Penwest second-quarter revenue declines to $1.1 million

By Lisa Kerner

Charlotte, N.C., July 26 - Penwest Pharmaceuticals Co. said its total revenue for the second quarter of 2006 were $1.1 million, down slightly from the $1.3 million reported in the second quarter of 2005.

The company attributes the year-over-year decrease in total revenue to a decrease in royalties from Mylan, partially offset by product sales in the second quarter of 2006 totaling $146,000.

Total revenue for the six months ended June 30 were $2.0 million, a slight decrease from the $2.3 million for the six months ended June 30, 2005.

For the second-quarter 2006, Penwest had a net loss $7.4 million, or $0.33 per share, compared with a net loss of $5.7 million, or $0.26 per share, in the second quarter of 2005.

Net loss for the six month period was $13.7 million, or $0.61 per share, compared with a net loss of $14.6 million, or $0.68 per share, for the comparable period of 2005.

At June 30, Penwest had $53.3 million in cash and investments, compared with cash and investments of $55.3 million as of Dec. 31, 2005.

"During the second quarter, the Food and Drug Administration granted its final approval of Opana ER, formerly referred to as oxymorphone ER, which we jointly developed with Endo Pharmaceuticals using our Timerx technology," president and chief executive officer Jennifer L. Good said in a news release.

Penwest, based in Danbury, Conn., develops pharmaceutical products based on proprietary drug delivery technologies.

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