Tang Capital Partners, LP and Perceptive Life Sciences Master Fund Ltd. Initiate Legal Proceedings to Investigate Penwest Corporate Actions and Confirm Ability to Nominate Directors at 2009 Annual Meeting.

Business Wire | March 16, 2009 | Copyright

SAN DIEGO & NEW YORK -- Tang Capital Partners, LP ("Tang Capital") and Perceptive Life Sciences Master Fund Ltd. ("Perceptive") today announced that they have initiated legal proceedings against Penwest Pharmaceuticals Co. (NASDAQ: PPCO) ("Penwest") to investigate Penwest's corporate actions and confirm Tang Capital and Perceptive's ability to nominate directors at the 2009 Annual Meeting. According to a press release issued by Penwest on March 12, 2009, Penwest has decided not to take the actions requested by Tang Capital and Perceptive as outlined in their letter to ...

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