2 million, compared to 2008, and $1.4 million of increased revenues earned by Penwest under its drug delivery collaborations. These increases were partially offset by lower royalties from Mylan Pharmaceuticals Inc. (Mylan) on Mylan's net sales of Pfizer Inc.'s 30 mg generic version of Procardia XL(R).

The net loss for the year ended December 31, 2009 was $1.5 million, or $0.05 per share, compared with a net loss of $26.7 million, or $0.89 per share, for the year ended December 31, 2008.

SG&A expenses were $9.4 million for the year ended December 31, 2009, compared with $12.1 million for the year ended December 31, 2008. The decrease was attributable to several factors, including lower share-based compensation expense, largely due to credits recorded in the first and fourth quarters of 2009 and a decrease in expense due to the reduction in the number of outstanding stock options, both of which resulted from the forfeiture of stock options held by former employees, as well as lower compensation expenses primarily due to the January 2009 staff reductions. The decrease also reflects the $1.0 million reserve established in the first quarter of 2008 related to the collectability of a loan the Company made to Edison in February 2008 and a credit the Company recorded in the third quarter of 2009 related to the cash surrender value of the Company's insurance policies. Partially offsetting these decreased expenses were $1.3 million in costs incurred related to the proxy contest in connection with the 2009 annual meeting of shareholders and the related litigation.

R&D expenses were $12.4 million for the year ended December 31, 2009, compared with $21.0 million for the year ended December 31, 2008. The decrease of $8.6 million reflects that the Company had lower contractual payments to Edison under the collaboration agreement with Edison, no significant expenses related to the development of product candidates other than A0001, and lower compensation expenses, primarily as a result of the staff reductions implemented in the first quarter of 2008 and the first quarter of 2009, and increased allocations of internal R&D costs relating to its drug delivery technology collaborations to the cost of revenues. These decreases in R&D expenses were partially offset by increased expenses for the development of A0001.

As of December 31, 2009, Penwest had $11.5 million in cash, cash equivalents and marketable securities, compared with $16.7 million as of December 31, 2008.

2010 Financial Guidance and Business Objectives

For the full year 2010, Penwest expects revenue to be in the range of $43 million to $45 million. The Company expects SG&A expense to be in the range of $6.5 million to $7.5 million, and R&D expense to be in the range of $10.5 million to $11.5 million. The Company expects to be profitable for the full year 2010. This guidance for revenues and profitability is dependent upon projections that Penwest has received from Endo for 2010 net sales of Opana ER.

Penwest's 2010 financial guidance is aligned with the goals of the Company's business objectives for the year, which include:

•Working closely with Endo to maximize the value of Opana ER and sharing the benefits of these efforts with Penwest shareholders through the contemplated special cash dividend.

•Completing both Phase IIa trials of A0001 -- one in patients with Friedreich's Ataxia and the other in patients with MELAS syndrome -- and making a "go/no-go" decision on this compound.

•Exploring potential licensing opportunities for A0001 in anticipation of the completion of the Phase IIa trials.

•Continuing to grow the Company's drug delivery business both by completing formulation work on compounds under development and by signing additional deals.

•Continuing to aggressively manage the Company's expenses to ensure its costs are appropriate given its priorities.

Conference Call and Webcast

Penwest will hold a conference call today at 11:00 am EST to review the Company's financial results for the fourth quarter and year end 2009, operational developments and financial guidance for 2010.

The conference call will include remarks by Ms. Good and Mr. Frank Muscolo, Controller and Chief Accounting Officer. The dial-in numbers for the call are:

Domestic Telephone Number: 877-675-5246

International Telephone Number: 816-650-7863

The conference ID is: 58987357

Please dial in 10 minutes prior to the scheduled start time. The conference call will also be accessible live and as a replay on the Investor Relations section of the Penwest Web site at http://www.penwest.com/. The replay will be available until March 18, 2010.

About Penwest Pharmaceuticals

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.

