PATTERSON, N.Y., June 22, 2010 (GLOBE NEWSWIRE) -- Penwest Pharmaceuticals Co. (Nasdaq:PPCO) today announced the preliminary results of its Annual Meeting of Shareholders, which was held today. The main item of business was the election of three directors.
Based on a preliminary tally of votes, Penwest shareholders voted to elect as directors John Lemkey, Roderick Wong, M.D. and Saiid Zarrabian, who had been proposed by Tang Capital Management and Perceptive Life Sciences. The Company also noted that shares not held by Tang Capital-Perceptive were cast approximately 2 to 1 for the election of incumbent directors Paul Freiman, Jennifer Good and Christophe Bianchi.
The preliminary vote tally is subject to final certification by IVS Associates, the independent inspectors of election, which is expected within the next two weeks.
About Penwest Pharmaceuticals
Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system. Penwest is currently developing A0001, or a-tocopherolquinone, a coenzyme Q10 analog demonstrated to improve mitochondrial function in-vitro. Penwest is also applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators' product candidates under licensing collaborations.