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  • ppcobull ppcobull May 4, 2010 7:45 PM Flag

    PPCO .. $3.53 today ... $7 in 100 days

    Penwest Pharmaceuticals Co. (PPCO)

    Market Cap: 112 Mil
    Cash: 11.5 Mil
    Price: 3.68
    Shares Out: 31.81 mil

    Earnings Expectations
    Current Qtr: 0.22
    Next Qtr: 0.18
    Current Year: 0.79
    Next Year: 1.02

    Forward P/E: 3.46

    Highlights from the recent qtr earnings call

    * Achieving profitability for the third consecutive quarter.

    * PPCO generating substantial revenue from Royalty on Opana ER sales from Endo Pharma

    * Endo Pharma generated $50 mil sales from Opana ER during the last qtr and $170 mil last year. Royalty rates on Opana ER sales going forward will be based on the full royalty rates per the agreement, which range from 22%, 30% based on annual net sales. Q2 and Q3 royalty will be at the 22% rate, and then Q4 will jump up to the 25% rate.

    * TIMERx(R) technology was validated by the FDA Approval of Opana ER and multiple drug development agreements.

    * Signed fourth research and development agreement with Otsuka Pharmaceuticals to develop formulations utilizing Penwest's TIMERx(R) drug delivery technology.

    * Initiating Phase IIa clinical trial of A0001 in patients with MELAS syndrome.

    * Ongoing Phase IIa clinical trial of A0001 in patients with Friedreich's Ataxia, is progressing per the plan and expecting to complete by 3rd quarter end.

    * "Fast Track" designation for A0001 for the treatment of Friedreich's Ataxia.

    * On the look out for partners for A0001 Phase III in all indications

    * planning to distribute a dividend of 0.50 - 0.75 during the 4th qtr

    Penwest Reports First Quarter 2010 Financial Results

    Q1 Earnings Transcript