-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Aw5TVajPCtsRLxhmGiEDORa4Ni/B78ckFFO6/BIzeEsS91fw3clrBP9O7+a8OFuX M8cHSDwzNygzOcDRARLiJA== 0000909012-08-000790.txt : 20080718 0000909012-08-000790.hdr.sgml : 20080718 20080718095755 ACCESSION NUMBER: 0000909012-08-000790 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080718 DATE AS OF CHANGE: 20080718 GROUP MEMBERS: JOSEPH EDELMAN GROUP MEMBERS: SCOTT BRADLEY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENWEST PHARMACEUTICALS CO CENTRAL INDEX KEY: 0001047188 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 911513032 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-55303 FILM NUMBER: 08958425 BUSINESS ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 BUSINESS PHONE: 877-736-9378 MAIL ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PERCEPTIVE ADVISORS LLC CENTRAL INDEX KEY: 0001224962 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 499 PARK AVENUE, 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 646-205-5340 MAIL ADDRESS: STREET 1: 499 PARK AVENUE, 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 t304427.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D/A (RULE 13D-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)(1) PENWEST PHARMACEUTICALS CO. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $0.001 - -------------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 709754105 - -------------------------------------------------------------------------------- (CUSIP NUMBER) JOSEPH EDELMAN, 499 PARK AVENUE, 25TH FLOOR, NEW YORK, NY 10022, (646) 205-5300 - -------------------------------------------------------------------------------- (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICE AND COMMUNICATIONS) MARCH 20, 2008 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ] Note: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. SEE Rule 13d-7(b) for other parties to whom copies are to be sent. - ------------------- (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, SEE the NOTES).
CUSIP No. 709754105 13D/A Page 2 of 8 Pages - --------- ------------------------------------------------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) PERCEPTIVE ADVISORS LLC - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 3. SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 4. SOURCES OF FUNDS OO (Funds from Investment Advisory Clients). - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - --------- ------------------------------------------------------------------------------------------------------------ - ------------------- ----- -------------------------------------------------------------------------------------------- NUMBER OF 7. SHARES SOLE VOTING POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 8. OWNED BY SHARED VOTING POWER 6,561,908 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- EACH 9. REPORTING SOLE DISPOSITIVE POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 6,561,908 ----- -------------------------------------------------------------------------------------------- - --------- ------------------------------------------------------------------------------------------------------------ 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,561,908 - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 20.75% - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON* IA - --------- ------------------------------------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 709754105 13D/A Page 3 of 8 Pages - --------- ------------------------------------------------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) JOSEPH EDELMAN - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 3. SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 4. SOURCES OF FUNDS OO - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 6. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA - --------- ------------------------------------------------------------------------------------------------------------ - ------------------- ----- -------------------------------------------------------------------------------------------- NUMBER OF 7. SHARES SOLE VOTING POWER 0 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 8. OWNED BY SHARED VOTING POWER 6,561,908 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- EACH 9. REPORTING SOLE DISPOSITIVE POWER 0 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 6,561,908 ----- -------------------------------------------------------------------------------------------- - --------- ------------------------------------------------------------------------------------------------------------ 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,561,908 - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 20.75% - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON* IN - --------- ------------------------------------------------------------------------------------------------------------ * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 709754105 13D/A Page 4 of 8 Pages - --------- ------------------------------------------------------------------------------------------------------------ 15. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SCOTT BRADLEY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 16. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 17. SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 18. SOURCES OF FUNDS OO - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 19. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 20. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA - --------- ------------------------------------------------------------------------------------------------------------ - ------------------- ----- -------------------------------------------------------------------------------------------- NUMBER OF 21. SHARES SOLE VOTING POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 22. OWNED BY SHARED VOTING POWER 54,500 ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- EACH 23. REPORTING SOLE DISPOSITIVE POWER ----- -------------------------------------------------------------------------------------------- ----- -------------------------------------------------------------------------------------------- PERSON WITH 24. SHARED DISPOSITIVE POWER 54,500 ----- -------------------------------------------------------------------------------------------- - --------- ------------------------------------------------------------------------------------------------------------ 25. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 54,500 - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 26. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 27. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 .17% - --------- ------------------------------------------------------------------------------------------------------------ - --------- ------------------------------------------------------------------------------------------------------------ 28. TYPE OF REPORTING PERSON* IN - --------- ------------------------------------------------------------------------------------------------------------ * SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. 