Healthcare Industry News: Penwest Pharmaceuticals
News Release - June 19, 2006
Penwest Names Benjamin Palleiko Senior Vice President, Corporate Development and CFODANBURY, Conn., June 19 (HSMN NewsFeed) -- Penwest Pharmaceuticals Co. (Nasdaq: PPCO ) announced that Benjamin L. Palleiko has joined the Company today as Senior Vice President, Corporate Development and Chief Financial Officer.
Mr. Palleiko, 40, is the founder of Intrepid Merchant Partners, LLC, a healthcare strategic advisory and investments firm. In 2003, he founded SunTrust Robinson Humphrey's Life Sciences Investment Banking practice, focused on biotechnology and specialty pharmaceuticals, which he built and led until 2006. Before that, Mr. Palleiko was a Vice President in Investment Banking at Robertson Stephens, Inc., specializing in life sciences, and at Volpe Brown Whelan & Co. He is a veteran of the U.S. Navy, with fourteen years of active duty and reserve service as a Naval Aviator.
Ms. Good said, "We are very pleased to welcome Ben to Penwest's senior management team. Ben has advised the Company on strategic financial matters over the past few years in his role as one of the Company's key investment bankers. He has an outstanding track record of financial leadership and professional accomplishments, and his strong background in strategic finance will be a particularly valuable asset as we continue to drive the Company's growth."
Mr. Palleiko said, "I am delighted to be joining Penwest at this exciting time. I look forward to being part of this talented management team as the Company continues to build and advance its product portfolio and implement its growth strategy to generate long-term value for shareholders."
Mr. Palleiko earned a BA in Quantitative Economics from Tufts University in 1987, and both an MBA and MA in International Relations from the University of Chicago in 1996.
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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