Penwest Pharmaceuticals Anticipates Growth in Drug Delivery, Excipients Segments

Executives from Penwest Pharmaceuticals Co. (PPC; Bellevue, WA), anticipating a spin-off from parent company Penford Corporation, recently spoke to a conference of investment analysts about the company's position in the drug delivery industry.

Tod R. Hamachek presented PPC's goals for growth, based on its reported $26-million excipients business and the prospects of its TIMERx controlled-release technology business. Hamachek, currently president and CEO of Penford, will relinquish those posts to become chairman and chief executive of PPC.

The company forms collaborations to develop controlled-release versions of existing immediate-release pharmaceuticals and generic versions of branded controlled-release drugs. To date, PPC is part of seven collaborations, involving the development of 10 generic and branded products. All of the products will use PPC's proprietary controlled-release technology.

PPC also anticipates growth in its excipients segment, based on marketing its current portfolio of products, including ProSolv, a new tabletting product.

The company began working with Mylan in 1994 on a generic version of Pfizer's Procardia XL, which last year was the 14th largest selling drug in the United States. In May 1997, Mylan filed an ANDA for a generic nifedipine version of the 30mg strength of Procardia XL.

The filing is under active review by the FDA. Based on the timetable of the FDA and the provisions of the Waxman/Hatch Act, if such filing is approved by the FDA, such approval should be received no later than December 1999.

Edited by Beth Brindle

For more information: Jennifer L. Good, Penwest Pharmaceuticals Co., Bellevue, WA. Tel: 914-878-3414.