Penwest Forward-Looking Statements

The matters discussed herein contain forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," "potential," "appears," "estimates," "projects," "targets," "may," "could," and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include the following: the timing of clinical trials, such as the Phase IIa clinical trials referenced above, and risks related to patient enrollment; risks relating to the commercial success of Opana ER, including our reliance on Endo Pharmaceuticals Inc. for the commercial success of Opana ER, risks of generic competition and risks that Opana ER will not generate the revenues anticipated; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions with respect to A0001; whether the results of clinical trials will be indicative of the results of future clinical trials and will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2009, which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements, and these statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this release.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.

Penwest Pharmaceuticals Co.
Statements of Operations
(Thousands of dollars, except per share data, Unaudited)

Quarter Ended
December 31 Year Ended
December 31

2009 2008 2009 2008
Revenues:
Royalties $5,933 $4,807 $20,792 $6,805
Product sales 90 104 562 685
Collaborative licensing and development revenue 966 207 2,458 1,044
Total revenues 6,989 5,118 23,812 8,534

Operating expenses:
Cost of revenues 825 438 2,655 1,438
Selling, general and administrative 2,051 2,410 9,413 12,052
Research and product development 2,743 4,245 12,430 21,041
Total operating expenses 5,619 7,093 24,498 34,531
Income (loss) from operations 1,370 (1,975) (686) (25,997)
Investment income 1 35 15 541
Interest expense (154) (292) (829) (1,278)
Net income (loss) $1,217 $(2,232) $(1,500) $(26,734)

Net income (loss) per share:

Basic $0.04 $(0.07) $(0.05) $(0.89)
Diluted $0.04 $(0.07) $(0.05) $(0.89)

Weighted average shares of common stock outstanding:

Basic 31,763 31,537 31,666 29,923
Diluted 31,800 31,537 31,666 29,923

Other Information

December 31, 2009 December 31, 2008
Cash, cash equivalents
and marketable securities $11,486 $16,692

PPCO..$3.47..

Got my feet wet with a starter position.. hank

03/18/10 3:28 PM EDT Buy 2488 PPCO Executed @ $3.4699 Details | Edit
03/18/10 3:28 PM EDT Buy 2400 PPCO Executed @ $3.47 Details | Edit

Penwest initiates second Phase IIa Melas syndrome trial; PPS $2.41
Thursday February 11, 2010 09:53:23 EST
Feb 11, 2010 (Datamonitor via COMTEX News Network) --

Penwest Pharmaceuticals, a drug development company, has initiated a Phase IIa clinical trial for A0001 in patients with the A3243G mitochondrial DNA point mutation and evidence of impaired mitochondrial function. This point mutation is commonly associated with MELAS syndrome.

The study is being conducted at the Newcastle upon Tyne Hospitals in Newcastle, England. The primary objective of this study is to investigate whether treatment with A0001 has a discernible impact in the treatment of these patients using metabolic imaging, a number of functional assessments, biochemical measures and patient/clinician-rated scales as compared to placebo.

The Phase IIa clinical trial is a double-blind, randomized, placebo-controlled trial. Penwest plans to enroll approximately 30 patients who meet the eligibility criteria with a 2:1 randomization of drug to placebo. The patients will be dosed for 28 days. The company expects data from this trial in the third quarter of 2010.

Jennifer Good, president and CEO of Penwest, said: "We are very pleased to commence the second proof of concept trial for A0001 in patients. We look forward to evaluating the clinical data from the two on-going Phase IIa trials to determine if there are meaningful signs of efficacy from the drug. There is a significant unmet medical need in these mitochondrial diseases, including Melas, and we are hopeful that A0001 can provide an important treatment option for these patients."

8:10AM Penwest Pharma beats by $0.01, beats on revs (PPCO) 2.29 : Reports Q3 (Sep) earnings of $0.01 per share, $0.01 better than the First Call consensus of ($0.00); revenues rose 350.0% year/year to $6.3 mln vs the $6.2 mln consensus.

Penwest Pharmaceuticals Co. Q2 2008 Earnings Call Transcript

http://seekingalpha.com/article/94112-penwest-pharmaceuticals-co-q2-2008-earnings-call-transcript?source=yahoo

Penwest Reports Second Quarter 2008 Financial Results

DANBURY, Conn., Aug. 5, 2008 (PRIME NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced its financial results for the second quarter ended June 30, 2008. Overall, as compared to the year-ago quarter, revenues were higher, operating expenses decreased by $2.1 million or 22% and net loss declined.

