Penwest Pharmaceuticals Co. today announced its financial results for the first quarter ended March 31, 2006. Total revenues for the first quarter fell to  $965,000, compared with $982,000 for the first quarter of 2005. Revenues in both periods were generated primarily from royalties on sales by Mylan Pharmaceuticals of Pfizer Inc.'s 30 mg generic version of Procardia XL.

Net loss for the first quarter of 2006 was $6.3 million, compared with a net loss of $8.9 million in the first quarter of 2005.

Jennifer L. Good, president and chief operating officer of Penwest, said, "In the first quarter, we continued to make progress in advancing products under development in our pipeline. We look forward to an FDA action letter on Endo Pharmaceuticals' NDA for oxymorphone ER, which we continue to expect in June 2006, and the subsequent launch of this important pain product by our partner, Endo, if approval is received. In addition, we remain focused on building a product portfolio aimed at disorders of the nervous system, both internally and through licensing opportunities, while selectively developing products outside this therapeutic focus."

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