Danbury, CT, — Penwest Pharmaceuticals Co. has announced that Peter F. Drake, Ph.D. – Managing General Partner of Mayflower Partners, a healthcare sector-focused investment fund – has joined the company’s Board of Directors, effective April 13, 2005.
Dr. Drake, 51, previously served as Managing Director at Prudential Securities and was the co-founder of Vector Securities International, an investment banking firm, Vector Fund Management, a $230 million healthcare venture fund, and Deerfield Management, a $2 billion healthcare hedge fund. Dr. Drake will serve on the Board’s Audit and Compensation committees, in his capacity as an independent director.
In addition, Penwest announced that Jere E. Goyan, Ph.D., will not be standing for reelection at the Company’s annual meeting in June. Dr. Goyan will be retiring in accordance with the company’s policy of mandatory retirement for Board members beyond the age of 70.
Paul Freiman, Chairman of the Board, said, “Over the years, Dr. Goyan has done an outstanding job in his role as a member of the Board of Directors, and in particular, as Chair of the Company’s Scientific Advisory Board. We are grateful for his work on behalf of Penwest, particularly with regard to advising the Company and the Board on both regulatory and scientific matters, and we wish him the best upon his retirement from our Board.
“While Dr. Goyan will be missed, we are delighted to welcome Peter Drake to Penwest’s Board of Directors. As Penwest continues to make strong progress in executing its strategy, it is essential that we continually build the right team of people to help guide the company. Peter’s extensive network of relationships across the healthcare finance sector, as well as his deep expertise in financial strategy, will be invaluable as Penwest continues to grow. The Board looks forward to working closely with Peter as we move forward.”
Dr. Drake said, “I am pleased to join the Board of Penwest. The company’s prospects are strong, and I look forward to working alongside my colleagues on Penwest’s Board in providing strategic oversight and counsel that will assist the company in capitalizing on the many opportunities that lie ahead.”Dr. Drake also serves on the Boards of Directors of Trustmark Insurance, a healthcare insurance provider, the Alliance for Aging, a non-profit organization dedicated to improving the health and quality of life for the elderly, and Cortex Pharmaceuticals, a publicly traded neuroscience company. He holds a B.A. in Biology from Bowdoin College and a Ph.D. in Biochemistry and Neurobiology from Bryn Mawr College.
The other members of the Board of Penwest are Paul Freiman (Chairman), Rolf H. Henel, Robert J. Hennessey, John N. Staniforth, Ph.D., and Anne M. VanLent.