Jennifer L. Good, President and Chief Executive Officer of Penwest, said, "I am very pleased with the progress that our Company made during the second quarter. We submitted IND's for both A0001, a drug candidate we are studying for mitochondrial diseases, and PW4153, a drug candidate we are developing for symptoms of Parkinson's disease. We began dosing for both of these candidates in Phase I trials in July and expect data from these studies in the second half of this year. I continue to be encouraged by Opana ER sales and believe we will begin to recognize royalty revenues from Endo in the third quarter of this year. Meanwhile, we continue to manage cash carefully and prioritize our investments."

Second Quarter

Total revenues for the second quarter of 2008 were $1.3 million, compared with $712,000 for the second quarter of 2007. The increase of $604,000 was primarily due to revenues recognized in the second quarter of 2008 for licensing fees and research and development reimbursements under a drug delivery collaboration involving the Company's TIMERx(r) technology.

The net loss for the second quarter of 2008 was $6.9 million, or $0.22 per share, compared with a net loss of $9.0 million, or $0.39 per share, for the second quarter of 2007.

Selling, general and administrative expenses were $3.1 million for the second quarter of 2008, compared with $3.7 million for the second quarter of 2007. The decrease of $596,000 was primarily attributable to lower stock based compensation expenses and lower facility-related costs incurred in the second quarter of 2008, compared with the second quarter of 2007.

Research and product development expenses were $4.5 million for the second quarter of 2008, compared with $6.0 million for the second quarter of 2007. The decrease of $1.5 million was primarily due to lower expenses in the second quarter of 2008 related to nalbuphine ER, reflecting costs incurred in the second quarter of 2007 associated with a Phase IIa trial and for the purchase of drug active, as well as lower spending on early stage product candidates. The decrease was partially offset by expenses in the second quarter of 2008 for payments to Edison Pharmaceuticals, Inc. for sponsored research under the terms of the companies' collaboration agreement and expenses related to pre-clinical work conducted by Penwest on A0001, the lead candidate licensed under the Edison agreement.

As of June 30, 2008, Penwest had $28.7 million in cash, cash equivalents and marketable securities, compared with $23.0 million as of December 31, 2007.

Six Months ended June 30, 2008

Total revenues for the six months ended June 30, 2008 were $2.1 million, compared with $1.6 million for the six months ended June 30, 2007. The increase of $501,000 was primarily due to revenues recognized in the 2008 six month period for licensing fees and research and development reimbursements under a drug delivery collaboration involving the Company's TIMERx technology. Partially offsetting those increased revenues was a decrease in royalties from Mylan Pharmaceuticals Inc. on Mylan's sales of Pfizer Inc.'s 30 mg generic version of Procardia XL(r), which were lower in the 2008 six month period, compared with the 2007 six month period.

The net loss for the six months ended June 30, 2008 was $17.2 million, or $0.61 per share, compared with a net loss of $15.9 million, or $0.69 per share, for the six months ended June 30, 2007.

Selling, general and administrative expenses were $7.4 million for the six months ended June 30, 2008 and for the six months ended June 30, 2007. Included in the expenses for the 2008 six month period was a $1.0 million reserve established in connection with a $1.0 million loan the Company made to Edison in the first quarter of 2008, as previously disclosed. This charge was offset by lower facility-related costs and lower stock based compensation expenses in the 2008 six month period, compared with the 2007 six month period.

Research and product development expenses were $10.9 million for the six months ended June 30, 2008, compared with $10.4 million for the six months ended June 30, 2007. The increase of $483,000 was primarily due to payments to Edison for sponsored research under the terms of the collaboration agreement, expenses related to pre-clinical work conducted by Penwest on A0001 and higher stock based compensation expenses in the 2008 six month period. These increased costs were partially offset by lower expenses for nalbuphine ER and for early stage product candidates.

