Penwest Pharmaceuticals Q2 net loss narrows

Mon. August 10, 2009; Posted: 01:14 PM

Aug 10, 2009 (Datamonitor via COMTEX) -- PPCO | Quote | Chart | News | PowerRating -- Penwest Pharmaceuticals, a drug development company, has reported a net loss of $2.14 million, or $0.07 per share, for the second quarter of 2009, compared to a net loss of $6.93 million, or $0.22 per share, for the second quarter of 2008.

The company has reported total revenues of $5.26 million, for the second quarter of 2009, compared to $1.32 million for same period of 2008.

Penwest Pharmaceuticals has reported a net loss of $3.1 million, or $0.10 per share, for the first half of 2009, compared to a net loss of $17.23 million, or $0.61 per share, for the same period of 2008.

The company has reported revenues of $10.53 million, for the first half of 2009, compared to $2.05 million for the same period of 2008.

Jennifer Good, president and CEO of Penwest Pharmaceuticals, said: "In the quarter, we continued to make good progress in executing on our focused business goals for 2009. We remain active on the business development front, having completed a licensing deal for Opana extended release outside the US as well as having entered into another drug delivery collaboration.

"We are also pleased to have advanced the A0001 program with the completion of the Phase Ib trial, and we are preparing to commence two Phase IIa trials in patients during the fourth quarter of 2009."

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