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Biopharmaceuticals Personnel

 News Release - October 5, 2006

Penwest Names Dr. Amy O'Donnell Senior Director, Clinical Development

DANBURY, Conn., Oct. 5 (HSMN NewsFeed) -- Penwest Pharmaceuticals Co. (Nasdaq: PPCO ) today announced that Amy O'Donnell, M.D. has joined the Company as Senior Director, Clinical Development. In this newly created position, Dr. O'Donnell will be responsible for providing the medical and scientific leadership necessary to ensure the successful development of Penwest products, including overseeing the planning, execution, and interpretation of clinical trials. Dr. O'Donnell will report to Alan F. Joslyn, Ph.D., Sr. Vice President of Research and Development for Penwest.

Dr. O'Donnell, 43, is Board Certified in Neurology. Prior to joining Penwest, Dr. O'Donnell had been a Director in Neuroscience Global Clinical Research at Bristol-Myers Squibb, a position she assumed in 2004. Before that, she served as an Associate Director in Global Pharmacovigilance and Labeling at Bristol-Myers Squibb. Dr. O'Donnell was previously an Associate Director of the Neurology Medical Science Unit in Bayer Corporation's Pharmaceuticals Division.

Dr. Joslyn said, "We are very pleased to welcome Amy O'Donnell to Penwest. In her roles at Bristol-Meyers Squibb and Bayer Pharmaceuticals, she worked extensively with the FDA. Her clinical expertise and leadership will be invaluable as we move forward with our clinical programs and continue to implement our strategy, which is centered around developing products for disorders of the nervous system."

Dr. O'Donnell earned a B.A. from Bryn Mawr College in 1984, a J.D. from New York University Law School in 1987 and an M.D. from Brown University in 1994.

Penwest Pharmaceuticals

Penwest develops pharmaceutical products based on innovative proprietary drug delivery technologies. The Company is focusing its development efforts principally on products that address disorders of the nervous system. The foundation of Penwest's 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. Penwest has 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(TM) 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: the risks and uncertainties, including the outcome, of any dispute resolution proceeding with Endo regarding the interpretation of the contract; the risk that Opana ER will not be accepted by the medical community; dependence on collaborators such as Endo to, among other things, sell products for which Penwest receives royalties; regulatory risks relating to drugs in development such as, torsemide ER and Nalbuphine 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 August 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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