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As filed with the Securities and Exchange Commission on November 3, 1998
Registration No.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PENWEST PHARMACEUTICALS CO.
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(Exact Name of Registrant as Specified in Its Charter)
Washington
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(State or Other Jurisdiction of Incorporation or Organization)
91-1513032
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(I.R.S. Employer Identification No.)
2981 Route 22, Patterson, N.Y. 12563-9970
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(Address of Principal Executive Offices) (Zip Code)
PENWEST PHARMACEUTICALS CO. 1997 EQUITY INCENTIVE PLAN
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(Full Title of the Plan)
Tod R. Hamachek
Penwest Pharmaceuticals Co.
2981 Route 22
Patterson, N.Y. 12563-9970
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(Name and Address of Agent for Service)
(914) 878-3414
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(Telephone Number, Including Area Code, of Agent for Service)
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
================================================================================
Title of Proposed Proposed Amount of
Securities Amount Maximum Maximum Registration
to be to be Offering Price Aggregate Fee
Registered Registered Per Share Offering Price
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<S> <C> <C> <C> <C>
Common Stock, 2,660,000 shares $5.88(1) $15,640,800(1) $4,349
$.001 par value
per share
================================================================================
</TABLE>
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(1) Estimated solely for the purpose of calculating the registration fee, and
based upon the average of the high and low prices of the Common Stock as
reported on the Nasdaq National Market on October 27, 1998 in accordance
with Rules 457(c) and 457(h) of the Securities Act of 1933, as amended.
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PART I. INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The information required by Part I of Form S-8 is included in
documents sent or given to participants in the 1997 Equity Incentive Plan of
Penwest Pharmaceuticals Co., a Washington corporation (the "Registrant"),
pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended (the
"Securities Act").
PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE.
The Registrant is subject to the informational and reporting
requirements of Sections 13(a), 14 and 15(d) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and in accordance therewith files
reports, proxy statements and other information with the Securities and Exchange
Commission. The following documents, which are on file with the Securities and
Exchange Commission, are incorporated in this Registration Statement by
reference:
(a) The Registrant's latest annual report filed pursuant
to Section 13(a) or 15(d) of the Exchange Act, or effective
registration statement on Form 10 filed under the Exchange Act, that
contains, either directly or by incorporation by reference, audited
financial statements for the Registrant's latest fiscal year for
which such statements have been filed.
(b) All other reports filed pursuant to Sections 13(a) or
15(d) of the Exchange Act since the end of the fiscal year covered by
the document referred to in (a) above.
(c) The description of the Common Stock, $.001 par value
per share ("Common Stock"), contained in the registration statement
on Form 10 of the Registrant filed under the Exchange Act, including
any amendment or report filed for the purpose of updating such
description.
All documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of
a post-effective amendment which indicates that all shares of Common Stock
offered hereby have been sold or which deregisters all shares of Common Stock
then remaining unsold, shall be deemed to be incorporated by reference herein
and to be part hereof from the date of the filing of such documents. Any
statement contained in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for the purposes
of this Registration Statement to the extent that a statement contained herein
or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this Registration Statement.
Item 4. DESCRIPTION OF SECURITIES.
Not Applicable.
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not Applicable.
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Item 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Washington Business Corporation Act and the Registrant's
Amended and Restated Bylaws provide for indemnification of the
Registrant's directors and officers for liabilities and expenses that
they may incur in such capacities. In general, under the Registrant's
Amended and Restated Bylaws, directors and officers are indemnified
with respect to actions taken in good faith in a manner reasonably
believed to be in, or not opposed to, the best interests of the
Registrant, and with respect to any criminal action or proceeding,
actions that the indemnitee had no reasonable cause to believe were
unlawful. The Registrant has director and officer liability insurance
that insures the directors and officers of the Registrant against
certain liabilities.
Item 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not Applicable.
Item 8. EXHIBITS.
The Exhibit Index immediately preceding the exhibits is
incorporated herein by reference.
Item 9. UNDERTAKINGS.
1. The Registrant hereby undertakes:
(a) to file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration
Statement:
(i) to include any prospectus required by Section
10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events
arising after the effective date of the
Registration Statement (or the most recent
post-effective amendment thereof) which,
individually or in the aggregate, represent a
fundamental change in the information set forth
in the Registration Statement; and
(iii) to include any material information with respect
to the plan of distribution not previously
disclosed in the Registration Statement or any
material change to such information in the
Registration Statement;
provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if
the Registration Statement is on Form S-3 or Form S-8, and the
information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by
reference in the Registration Statement.
(b) that, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to
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the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering
thereof.
(c) to remove from registration by means of a post-
effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
2. The undersigned Registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act, each filing of
the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be in the initial
bona fide offering thereof.
3. Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Patterson, State of New York, on this 30th day of
October, 1998.
PENWEST PHARMACEUTICALS CO.
