Penwest Pharmaceuticals investor buys 665,000 shares

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Tang Capital Partners, LP purchased 665,000 shares of Penwest Pharmaceuticals Co. on Feb. 17 for $1.65 per share, according to a schedule 13D/A filed with the Securities and Exchange Commission.

In January, Tang Capital Partners and Perceptive Life Sciences Master Fund Ltd. notified the company that they are nominating Joseph Edelman, Kevin C. Tang and Andrew D. Levin, M.D., Ph.D., for election to the company's board of directors at the 2009 annual meeting, a prior SEC filing said.

Edelman is the chief executive officer and portfolio manager of Perceptive Advisors, LLC, and Tang is the managing director of Tang Capital Management, LLC.

Levin has been a principal at Tang Capital Management.

Tang Capital Partners and its affiliates beneficially own 5,805,196 shares, or 18.3%, of the Danbury, Conn., pharmaceutical products company.

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