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GRUBER & MCBAINE CAPITAL MANAGEMENT LLC
> PPCO
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2010 | PENWEST PHARMACEUTICALS CO | PPCO | 1,061,400 | 0 | 3,502,620 | 0 | $3.30 |
| 06/30/2010 | PENWEST PHARMACEUTICALS CO | PPCO | 1,061,400 | 397,970 | 3,502,620 | 1,784,620 | $3.30 |
| 03/31/2010 | PENWEST PHARMACEUTICALS CO | PPCO | 663,430 | 0 | 2,288,830 | 570,830 | $3.45 |
| 12/31/2009 | PENWEST PHARMACEUTICALS CO | PPCO | 663,430 | 149,900 | 1,718,000 | 645,000 | $2.59 |
| 09/30/2009 | PENWEST PHARMACEUTICALS CO | PPCO | 513,530 | -141,070 | 1,073,000 | -793,000 | $2.09 |
| 06/30/2009 | PENWEST PHARMACEUTICALS CO | PPCO | 654,600 | -382,520 | 1,866,000 | 165,000 | $2.85 |
| 03/31/2009 | PENWEST PHARMACEUTICALS CO | PPCO | 1,037,120 | 42,520 | 1,701,000 | 139,000 | $1.64 |
| 12/31/2008 | PENWEST PHARMACEUTICALS CO | PPCO | 994,600 | 81,750 | 1,562,000 | -318,000 | $1.57 |
| 09/30/2008 | PENWEST PHARMACEUTICALS CO | PPCO | 912,850 | 912,850 | 1,880,000 | 1,880,000 | $2.06 |
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