By: /s/ Tod R. Hamachek
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Tod R. Hamachek
Chairman of the Board and
Chief Executive Officer
POWER OF ATTORNEY
We, the undersigned officers and directors of Penwest Pharmaceuticals
Co. hereby severally constitute Tod R. Hamachek, John V. Talley, Jr. and
Jennifer L. Good, and each of them singly, our true and lawful attorneys with
full power to any of them, and to each of them singly, to sign for us and in our
names in the capacities indicated below the Registration Statement on Form S-8
filed herewith and any and all pre-effective and post-effective amendments to
said Registration Statement, and generally to do all such things in our name and
on our behalf in our capacities as officers and directors to enable Penwest
Pharmaceuticals Co. to comply with the provisions of the Securities Act and all
requirements of the Securities and Exchange Commission, hereby ratifying and
confirming our signatures as they may be signed by our said attorneys, or any of
them, to said Registration Statement and any and all amendments thereto.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
Signature Title Date
--------- ----- ----
/s/ Tod R. Hamachek Chairman of the Board and Chief October 30, 1998
- ------------------------ Executive Officer
Tod R. Hamachek (Principal Executive Officer)
/s/ Jennifer L. Good Vice President, Finance and Chief October 30, 1998
- ------------------------ Financial Officer (Principal
Jennifer L. Good Financial and Accounting Officer)
/s/ John V. Talley, Jr. President, Chief Operating October 30, 1998
- ------------------------ Officer, and Director
John V. Talley, Jr.
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/s/ Paul E. Freiman Director October 30, 1998
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Paul E. Freiman
/s/ Jere E. Goyan, Ph.D. Director October 30, 1998
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Jere E. Goyan, Ph.D.
/s/ Rolf H. Henel Director October 30, 1998
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Rolf H. Henel
/s/ Robert J. Hennessey Director October 30, 1998
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Robert J. Hennessey
/s/ N. Stewart Rogers Director October 30, 1998
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N. Stewart Rogers
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EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
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4.1* -- Amended and Restated Articles of Incorporation.
4.2** -- Articles of Amendment to the Amended and Restated Articles of
Incorporation filed on June 19, 1998.
4.3* -- Amended and Restated Bylaws of the Registrant.
4.4* -- Specimen certificate representing the Common Stock.
4.5** -- Form of Rights Agreement dated as of July 27, 1988 between the
Company and the Rights Agent
5. -- Opinion of Hale and Dorr LLP
23.1 -- Consent of Ernst & Young LLP
23.2 -- Consent of Hale and Dorr LLP
(included in Exhibit 5).
24. -- Power of Attorney (included in the signature pages of this
Registration Statement)
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* Incorporated by reference to Exhibits to the Registrant's Registration
Statement on Form S-1 (File No. 333-38389).
** Incorporated by reference to Exhibits to the Registrant's Registration
Statement on Form 10 (File No. 000-23467)
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EXHIBIT 5
HALE AND DORR LLP
COUNSELLORS AT LAW
60 STATE STREET, BOSTON, MASSACHUSETTS 02109
617-526-6000 * FAX 617-526-5000
November 2, 1998
Penwest Pharmaceuticals Co.
2981 Route 22
Patterson, NY 12563-9970
Re: 1997 Equity Incentive Plan
--------------------------
Ladies and Gentlemen:
We have assisted in the preparation of a Registration Statement on
Form S-8 (the "Registration Statement") to be filed with the Securities and
Exchange Commission relating to 2,660,000 shares (the "Shares") of Common Stock,
$.001 par value per share, of Penwest Pharmaceuticals Co., a Washington
corporation (the "Company"), issuable under the Company's 1997 Equity Incentive
Plan (the "Plan").
We have examined the Amended and Restated Articles of Incorporation
of the Company, the Amended and Restated Bylaws of the Company, and originals,
or copies certified to our satisfaction, of all pertinent records of the
meetings of the directors and shareholders of the Company, the Registration
Statement and such other documents relating to the Company as we have deemed
material for the purposes of this opinion.
In examination of the foregoing documents, we have assumed the
genuineness of all signatures and the authenticity of all documents submitted to
us as originals, the conformity to original documents of all documents submitted
to us as certified, photostatic or facsimile copies, and the authenticity of the
originals of any such documents.
Based on the foregoing, we are of the opinion that the Shares have
been duly authorized for issuance under the Plan, and the Shares, when issued
and paid for in accordance with the terms of the Plan and at a price per share
in excess of the par value per share for such Shares, will be legally issued,
fully paid and nonassessable.
We hereby consent to the filing of this opinion with the Securities
and Exchange Commission in connection with the Registration Statement.
Very truly yours,
/s/ Hale and Dorr LLP
-----------------------------
HALE AND DORR LLP
WASHINGTON, DC BOSTON, MA LONDON, UK*
________________________________________________________________________________
HALE AND DORR LLP INCLUDES PROFESSIONAL CORPORATIONS
*BROBECK HALE AND DORR INTERNATIONAL (AN INDEPENDENT JOINT VENTURE LAW FIRM)
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EXHIBIT 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
pertaining to the Penwest Pharmaceuticals Co. 1997 Employee Stock Purchase Plan
(Form S-8), the Registration Statement pertaining to the Penwest Pharmaceuticals
Co. 1997 Equity Incentive Plan (Form S-8), the Registration Statement pertaining
to the Penwest Savings and Stock Ownership Plan (Form S-8), and the Registration
Statement pertaining to the Penwest Pharmaceuticals Co. 1998 Spinoff Option Plan
(Form S-8) of our report dated June 5, 1998, with respect to the consolidated
financial statements and schedule of Penwest Pharmaceuticals Co. included in its
Annual Report (Form 10) for the year ended December 31, 1997, filed with the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
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ERNST & YOUNG LLP
Stamford, Connecticut
October 29, 1998