Couple of anal-list go + on PPCO:

3-Jul-08 Pacific Growth Equities Upgraded from Neutral to Buy
11-Jun-08 Roth Capital Initiated with a Buy

Penwest Pharmaceuticals Co. Q1 2008 Earnings Call Transcript

http://seekingalpha.com/article/79530-penwest-pharmaceuticals-co-q1-2008-earnings-call-transcript?source=yahoo

Penwest Reports First Quarter 2008 Financial Results

DANBURY, Conn., May 2, 2008 (PRIME NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced its financial results for the first quarter ended March 31, 2008.

Total revenues for the first quarter of 2008 were $739,000 compared with $842,000 for the first quarter of 2007. Revenues in both periods were generated primarily by royalties from Mylan Pharmaceuticals Inc. on its sales of Pfizer Inc.'s 30mg generic version of Procardia XL(r), which were lower in the first quarter of 2008 compared to the first quarter of 2007. The decrease in royalties from Mylan was partially offset by increased revenues from Penwest's sales of bulk TIMERx(r) material to Endo for use in Opana ER(r) as well as revenues recognized for research and development reimbursements under a collaboration involving the Company's TIMERx technology.

The net loss for the first quarter of 2008 was $10.3 million, or $0.41 per share, compared with a net loss of $7.0 million, or $0.30 per share, for the first quarter of 2007.

Selling, general and administrative expenses were $4.3 million for the first quarter of 2008, compared with $3.7 million for the first quarter of 2007. The increase of $603,000 was primarily attributable to a $1.0 million reserve established in connection with a $1.0 million loan the Company made to Edison Pharmaceuticals Inc. in the first quarter of 2008. Under the terms of the companies' collaboration agreement, Edison had the right to draw this loan at any time before July 2012. This charge was partially offset by lower facility-related costs incurred in the first quarter of 2008.

Research and product development expenses were $6.4 million for the first quarter of 2008, compared with $4.4 million for the first quarter of 2007. The increase was primarily due to payments to Edison for sponsored research under the terms of the collaboration agreement and expenses related to pre-clinical work conducted by Penwest on A0001, the lead candidate licensed under the Edison agreement. The increase was also attributable to increased stock-based compensation. These increased costs were partially offset by lower expenses on other early stage product candidates.

Jennifer L. Good, President and Chief Executive Officer of Penwest, said, "With 2008 now well underway, we continue to be excited about the continuing sales growth of Opana ER, as well as our plans for advancing our other drugs through tangible milestones. As we continue to execute our drug development strategy, we are aggressively managing our cash with the goal of funding our operations into the second half of 2009."

As of March 31, 2008, Penwest had $37.9 million in cash, cash equivalents and marketable securities, compared with $23.0 million as of December 31, 2007. On March 11, 2008, the Company completed a private placement in which it sold units consisting of an aggregate of 8,140,600 shares of its common stock, together with warrants to purchase 4,070,301 shares of common stock, for net proceeds of approximately $23.1 million, after deducting the placement agent's fees and other estimated expenses.

Conference Call and Webcast

Penwest will hold a conference call today at 11:00 a.m. EDT to review the Company's financial results for the first quarter 2008, operational developments and financial outlook.

The conference call will include remarks by Ms. Good and Benjamin L. Palleiko, Senior Vice President, Corporate Development and Chief Financial Officer. The dial-in numbers for the call are:

Domestic Telephone Number: 888-277-5064

International Telephone Number: 706-679-2324

The conference ID is: 44837658

Please dial in 10 minutes prior to the scheduled start time. The conference call will also be accessible live and as a replay on the Investor Relations section of the Penwest web site at www.penwest.com.

About Penwest Pharmaceuticals

Penwest is a drug development company dedicated to bringing to the marketplace innovative products that help improve the lives of patients. The Company's goal is to identify, develop and commercialize pharmaceutical products that address unmet medical needs, primarily for disorders of the nervous system. Penwest is currently applying its drug delivery and drug development expertise to a pipeline of potential products that are in various stages of development and that it intends to commercialize independently or through third party alliances.