709754105 13D/A Page 5 of 8 Pages ITEM 1 SECURITY AND ISSUER This Schedule 13D/A relates to the common stock, par value $0.001 (the "Common Stock"), of Penwest Pharmaceuticals Co. (the "Issuer"). The address of the principal executive offices of the Issuer is 39 Old Ridgebury Road, Suite 11, Danbury, CT 06810-5120. ITEM 2 IDENTITY AND BACKGROUND (a) The names of the persons filing this Schedule 13D/A (the "Schedule") are Perceptive Advisors LLC, a Delaware limited liability company (the "Investment Manager"), Joseph Edelman, the managing member of the Investment Manager and Scott Bradley, a principal of the Investment Manager. Such reporting persons are collectively referred to herein as the "Reporting Persons." The Investment Manager, in its capacity as investment manager of Perceptive Life Sciences Master Fund Ltd., a Cayman Islands company (the "Fund"), and to an account at First New York Trading, LLC (the "FNY Account"), has sole power to vote and dispose of the shares of Common Stock held by the Fund and the FNY Account. The Investment Manager disclaims any economic interest in or beneficial ownership of the shares of Common Stock covered by this Schedule. (b) The business address of the Reporting Persons is 499 Park Avenue, 25th Floor, New York, NY 10022. (c) This Schedule is filed on behalf of the Investment Manager, Mr. Edelman, Mr. Bradley the Fund and the FNY Account. The Fund and the FNY Account are the record and direct beneficial owners of the shares of Common Stock reported herein. The Investment Manager is the investment manager to the Fund and the FNY Account. Mr. Edelman is the managing member of the Investment Manager and Mr. Bradley is a principal of the Investment Manager. The principal business of the Investment Manager is purchasing, holding and selling securities for investment purposes. The principal business of each of the Fund and the FNY Account is to invest in securities. (d) During the past five years none of the Reporting Persons has been convicted in a criminal proceeding. (e) During the past five years none of the Reporting Persons has been a party to a civil proceeding as a result of which it is subject to a judgment, decree or final order enjoining it from or mandating activities subject to federal or state securities laws, or finding it in violation of such laws. (f) Perceptive Advisors LLC is organized under the laws of Delaware, USA. Each of Mssrs. Edelman and Bradley is a citizen of the United States of America. ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION The Fund and the FNY Account purchased the shares of Common Stock in open market transactions. CUSIP No. 709754105 13D/A Page 6 of 8 Pages ITEM 4 PURPOSE OF TRANSACTION The Reporting Persons purchased the shares of Common Stock of the Issuer in the ordinary course of business. The Reporting Persons expect to acquire or dispose of additional shares of Common Stock via open-market transactions from time to time. However, there is no timetable or pre-arranged plan related to the purchase or sale of additional shares of Common Stock. Such decisions will be made based on trading activity and the relative value of the shares of Common Stock, as defined by market conditions. ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (a)-(b) The Reporting Persons may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owners of an aggregate of 6,561,908 shares of Common Stock as of March 20, 2008, which represent 20.75% of the Issuer's outstanding shares of Common Stock. Mr. Edelman beneficially owns 6,561,908 shares of Common Stock (comprised of (i) 6,291,046 shares of Common Stock held by the Fund, 54,500 of which Mr. Edelman shares dispositive power with Mr. Bradley, and (ii) 270,862 shares of Common Stock held by the FNY Account). Mr. Bradley beneficially owns 54,500 shares of Common Stock held by the Fund, all of which he shares dispositive power with Mr. Edelman. The percentage calculation was based on 31,621,039 shares outstanding which is the total number of shares outstanding as of March 11, 2008 as reported by the Issuer on the Form 10-K as filed with the Securities and Exchange Commission on March 17, 2008. Sole Voting Power Shared Voting Sole Shared Power Dispositive Dispositive Power Power -------------------- ------------------- --------------- ------------------ -------------------- ------------------- --------------- ------------------ Perceptive Advisors LLC 0 6,561,908 0 6,561,908 Joseph Edelman 0 6,561,908 0 6,561,908 Scott Bradley 0 0 0 54,500 The aggregate amount of shares owned by the Reporting Persons is 6,561,908. (c) Except as set forth below, there have been no transactions in the shares of Common Stock by any of the Reporting Persons during the past sixty days. CUSIP No. 709754105 13D/A Page 7 of 8 Pages During the past sixty days, the Reporting Persons effected the following purchases of shares of Common Stock in open market transactions: - ---------------------------------------- -------------------------------------- -------------------------------------- DATE SHARES PURCHASED PRICE - ---------------------------------------- -------------------------------------- -------------------------------------- 1/23/2008 53,600 7.5 1/29/2008 117,500 4.5832 1/30/2008 159,800 4.7447 1/31/2008 150,400 4.9737 2/1/2008 39,480 5.3381 2/12/2008 5,000 4.1388 2/19/2008 1,500 7.5 2/20/2008 600 7.5 3/4/2008 13,600 5.0 3/5/2008 52,100 5.0 3/10/2008 307,700 7.5 3/10/2008 10,500 5.0 3/11/2008 87,900 5.0 3/11/2008 1,850,000 3.08 3/12/2008 7,400 5.0 3/18/2008 800 7.5 3/20/2008 11,800 7.5 3/20/2008 1,238,500 5.0 (d) - (e): Not applicable. ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER None. ITEM 7 MATERIAL TO BE FILED AS EXHIBITS Joint Filing Agreement, dated as of July 18, 2008, by and among Perceptive Advisors LLC, Joseph Edelman and Scott Bradley. CUSIP No. 709754105 13D/A Page 8 of 8 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. July 18, 2008 Date /s/ Perceptive Advisors LLC Signature Joseph Edelman/Managing Member Name/Title July 18, 2008 Date /s/ Joseph Edelman Signature Joseph Edelman Name/Title July 18, 2008 Date /s/ Scott Bradley Signature Scott Bradley Name/Title The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. SEE ss.240.13d-7 for other parties for whom copies are to be sent. INDEX TO EXHIBITS Exhibit 1 Joint Filing Agreement, dated as of July 18, 2008, by and among Perceptive Advisors LLC, Joseph Edelman and Scott Bradley. EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them a Statement on Schedule 13D/A (including amendments thereto) with regard to the shares of Common Stock of Penwest Pharmaceuticals Co., and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Agreement as of July 18, 2008. July 18, 2008 Date /s/ Perceptive Advisors LLC Signature Joseph Edelman/Managing Member Name/Title July 18, 2008 Date /s/ Joseph Edelman Signature Joseph Edelman Name/Title July 18, 2008 Date /s/ Scott Bradley Signature Scott Bradley Name/Title
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