Penwest drug delivery, neurology news

Shareholders Tang Capital Partners L.P. and Perceptive Life Sciences Master Fund Ltd. demanded to inspect Penwest's books and records after the biotech declined to adopt their recommendation to wind down operations and elect three directors chosen by Tang and Perceptive. Tang and Perceptive, which together own a 42% stake in Penwest, also sent a referendum to other shareholders earlier this month asking whether they believe that the company should wind down operations, and seeking to amend the company's bylaws to require the board to be more responsive and accountable to the wishes of shareholders. ...