January 27, 2010 (FinancialWire) — Penwest Pharmaceuticals Co. (NASDAQ: PPCO) said it has signed its fourth research and development agreement with Otsuka Pharmaceutical Co., Ltd. of Japan for Penwest to develop a formulation of an undisclosed Otsuka compound utilizing Penwest’s TIMERx drug delivery technology. Under the terms of the agreement, Penwest will receive undisclosed fees and payments.

Penwest announced its first agreement with Otsuka in September 2007, the second in November 2008 and a third in June 2009. The company also announced in October 2009 that one of the formulations from the first agreement demonstrated proof-of-principal in a Phase I trial conducted by Otsuka. Penwest received a financial payment for successfully achieving this milestone.

Penwest is a drug development company focused on identifying and developing products that address unmet medical needs, primarily for rare disorders of the nervous system.

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