DANBURY, Conn., Jan. 4 /PRNewswire-FirstCall/ -- Penwest Pharmaceuticals Co. today announced that David P. Meeker, M.D., President of the LSD (Lysosomal Storage Diseases) Therapeutics business unit of Genzyme Corporation, has been named to the company’s Board of Directors.
During his leadership of the LSD business unit, Dr. Meeker has held development responsibility for its therapeutics portfolio, and global responsibility for three marketed enzyme replacement products which have generated over one billion dollars in revenue.
In addition to serving as President of the LSD unit, Dr. Meeker, 52, has served in various roles at Genzyme Corporation since joining in 1994, including Senior Vice President, Therapeutics Europe and Senior Vice President, Medical Affairs. Dr. Meeker has had extensive experience in the development and market launch of orphan drugs while at Genzyme. Prior to joining Genzyme, he served at the Cleveland Clinic Foundation, initially joining in 1988 as Staff Physician for the Department of Pulmonary and Critical Care Medicine and later serving as the Program Director for the Department’s fellowship program.
Paul Freiman, Chairman of the Penwest Board, said, “We are extremely pleased to welcome Dr. Meeker to Penwest’s Board. We believe his considerable experience in drug development will be invaluable as Penwest continues to advance its product pipeline. The Board and management team look forward to benefiting from Dr. Meeker’s knowledge and expertise in clinical development and regulatory strategy as we move forward to grow Penwest.”
Dr. Meeker said, “I am delighted to join the Board of Penwest. The company has a growing pipeline of products in development and I believe it is well-positioned for growth. I look forward to working with my colleagues on Penwest’s Board to help build the company for the future.”
Dr. Meeker is a Fellow at the American College of Physicians (FACP) and the American College of Chest Physicians (FCCP), and has published over 50 articles in academic journals and research publications. He attended Dartmouth College and holds a M.D. from The University of Vermont. His post- doctoral training included a Fellowship in Pulmonary Medicine at Boston University, a Clinical Fellowship in Medicine at Harvard Medical School and Residency in Internal Medicine at Beth Israel Hospital Boston.
Penwest Pharmaceuticals
Penwest is a specialty pharmaceutical company dedicated to bringing to the marketplace innovative products that help improve the lives of patients. The Company’s goal is to identify, develop and commercialize prescription products that address unmet medical needs, primarily for diseases of the nervous system. At the core of this strategy, Penwest applies drug delivery technologies, including its own proprietary technologies, to new and existing compounds to enhance their therapeutic profiles. The launch by Endo Pharmaceuticals of Opana(R) ER (oxymorphone hydrochloride extended-release tablets) in mid-2006 demonstrates the execution of this strategy and the value of Penwest’s TIMERx(R) extended release delivery technology. Penwest is currently applying its expertise to a pipeline of potential products that are in various stages of development. The Company intends to commercialize these products independently and through third party alliances.
The matters discussed herein contain forward-looking statements that involve risks and uncertainties, which may cause Penwest’s actual results in future periods to be materially different from any future performance suggested herein. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, “believes,” “anticipates,” “plans,” “expects,” “intends,” “potential,” and similar expressions are intended to identify forward-looking statements. Important factors that could cause results to differ materially include: risks as to the commercial success of Opana ER, including the risk that Opana ER will not be accepted by the medical community; dependence on collaborators such as Endo to, among other things, sell products for which Penwest receives royalties; regulatory risks relating to drugs in development such as torsemide ER and nalbuphine ER, including the timing and outcome of regulatory action; the timing of clinical trials and whether the results of clinical trials will warrant further clinical trials or warrant submission of an application for regulatory approval of, or the regulatory approval of, the product that is the subject of the trial; actual and potential competition; the need for capital; and other risks as set forth under the caption Risk Factors in Penwest’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2006, which risk factors are incorporated herein by reference. Penwest disclaims any intention or obligation to update any forward-looking statements.
Contacts: Investors: Media: Diane D’Alessandro Caroline Gentile/Laura Walters (203) 796-3706 Kekst and Company (877) 736-9378 (212) 521-4800
Penwest Pharmaceuticals Co.
CONTACT: Investors - Diane D’Alessandro, +1-203-796-3706, 1-877-736-9378;Caroline Gentile or Laura Walters, both of Kekst and Company,+1-212-521-4800