Forward-Looking Statements

The matters discussed herein contain forward-looking statements that involve risks and uncertainties, which may cause the actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "potential" and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include: risks relating to the commercial success of Opana ER, including our reliance on Endo for the commercial success of Opana ER and risks of generic competition; the need for capital; regulatory risks relating to drugs in development, including the timing and outcome of regulatory submissions and regulatory actions; uncertainty of success of collaborations; the timing of clinical trials; whether the results of clinical trials will warrant further clinical trials, warrant submission of an application for regulatory approval of, or warrant the regulatory approval of, the product that is the subject of the trial; whether the patents and patent applications owned by us will protect the Company's products and technology and prevent others from infringing it; actual and potential competition; and other risks as set forth under the caption Risk Factors in Penwest's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2008, which risk factors are incorporated herein by reference.

The forward-looking statements contained in this press release speak only as of the date of the statements made. Penwest disclaims any intention or obligation to update any forward-looking statements.

TIMERx is a registered trademark of Penwest. All other trademarks referenced herein are the property of their respective owners.


Penwest Pharmaceuticals Co.
Statements of Operations
(Thousands of dollars, except per share data, Unaudited)

Three Months Ended
March 31
2008 2007
-------- --------
Revenues:
Royalties and licensing fees $ 432 $ 719
Product sales 228 123
Research and development reimbursements 79 --
-------- --------
Total revenues 739 842
Cost of revenues:
Cost of product sales 98 110
Cost of research and development
reimbursements 71 --
-------- --------
Total cost of revenues 169 110
-------- --------
Gross profit 570 732

Operating Expenses:
Selling, general and administrative 4,324 3,721
Research and product development 6,385 4,384
-------- --------
Total operating expenses 10,709 8,105
-------- --------
Loss from operations (10,139) (7,373)
Investment income 200 489
Interest expense (358) (70)
-------- --------
Net loss $(10,297) $ (6,954)
======== ========

Basic and diluted net loss per common share $ (0.41) $ (0.30)
======== ========

Weighted average shares of common stock
outstanding 25,113 23,142
======== ========



Other Information
March 31, 2008 December 31, 2007
-------------- -----------------
Cash, cash equivalents and
marketable securities $ 37,898 $ 22,973

CONTACT: Penwest Pharmaceuticals Co.
Investors:
Ben Palleiko
(203) 796-3700
(877) 736-9378

Kekst and Company
Media:
John Patteson
(212) 521-4800


Source: PrimeNewswire (May 2, 2008 - 8:00 AM EDT)

News by QuoteMedia
www.quotemedia.com

8:50AM Penwest Pharma announces an 8.14 mln unit (each unit consisting of 1 share of stock and 1 warrant to purchase 1/2 share of stock) offering for a for a purchase price of $3.0825 per unit (PPCO) 3.03 :

Penwest Announces $25.1 Million Private Placement of Common Stock and Warrants

DANBURY, Conn., March 6, 2008 (PRIME NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that it has entered into a securities purchase agreement with certain institutional accredited investors with respect to the private placement of 8.14 million units (each unit consisting of one share of common stock of the Company and one warrant to purchase one-half share of common stock) for a purchase price of $3.0825 per unit, or gross proceeds of $25.1 million. An aggregate of 8.14 million shares of common stock and warrants for the purchase of an aggregate of 4.07 million shares of common stock will be issued by the Company upon the closing of the private placement, which is subject to satisfaction of customary closing conditions.

The Company expects that the private placement will result in net proceeds of approximately $23.2 million to the Company, after deducting the placement agent's fees and estimated offering expenses payable by the Company. The Company intends to use the net proceeds to fund development of product candidates in its pipeline, including a Phase IIb clinical trial of nalbuphine ER and Phase I trials of A0001, and for working capital and other general corporate purposes.

The securities offered by the Company in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This notice is issued pursuant to Rule 135c under the Securities Act of 1933 and 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 in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Recent insider buying in PPCO:

http://www.form4oracle.com/company?cik=0001047188&ticker=PPCO

8:57AM Penwest Pharma announces results of phase IIa clinical study of Nalbuphine ER; intends to advance Nalbuphine ER into phase IIb (PPCO) 5.30 : Co reported results from the Co's Phase IIa clinical trial evaluating nalbuphine hydrochloride extended release tablets (nalbuphine ER), a product Penwest is developing for the treatment of moderate chronic pain. The Company has concluded that the results of this study showed efficacy sufficient to support its continued development of the drug, and it plans to conduct a Phase IIb trial commencing in the second half of this year. (Stock is halted)