February 28, 2007
Worse quarter, better year at Penwest
Fourth quarter losses at
Penwest Pharmaceuticals
of Danbury widened to $8.9 million, or $0.38 per share, from $5.3 million in fourth quarter 2005. Its annual losses narrowed by 27 percent to $22.9 million, or $1.05 per share for the year. Fourth quarter revenue fell to $739,000, down from $931,000 in fourth quarter 2005, due largely to reduced royalty payments from licensees. Fourth quarter R&D expenses jumped 68 percent to $6.4 million, driven by development costs of early-stage drugs. Penwest develops treatments for unmet medical needs, primarily nervous system diseases.
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