DANBURY, Conn., Oct. 28, 2009 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced that its formulation of a product of Otsuka Pharmaceutical Co., Ltd. that Penwest had developed utilizing its TIMERx(R) drug delivery technology under a collaboration with Otsuka had demonstrated proof-of-principal in a Phase I pharmacokinetic study. Under the terms of its agreement with Otsuka, Penwest will receive an undisclosed milestone payment from Otsuka.
