Penwest Pharmaceuticals shareholders seek board representation

By Lisa Kerner

Charlotte, N.C., Jan. 12 - Penwest Pharmaceuticals Co. shareholders Tang Capital Partners, LP and Perceptive Life Sciences Master Fund Ltd. notified the company that they are nominating Joseph Edelman, Kevin C. Tang and Andrew D. Levin, M.D., Ph.D., for election to the company's board of directors at the 2009 annual meeting.

Edelman is the chief executive officer and portfolio manager of Perceptive Advisors, LLC.

Tang is the managing director of Tang Capital Management, LLC.

Levin has been a principal at Tang Capital Management.

Collectively, the investors beneficially own 11,869,404 shares, or 37.5%, of the Danbury, Conn., pharmaceutical products company, according to a schedule 13D filed with the Securities and Exchange Commission.

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