Perceptive Advisors reports 20.75% stake in Penwest

By Jennifer Chiou

New York, July 18 - Penwest Pharmaceuticals Co. investors led by Perceptive Advisors LLC, Joseph Edelman and Scott Bradley reported a 20.75% stake in Penwest, according to a schedule 13-D/A filing with the Securities and Exchange Commission.

The reporting persons own 6,561,908 shares of the Danbury, Conn.-based company, which develops pharmaceutical products based on proprietary drug-delivery technologies.

They acquired the shares in various transactions between Jan. 23, 2008 and March 20 at prices between $3.08 and $7.50 per share.

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