Proxy Advisory Groups Recommend Shareholders of Penwest Pharmaceuticals Co. Vote on Tang Capital and Perceptivea?s GOLD Proxy C
SAN DIEGO & NEW YORK--([ BUSINESS WIRE ])--Tang Capital Partners, LP and Perceptive Life Sciences Master Fund Ltd. today announced that both RiskMetrics Group, Inc. and PROXY Governance, Inc., leading independent proxy advisory and voting firms, have recommended that the shareholders of Penwest Pharmaceuticals Co. (NASDAQ:PPCO) vote on Tang Capital and Perceptivea™s GOLD proxy card and NOT on managementa™s white proxy card.
"The positive reaction Penwest's stock has had since the dissidents have joined the board is clear."
RiskMetrics Group commented, aBecause there is evidence that the dissidents' presence on the board has benefited the company and because shareholders may have concerns about the degree to which their resolution was addressed from last year's meeting, we believe some additional dissident representation on the board may be warranted.a RiskMetrics Group continued, aThe positive reaction Penwest's stock has had since the dissidents have joined the board is clear.a
PROXY Governance commented, aWe believe that the dissidents have made a compelling case that performance and governance problems continue to exist at this company. Although the board has demonstrated a willingness to address such problems over the last year, we believe that the dissidents have proposed a more viable strategy for addressing the companya™s particular challenges.a
Kevin Tang of Tang Capital commented, aWe believe that the recommendations of these independent, third-party proxy advisory firms provide strong validation of the need for further change at Penwest. We are confident that our three nominees are the best candidates to direct that change in the best interests of all Penwest shareholders. We urge all shareholders to join us in voting the GOLD proxy card.a
IMPORTANT
Tang Capital and Perceptive urge all shareholders to vote the GOLD proxy card today! Every vote is important. Regardless of the number of shares you own, we urge you to support all three of our nominees. Even if you have already voted using managementa™s proxy card, you have the right to change your vote simply by executing and submitting the GOLD proxy card, as only the latest-dated proxy card will count. Do not return any white proxy card that you receive from management. If you have any questions or need assistance voting your shares, please contact The Altman Group, which is assisting us in this matter, at the following numbers:
The Altman Group
1200 Wall Street West, 3rd Floor
Lyndhurst, NJ 07071
Shareholders call toll free: (866) 620-7619
Banks and Brokers call collect: (201) 806-2214
Fax: (201) 460-0050
ABOUT TANG CAPITAL PARTNERS, LP
Tang Capital Partners, LP is an investment fund that invests in health care companies. Tang Capital Partners, LP and its affiliates currently own 21.0% of the outstanding common stock of Penwest Pharmaceuticals Co.
ABOUT PERCEPTIVE LIFE SCIENCES MASTER FUND LTD.
Perceptive Life Sciences Master Fund Ltd. is an investment fund that invests in life sciences companies. Perceptive Life Sciences Master Fund Ltd. currently owns 20.3% of the outstanding common stock of Penwest Pharmaceuticals Co.
Important Information
In connection with Penwest Pharmaceuticals Co.'s upcoming 2010 annual meeting of shareholders (the aAnnual Meetinga), Tang Capital Partners, LP (aTang Capitala) and Perceptive Life Sciences Master Fund Ltd. (aPerceptivea) have filed with the Securities and Exchange Commission (the aSECa) a proxy statement (the aTang Capital and Perceptive Proxy Statementa) and related materials for the solicitation of proxies from Penwest shareholders for use at the Annual Meeting. Tang Capital and Perceptive, their director nominees and certain of their affiliates are or may be deemed to be participants in the solicitation of proxies with respect to the Annual Meeting. Information regarding Tang Capital and Perceptive and their nominees and such participants is contained in the Schedule 14A and related materials filed by Tang Capital and Perceptive with the SEC. Penwest shareholders should read the Tang Capital and Perceptive Proxy Statement and related materials filed with the SEC with respect to the Annual Meeting because they contain important information. These materials are available without charge at the SEC's website at [ www.sec.gov ].