Penwest Pharmaceuticals Co.

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.

Amale Hawi, Ph.D. joined Penwest in May of 2007as Senior Vice President, Pharmaceutical Development. Dr. Hawi has primary responsibility for Penwest's preclinical and CMC drug development strategy, and manages the pharmaceutics and pharmacokinetics groups. Dr. Hawi has over 17 years of pharmaceutical development experience in the areas of drug discovery support, product development and regulatory affairs. She has extensive chemistry and drug development experience and has led CMC teams for several products from early formulation to launch. Before joining Penwest, Dr. Hawi served as President of A. Hawi Consulting, Ltd, a firm she founded in 2002, which focused on biopharmaceutical concepts, strategies, and the development of new chemical entities for numerous pharmaceutical and biotechnology companies. Prior to that, Dr. Hawi served in various roles of increasing responsibility at Boehringer Ingelheim Pharmaceuticals from 1990 initially in the Pharmaceutics group and culminating in her appointment to Director of Drug Metabolism and Pharmacokinetics, a position she assumed in 1998. Dr. Hawi has a Ph.D. in Organic Chemistry from the University of London, Queen Elizabeth College, and both an M.S. and a B.S. in Chemistry from the American University of Beirut, Lebanon. Dr. Hawi is a member of the American Association of Pharmaceutical Scientists (AAPS) and has published over 40 articles in academic journals and research publications.

Paul Hayes joined Penwest in October 2005 as Vice President of Strategic Marketing with over 17 years of pharmaceutical experience including nine launch and pre-launch products in the CNS, anti-infective, diabetes and cardiovascular therapeutic categories. Prior to joining Penwest, he was Senior Director of Marketing at Oscient Pharmaceuticals where he played a key role in transforming the company from an R&D-focused to a commercially-focused organization with the launch of their first product. Prior to that he spent 10 years at Bayer Pharmaceuticals in a number of Marketing and Project Management roles. He started his pharmaceutical career with the Parke-Davis division of Warner-Lambert company. Mr. Hayes holds an MBA degree in Management from George Washington University, an MS degree in Environmental Science from Florida State University and a BA degree in Biological Science from the University of Delaware.

Paula Buckley, Penwest's Vice President of QA/QC, joined Penwest in December of 2006. Paula brings 17 years of experience in the areas of QA/QC and cGMP compliance. Prior to joining Penwest, Paula served as the Director QA at Anesiva Inc., formally Corgentech Inc., in South San Francisco, CA., the Director of QA/QC at AlgoRx Pharmaceuticals Inc., in Secaucus, NJ and various roles of increasing responsibility in QA/QC at Bayer Corporation in West Haven, CT. Her experience ranges from laboratory testing (including development and validation), training, quality investigations, quality systems implementation and auditing to other areas such as regulatory submissions and clinical supply oversight. Paula holds B.S.in chemistry from Southern Connecticut State University.

Ms. VanLent is currently Executive Vice President and Chief Financial Officer for Barrier Therapeutics, Inc. an emerging specialty pharmaceutical company in the field of dermatology. Prior to joining Barrier in May 2002, Ms. VanLent was a founder of The Technology Compass Group, LLC, a healthcare/technology consulting firm. From mid-1997 through October 2001, Ms. VanLent was with Sarnoff Corporation, a privately-held research and development company which creates and commercializes electronic, biomedical, and information technologies, where her last position held was Executive Vice President, Portfolio Management, overseeing creation of spin-off companies and patent and licensing activities. Ms. VanLent served as President of AMV Associates, an emerging growth healthcare consulting firm from March 1994 through August 1997. She currently serves as a director of a private fuel cell development company and a director and member of the audit committee for Integra Life Science Holdings. Ms. VanLent received a B.A. in Physics from Mount Holyoke College.

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

David P. Meeker, M.D. is President of the LSD (Lysosomal Storage Diseases) Therapeutics business unit of Genzyme Corporation. During his leadership of the LSD business unit, Dr. Meeker has held development responsibility for its therapeutics portfolio, and global responsibility for three marketed enzyme replacement products which have generated over one billion dollars in revenue. In addition to serving as President of the LSD unit, Dr. Meeker has served in various roles at Genzyme Corporation since joining in 1994, including Senior Vice President, Therapeutics Europe and Senior Vice President, Medical Affairs. Dr. Meeker has had extensive experience in the development and market launch of orphan drugs while at Genzyme. Prior to joining Genzyme, he served at the Cleveland Clinic Foundation, initially joining in 1988 as Staff Physician for the Department of Pulmonary and Critical Care Medicine and later serving as the Program Director for the Department's fellowship program. Dr. Meeker is a Fellow at the American College of Physicians (FACP) and the American College of Chest Physicians (FCCP), and has published over 50 articles in academic journals and research publications. He attended Dartmouth College and holds a M.D. from The University of Vermont. His post- doctoral training included a Fellowship in Pulmonary Medicine at Boston University, a Clinical Fellowship in Medicine at Harvard Medical School and Residency in Internal Medicine at Beth Israel Hospital Boston.

Dr. Staniforth is Chief Scientific Officer of Vectura Ltd, a UK biosciences company. Dr. Staniforth serves as a scientific advisor to a number of international pharmaceutical companies and has extensive teaching and research experience. He is an Honorary Professor of the University of Bath in England and has past associations with a number of US universities as well as Monash University in Australia. His research in the field of powder technology has been widely published and is the recipient of numerous research awards. Dr. Staniforth is a Churchill Fellow and has been elected Fellow of a number of scientific societies around the world, including the American Association of Pharmaceutical Sciences. Dr. Staniforth has been affiliated with Penwest as a consultant since its inception and is the co-inventor of its flagship technology platform, TIMERx. Dr. Staniforth was the recipient of the 2003 AstraZeneca Industrial Achievement Award.

Peter Drake, Ph.D. has served as a director since October 2005. Dr. Drake has served as the Managing General Partner of Mayflower Partners, a healthcare investment fund since June 2002, and Vice President of Vector Securities International, Inc. since January 1997. Prior roles include serving as Managing Director in the Equity Research Department of Prudential Securities, co-founder of Vector Fund Management and Deerfield Management and a partner and biotechnology analyst with Kidder, Peabody. Mr. Drakes serves on the board of Cortex Pharmaceuticals. Peter A. Meyer has served as a director since November 1998 and became our Co-Chairman of the Board in January 2005. Mr. Meyer is the President of PMI Consultants, a firm he founded in 1982 to develop ventures, acquisition and divestiture opportunities, and investment strategies for companies involved in the domestic and international food, feed and fermentation industries.

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. 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.