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 two nominees of Tang Capital and Perceptive as new directors of Penwest Pharmaceuticals Co. (NASDAQ:PPCO). In addition, Tang Capital and Perceptive’s advisory shareholder resolution regarding the winding down of substantially all of the Company’s operations was approved. In both cases, an overwhelming majority of votes cast were voted in favor of the Tang Capital and Perceptive proposals.

In addition, approximately 60% of shares outstanding voted in favor of Tang Capital and Perceptive’s two proposed bylaw amendments, which were both designed to make the board more accountable to shareholders.

Kevin Tang of Tang Capital commented, “We truly appreciate the 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.”

Official certification of the vote count from the inspector of elections is expected in one-to-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 21.1% 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 20.5% of the outstanding common stock of Penwest Pharmaceuticals Co.

Tang Capital Management, LLC
Kevin C. Tang, 858-200-3830
or
Perceptive Advisors LLC
Joseph Edelman, 646-205-5320
or
The Altman Group
Peter Casey, 201-806-2214