DANBURY, Conn., Oct. 13 /PRNewswire-FirstCall/ -- Penwest Pharmaceuticals Co. today announced that it has been named to the prestigious Technology Fast 50 Program for the Connecticut Region, a ranking of the 50 fastest-growing technology companies in the area by Deloitte & Touche USA LLP. Rankings are based on the percentage revenue growth over five years from 2001- 2005.
Jennifer L. Good, Penwest's President and Chief Executive Officer, said, "We are proud to receive this recognition, which affirms our Company's development and achievements over the last five years. We look forward to building on our growth and success by continuing to implement our strategy of developing pharmaceutical products targeted at disorders of the nervous system using our proprietary drug delivery technologies."
To qualify for the Connecticut Technology Fast 50, a company must have had operating revenues of at least $50,000 in 2001 and $5,000,000 in 2005, and be headquartered in Connecticut. In addition, it must own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenues to the research and development of technology.
Winners of the 16 regional Technology Fast 50 programs in the United States and Canada are eligible to be entered into Deloitte's Technology Fast 500 program, which ranks North America's top 500 fastest growing technology, media, telecommunications and life sciences companies. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
Penwest Pharmaceuticals
Penwest develops pharmaceutical products based on innovative proprietary drug delivery technologies. The Company is focusing its development efforts principally on products that address disorders of the nervous system. The foundation of Penwest's technology platform is TIMERx(R), an extended release delivery system that is adaptable to soluble and insoluble drugs and that is flexible for a variety of controlled release profiles. Penwest has also developed two additional oral drug delivery systems, Geminex(R) and SyncroDose(TM). Geminex(R) is a dual release rate drug delivery system that is designed to provide independent release of different active ingredients contained in a drug, and SyncroDose(TM) is a drug delivery system that is designed to release the active ingredient of a drug at the desired site and time in the digestive tract.
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: the risks and uncertainties, including the outcome, of any dispute resolution proceeding with Endo regarding the interpretation of the contract; 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; uncertainty of success of collaborations; the timing of clinical trials and whether the results of clinical trials will warrant further clinical trials, 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 August 9, 2006, which risk factors are incorporated herein by reference. Penwest disclaims any intention or obligation to update any forward-looking statements.
Contacts: Investors: Diane D'Alessandro (203) 796-3706 (877) 736-9378 Media: Caroline Gentile/Laura Walters Kekst and Company (212) 521-4800
Penwest Pharmaceuticals Co.CONTACT: Investors: Diane D'Alessandro, +1-203-796-3706, +1-877-736- 9378;or Media: Caroline Gentile, Laura Walters, +1-212-521-4800, Kekst andCompany
