SC 13G/A 1 t304418.txt #4 -- 3/11/08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 4)* PENWEST PHARMACEUTICALS CO. -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $0.001 -------------------------------------------------------------------------------- (Title of Class of Securities) 709754105 -------------------------------------------------------------------------------- (CUSIP Number) MARCH 11, 2008 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) *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 ("Act") 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). PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER. SEC 1745 (12-02)

--------------------------------------- --------------------------------------- -------------------------------------- CUSIP No. 709754105 13G/A Page 2 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. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA --------- ------------------------------------------------------------------------------------------------------------ ------------------- ----- --------------------------------------------- ---------------------------------------------- NUMBER OF 5. SHARES SOLE VOTING POWER 5,213,408 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- BENEFICIALLY 6. OWNED BY SHARED VOTING POWER 0 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- EACH 7. REPORTING SOLE DISPOSITIVE POWER 5,158,908 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- PERSON WITH: 8. SHARED DISPOSTIVE POWER 54,500 ------------------- ----- --------------------------------------------- ---------------------------------------------- --------- ---------------------------------------------------------------------------- ------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,213,408 --------- ---------------------------------------------------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------------ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) --------- ------------------------------------------------------------------------------------------------------------ --------- ---------------------------------------------------------------------------- ------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 16.48 % --------- ---------------------------------------------------------------------------- ------------------------------- --------- ---------------------------------------------------------------------------- ------------------------------- 12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN --------- ---------------------------------------------------------------------------- ------------------------------- --------------------------------------- --------------------------------------- -------------------------------------- CUSIP No. 709754105 13G/A Page 3 of 8 Pages --------------------------------------- --------------------------------------- -------------------------------------- --------- ------------------------------------------------------------------------------------------------------------ 13. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SCOTT BRADLEY --------- ------------------------------------------------------------------------------------------------------------ --------- ------------------------------------------------------------------------------------------------------------ 14. CHECK THE APPROPRIATE BOX IF A GROUP* (a) (b) |X| --------- ------------------------------------------------------------------------------------------------------------ --------- ------------------------------------------------------------------------------------------------------------ 15. SEC USE ONLY --------- ------------------------------------------------------------------------------------------------------------ --------- ------------------------------------------------------------------------------------------------------------ 16. CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA --------- ------------------------------------------------------------------------------------------------------------ ------------------- ----- --------------------------------------------- ---------------------------------------------- NUMBER OF 17. SHARES SOLE VOTING POWER 0 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- BENEFICIALLY 18. OWNED BY SHARED VOTING POWER 0 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- EACH 19. REPORTING SOLE DISPOSITIVE POWER 0 ------------------- ----- --------------------------------------------- ---------------------------------------------- ------------------- ----- --------------------------------------------- ---------------------------------------------- PERSON WITH: 20. SHARED DISPOSTIVE POWER 54,500 ------------------- ----- --------------------------------------------- ---------------------------------------------- --------- ---------------------------------------------------------------------------- ------------------------------- 21. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 54,500 --------- ---------------------------------------------------------------------------- ------------------------------- --------- ------------------------------------------------------------------------------------------------------------ 22. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) --------- ------------------------------------------------------------------------------------------------------------ --------- ---------------------------------------------------------------------------- ------------------------------- 23. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .17% --------- ---------------------------------------------------------------------------- ------------------------------- --------- ---------------------------------------------------------------------------- ------------------------------- 24. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN --------- ---------------------------------------------------------------------------- ------------------------------- ---------------------------------------- -------------------------------------- ---------------------------------------- CUSIP No. 709754105 13G/A Page 4 of 8 Pages ---------------------------------------- -------------------------------------- ---------------------------------------- ITEM 1. (a) Name of Issuer: PENWEST PHARMACEUTICALS CO. 39 OLD RIDGEBURY ROAD SUITE 11 (b) Address of Issuer's Principal Executive Offices: DANBURY, CONNECTICUT 06810-5120 ITEM 2. THIS SCHEDULE 13G/A IS BEING FILED WITH RESPECT TO SHARES OF COMMON (a) Name of Person Filing: STOCK OF THE ISSUER WHICH ARE BENEFICIALLY OWNED BY JOSEPH EDELMAN AND SCOTT BRADLEY. SEE ITEM 4 BELOW. PERCEPTIVE ADVISORS LLC 499 PARK AVENUE, 25TH FLOOR (b) Address of Principal Business Office or, if none, Residence: NEW YORK, NY 10022 (c) Citizenship: EACH OF THE REPORTING PERSON IS A UNITED STATES CITIZEN (d) Title of Class of Securities: COMMON STOCK, $.001 PAR VALUE (e) CUSIP Number: 709754105 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J). ---------------------------------------- -------------------------------------- ---------------------------------------- CUSIP No. 709754105 13G/A Page 5 of 8 Pages ---------------------------------------- -------------------------------------- ---------------------------------------- ITEM 4. OWNERSHIP. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. Mr. Edelman beneficially owns: 5,213,408 Common Stock (comprised of (i) 5,032,546 shares held by Perceptive Life Sciences Master Fund Ltd. ("Master Fund"), a Cayman (a) Amount beneficially owned: Islands company of which the investment manager is Perceptive Advisors LLC, a Delaware limited liability company of which Mr. Edelman is the managing member, 54,500 shares of which Mr. Edelman shares dispositive power with Mr. Bradley, and (ii) 180,862 shares held in an account of First New York Trading, LLC. Mr. Bradley: 54,500 (comprised of 49,500 shares held by Master Fund of which shares Mr. Bradley shares dispositive power with Mr. Edelman). Mr. Edelman 16.48% (b) Percent of class: Mr. Bradley: .17% The aggregate percentage of shares reported owned by each person named herein is based upon 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-Q as filed with the Securities and Exchange Commission on March 17, 2008. ---------------------------------------- -------------------------------------- -------------------------------------- CUSIP No. 709754105 13G/A Page 6 of 8 Pages ---------------------------------------- -------------------------------------- -------------------------------------- (c) Number of shares as to which the person has: Mr. Edelman: 5,213,408 (i) Sole power to vote or to direct the vote: Mr. Bradley: 0 Mr. Edelman: 0 (ii) Shared power to vote or to direct the vote: Mr. Bradley: 0 Mr. Edelman: 5,158,908 (iii) Sole power to dispose or to direct the disposition of: Mr. Bradley: 0 Mr. Edelman: 54,500 (iv) Shared power to dispose or to direct the disposition of: Mr. Bradley: 54,500 ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS Not Applicable ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON As referred to in Item 4, other persons have the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, certain of the shares reported herein. In that regard Mr. Edelman is the managing member of Perceptive Advisors LLC, the investment manager of the Master Fund. Accordingly, the Master Fund has the right to receive and the power to direct the receipt of, dividends and the proceeds from the sale of the shares reported herein that are held through the Master Fund which shares represent greater than 5% of the Ordinary Shares outstanding. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. See Exhibit B ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. See Exhibit C ---------------------------------------- -------------------------------------- -------------------------------------- CUSIP No. 709754105 13G/A Page 7 of 8 Pages ---------------------------------------- -------------------------------------- -------------------------------------- ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATION The following certification shall be included if the statement is filed pursuant to ss.240.13d-1(b): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were (a) not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. [X] ---------------------------------------- -------------------------------------- -------------------------------------- CUSIP No. 709754105 13G/A Page 9 of 9 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 14, 2008 ------------- Date /s/ Joseph Edelman ------------------ Signature Joseph Edelman/Managing Member ------------------------------ Name/Title July 14, 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. ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)

EXHIBIT LIST Exhibit A Joint Filing Agreement Exhibit B Item 7 Statement Exhibit C Item 8 Statement EXHIBIT A The undersigned hereby agree jointly to prepare and file with regulatory authorities a Schedule 13G/A and any amendment thereto reporting each of the undersigned's ownership of securities of Penwest Pharmaceuticals Co. and hereby affirm that such Schedule 13G/A is being filed on behalf of each of the undersigned. July 14, 2008 ------------- Date /s/ Joseph Edelman ------------------ Signature Joseph Edelman/Managing Member ------------------------------ Name/Title July 14, 2008 ------------- Date /s/ Scott Bradley ----------------- Signature Scott Bradley ------------- Name/Title EXHIBIT B As discussed in Item 4(a), certain shares reported herein are held through Perceptive Life Sciences Master Fund Ltd., a Cayman Islands company, of which Joseph Edelman is the managing member of the Master Fund's investment manager. EXHIBIT C Joseph Edelman and Scott Bradley may be deemed to constitute a group for purposes of Section 13(d) of the Securities Exchange Act of 1934. Each of Messrs. Edelman and Bradley disclaims the existence of such a group.