DANBURY, Conn., March 6, 2008 (PRIME NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that it has entered into a securities purchase agreement with certain institutional accredited investors with respect to the private placement of 8.14 million units (each unit consisting of one share of common stock of the Company and one warrant to purchase one-half share of common stock) for a purchase price of $3.0825 per unit, or gross proceeds of $25.1 million. An aggregate of 8.14 million shares of common stock and warrants for the purchase of an aggregate of 4.07 million shares of common stock will be issued by the Company upon the closing of the private placement, which is subject to satisfaction of customary closing conditions.
