Penwest Pharmaceuticals Co.

Paul E. Freiman is Chairman of the Board of Penwest. He is also President and Chief Executive Officer of Neurobiological Technologies, Inc. (NTI). He is the former Chairman and Chief Executive Officer of Syntex Corporation (Syntex), where he had a long and successful career and was instrumental in the sale of Syntex to Roche Holdings for $5.3 billion. He is credited with much of the marketing success of Syntex's lead product, Naprosyn, and was responsible for moving the product to over-the-counter status, marketed by Proctor & Gamble as Aleve. Mr. Freiman currently serves as chairman of the board of SciGen Pte. Ltd. and also serves on the boards of Calypte Biomedical Corporation, NeoPharm Inc., NovaCal Pharmaceuticals, PHYTOS Inc. and Otsuka America Pharmaceuticals, Inc. He has been chairman of the Pharmaceutical Manufacturers of America Association (PhRMA) and has also chaired a number of key PhRMA committees. Mr. Freiman holds a B.S. degree from Fordham University and an honorary doctorate from the Arnold & Marie Schwartz College of Pharmacy.

Rolf H. Henel has been a Director since June 1997. Mr. Henel has been a partner of Naimark & Associates, consultants to the health care industry, since 1994. Mr. Henel was a director and Treasurer of Bergen Community Blood Services from 1999 to 2005, Chairman of its Foundation from 2001 to 2004, and is the President of the Northern New Jersey Chapter of the American Association of Individual Investors. From 1978 to 1993, Mr. Henel was with American Cyanamid Company, most recently as President of Cyanamid International, Lederle Division. Mr. Henel was a director and Chief Operating Officer of Immunomedics, Inc. from 1996 to 1997. Mr. Henel holds a M.B.A. from New York University and a B.A. from Yale University. Mr. Henel is also a director of Penwest Pharmaceuticals Co., a pharmaceutical company, and Draxis Health Inc., a pharmaceutical company.

Mr. Tang has served as one of our directors since May 2003. Mr. Tang is the Managing Director of Tang Capital Management, LLC, a life sciences-focused investment company he founded in August 2002. From September 1993 to July 2001, Mr. Tang held various positions at Deutsche Banc Alex. Brown, Inc., an investment banking firm, most recently serving as Managing Director and head of the firm's life sciences research group. Mr. Tang currently serves as a director of Trimeris, Inc. Mr. Tang received a BS degree from Duke University.

Peter Drake, Ph.D. has served as a director since October 2005. Dr. Drake is currently the Managing General Partner of Mayflower Partners, a healthcare investment fund. Prior roles include serving as Managing Director in the Equity Research Department of Prudential Securities, co-founder of Vector Fun Management and Deerfield Management and a partner and biotechnology analyst with Kidder, Peabody.

Chief Responsibility: Dr. Bianchi's organization (marketing, sales, medical affairs, new products, government affairs, pharmaceutical and commercial operations) is responsible for advancing the global competitive standing of all Millennium brands. The objective is to maximize the impact of our marketed brands in delivering benefits for the patients, healthcare providers, payers and shareholders. Experience: Dr. Bianchi joined Millennium in February 2006 with 17 years of experience in the U.S. pharmaceutical industry. He has built commercial and sales organizations, launched major brands, delivered sustained growth, and managed collaboration with partner companies. Dr. Bianchi came from sanofi-aventis where he led the $2 billion U.S. oncology business unit with the well-known brands Eloxatin® and Taxotere. Previously at sanofi-synthelabo, Dr. Bianchi headed the internal medicine and central nervous system business unit with sales of $1.2 billion. Dr. Bianchi also had a very successful 10-year career at Rhone-Poulenc Rorer, where he last served as vice president - head of global marketing and led many of the commercial efforts for the market-leading antithrombotic, Lovenox®. Board: Penwest Pharmaceuticals Education: Doctor of Medicine from the University of Reims-Champagne in France MBA from the Wharton School at the University of Pennsylvania One of my favorite quotes: "Imagination is more important than knowledge" Albert Einstein In my own words: At Millennium: People, people, people: they make things happen and make the difference. Plus there is VELCADE: it makes the difference for the patients and their families. The main reason I chose my field: First, I could not join the US PGA tour. Second, pharmaceuticals have always been fascinating to me. They cost more than several jumbo jets to develop; yet they ultimately are consumer goods. The development of pharmaceuticals is the single most important contributor to the improvement of human health that we have seen in the past century and I am proud to be a very small part of it. The other side of me: Outside of work what am I passionate about? In no particular order: Coltrane, Miles, modern architecture, Sunday morning on Park Avenue, cold Champagne...and I keep working on my golf game hoping that, some day, I might finally qualify, if not for the PGA tour, at least for my club's championship. divider

Jennifer L. Good was appointed President and Chief Executive Officer of Penwest in June, 2006. Ms. Good had been President and Chief Operating Officer of Penwest since November of 2005. Prior to that Jennifer served as Penwest's Chief Financial Officer since March, 1997. Prior to joining the Company, Ms. Good served as Corporate Controller and Corporate Director of Finance of Penford Corporation, Penwest's former parent company, from 1993 to 1997. From 1987 to 1993, Ms. Good was employed by Ernst & Young LLP in a number of positions, the most recent being audit manager where she focused primarily on high-tech and biotech clients. Jennifer holds a Bachelor of Business Administration degree from Pacific Lutheran University.

Anand R. Baichwal, Ph.D., is the Sr. Vice President Licensing and Chief Scientific Officer for Penwest. Dr. Baichwal started his business career in 1986 with the Mendell Co., which was acquired by Penford in 1991. He has been with the Company and its predecessors for sixteen years in various technical positions. Dr. Baichwal is the co-inventor of the company's flagship oral drug delivery technology, TIMERx®. He is listed as an inventor on a number of patents on this system and has presented and published extensively on drug delivery. His research interests include excipients, formulation technology, and drug delivery. Dr. Baichwal received a Bachelor of Pharmacy degree and master's degree in pharmacy from Bombay University, India in 1977 and 1979, respectively. He continued his education in the United States with a master's in industrial pharmacy from St. John's University in New York in 1981, then received a Ph.D. in industrial pharmacy from the University of Maryland in 1985.

David Meeker joined Genzyme in 1994. He has served as president of the LSD business unit since 2003, during which time he has led the global launches of Aldurazyme, Fabrazyme and Myozyme. In addition, he oversees the Biosurgery and Transplant business units. Prior to joining Genzyme, Dr. Meeker was director of the Pulmonary Critical Care Fellowship at the Cleveland Clinic. He was also an assistant professor of medicine at Ohio State University. Dr. Meeker attended Dartmouth College and has an M.D. from the University of Vermont Medical School.

Mr. O'Shea currently serves as Vice Chairman at Sepracor Inc. From October 1999 through March 2007, Mr. O'Shea served as President and Chief Operating Officer of Sepracor, where he was responsible for building the organization's commercial infrastructure. Prior to joining Sepracor, Mr. O'Shea served in several positions of increasing responsibility in international sales and marketing for Zeneca, Inc., now known as AstraZeneca, culminating in his appointment as Senior Vice President of Sales and Marketing and Medical Affairs for Zeneca Pharmaceuticals, a business unit of Zeneca, Inc. Mr. O'Shea is also an Executive Board member and past Chairman of the National Pharmaceutical Council and currently sits on the boards of CollaGenex Pharmaceuticals, Inc., Surface Logix, Inc. and CombinatoRx, Inc. Mr. O'Shea is a graduate of Liverpool Lord Byron University, where he received an Honors Degree in Applied Physics from the Institute of Physics.