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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 23, 2000 Commission File No. 000-23467
(Date of earliest event reported)
PENWEST PHARMACEUTICALS CO.
(Exact name of Registrant as specified in its Charter)
WASHINGTON 91-1513022
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2981, ROUTE 22, PATTERSON, NY 12563-9970
(Address of principal executive offices) (Zip Code)
(914) 878-3414
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On June 23, 2000, Penwest Pharmaceuticals Co. (the "Company") reported
preliminary results for the quarter ended June 30, 2000. The Company reported
that it sees continued strength in its core drug delivery business. However,
Mylan Pharmaceutical's later-than-anticipated introduction of a 30 mg generic
version of Procardia XL(R), together with softness in the Company's excipients
business during the second quarter of 2000 are expected to produce results for
the quarter that, while improved over last year, are lower than expected.
The Company's estimate for the second quarter is preliminary and will need to be
finalized following the close of the quarter on June 30, 2000. Penwest expects
to report a net loss for the second quarter of 2000 in the range of $0.15 to
$0.18 per share, compared with a net loss of $0.20 per share in the second
quarter of 1999. Revenues for the quarter are expected to be between
approximately $9.0 million and $9.5 million, compared to $8.3 million in the
quarter last year.
A copy of the press release announcing the foregoing has been filed with this
Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 7. EXHIBITS
99.1 Press release dated June 23, 2000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 23, 2000 PENWEST PHARMACEUTICALS CO.
/s/ Jennifer L. Good
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Jennifer L. Good
Vice President, Finance and
Chief Financial Officer
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INDEX TO EXHIBITS
EXHIBIT
NO. DESCRIPTION
99.1 Press release dated June 23, 2000.
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