Penwest Pharmaceutical Provides Update on Recent Business Progress and Corporate Governance Developments

PATTERSON, N.Y., April 23, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today sent a letter to its shareholders to provide an update on the Company's recent progress and on corporate governance developments. The full text of the letter from Paul E. Freiman, Chairman, and Jennifer L. Good, President and Chief Executive Officer, follows:

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