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Shareholders of Penwest Pharmaceuticals Co. Elect Tang Capital and Perceptive Nominees to the Board

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^{Published in Health and Fitness on Tuesday, June 22nd 2010 at 8:41 GMT by Market Wire}  

SAN DIEGO & NEW YORK--([ BUSINESS WIRE ])--Tang Capital Partners, LP and Perceptive Life Sciences Master Fund Ltd. today announced that, based on voting estimates from their proxy solicitation firm, shareholders have elected all three of their nominees, Roderick Wong, M.D., Saiid Zarrabian and John G. Lemkey, as new directors of Penwest Pharmaceuticals Co. (NASDAQ:PPCO).

"We truly appreciate the continued support of our fellow shareholders in our effort to effect change at Penwest. We pledge to work tirelessly on your behalf to maximize value for all shareholders."

Kevin Tang of Tang Capital commented, aWe truly appreciate the continued support of our fellow shareholders in our effort to effect change at Penwest. We pledge to work tirelessly on your behalf to maximize value for all shareholders.a

Official certification of the vote count from the inspector of elections is expected within the next two weeks.

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.