Penwest Pharmaceutical To Present At SG Cowen & Co., LLC 26th Annual Health Care Conference In Boston, MA

DANBURY, Conn., March 3 /PRNewswire-FirstCall/ -- Penwest Pharmaceuticals Co. today announced that Jennifer Good, President and Chief Operating Officer of Penwest, is scheduled to discuss the Company at the Cowen & Co. 26th Annual Health Care Conference in Boston, MA. The conference is being held on March 6, 7, 8 and 9, 2006, at the Boston Marriott Copley Place.

Ms. Good is scheduled to present on Wednesday, March 8, 2006, at 3:20 p.m. Eastern time.

Penwest Pharmaceuticals

Penwest develops pharmaceutical products based on innovative drug delivery technologies. We are focusing our development efforts principally on products that address diseases of the central nervous system. The foundation of our 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. We have 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.

Contacts: Investors: Media: Diane D’Alessandro Caroline Gentile/Jim Fingeroth (203) 796-3706 Kekst and Company (877) 736-9378 (212) 521-4800

Penwest Pharmaceuticals Co.

CONTACT: Investors: Diane D’Alessandro, +1-203-796-3706, or +1-877-736-9378; or Media: Caroline Gentile, or Jim Fingeroth, both of Kekst andCompany, +1-212-521-4800

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