DANBURY, Conn., Nov. 25, 2008 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that it has signed a second research and development agreement with Otsuka Pharmaceutical Co., Ltd. of Japan to develop a formulation of an undisclosed Otsuka compound utilizing Penwest's TIMERx(r) drug delivery technology. Under the terms of the agreement, Penwest will receive undisclosed fees and payments.
