Healthcare Industry News:  Penwest Pharmaceuticals 

Biopharmaceuticals Drug Delivery Personnel

 News Release - June 12, 2006

Penwest Names Jennifer Good Chief Executive Officer and Member of the Board of Directors

DANBURY, Conn., June 12 (HSMN NewsFeed) -- The Board of Directors of Penwest Pharmaceuticals Co. (Nasdaq: PPCO ) has named Jennifer L. Good, the company's current President and Chief Operating Officer, to the position of Chief Executive Officer and a member of the Board of Directors.

Paul E. Freiman, Chairman of the Board, said, "During her tenure at Penwest, Jennifer Good has distinguished herself through outstanding leadership and management ability, first as our Chief Financial Officer for nearly nine years and, more recently, as President and Chief Operating Officer. She is a dynamic executive with the right combination of expertise and experience to move the company forward as we continue to implement our strategy for growth."

Ms. Good had been President and Chief Operating Officer of Penwest since November of 2005, and Chief Financial Officer since the Company's formation in 1997.

Penwest Pharmaceuticals

Penwest develops pharmaceutical products based on innovative proprietary drug delivery technologies. We are focusing our development efforts principally on products that address disorders of the nervous system. The foundation of our technology platform is TIMERx®, an extended release delivery system that is adaptable to soluble and insoluble drugs and that is flexible for a variety of controlled release profiles. We have also developed two additional oral drug delivery systems, Geminex® and SyncroDose(TM). Geminex is a dual release rate drug delivery system that is designed to provide independent release of different active ingredients contained in a drug, and SyncroDose is a drug delivery system that is designed to release the active ingredient of a drug at the desired site and time in the digestive tract.

The matters discussed herein contain forward-looking statements that involve risks and uncertainties, which may cause Penwest's 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; dependence on collaborators such as Endo Pharmaceuticals to, among other things, sell products for which the Company receives royalties; regulatory risks relating to drugs in development such as, torsemide ER, nalbuphine ER, and venlafaxine ER, including the timing and outcome of regulatory action; uncertainty of success of collaborations; the timing of clinical trials and whether the results of clinical trials will warrant further clinical trials, warrant submission of an application for regulatory approval of, or the regulatory approval of, the product that is the subject of the trial; actual and potential competition; the need for capital; 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 9, 2006, which risk factors are incorporated herein by reference. Penwest disclaims any intention or obligation to update any forward-looking statements.

Source: Penwest Pharmaceuticals

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