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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <P align="center" style="font-size: 10pt">As filed with the
  Securities and Exchange Commission on July&nbsp;26, 2005
  
  
  
  <P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_____
  
  
  
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  
  <P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
  </DIV>
  
  <P align="center" style="font-size: 18pt"><B>FORM S-8</B>
  
  
  <P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  
  <P align="center" style="font-size: 24pt"><B>Penwest Pharmaceuticals Co.</B>
  
  
  <DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Washington</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>91-1513032</B></TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation or
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(I.R.S. Employer</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top">Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Identification No.)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>39 Old Ridgebury Road, Suite&nbsp;11</B></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Danbury, Connecticut</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>06810-5120</B></TD>
  </TR>
  <TR>
  <TD>&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">(Address of Principal Executive Offices)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(Zip Code)</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt"><B>Penwest Pharmaceuticals
  Co. 2005 Stock Incentive Plan,<BR>
  Nonstatutory Stock Option Agreement between Penwest Pharmaceutical Co.<BR>
  and Dr.&nbsp;Alan Joslyn, Effective June&nbsp;21, 2004</B><BR>
  (Full Title of the Plan)<BR>
  <B>Robert J. Hennessey<BR>
  President and Chief Executive Officer<BR>
  Penwest Pharmaceuticals Co.<BR>
  39 Old Ridgebury Road, Suite&nbsp;11<BR>
  Danbury, Connecticut 06810-5120</B><BR>
  (Name and Address of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><B>(877)&nbsp;736-9378</B>
  
  
  
  <P align="center" style="font-size: 10pt">(Telephone Number, Including Area Code, of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="60%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD><!-- VRule -->
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
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      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD><!-- VRule -->
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD><!-- VRule -->
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
  
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR><TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="23" style="border-bottom: 1px solid #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD width="1%">&nbsp;</TD>    <TD width="1%">&nbsp;</TD>
  
      <TD>&nbsp;</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD width="1%">&nbsp;</TD>    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center">Title of Securities to be</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount to be</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Offering Price Per</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount of</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD width="1%">&nbsp;</TD>    <TD width="1%">&nbsp;</TD>
  
      <TD nowrap align="center">Registered</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Registered(1)</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Share</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Price</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Registration Fee</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD width="1%">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights),
  under the:</DIV></TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD width="1%">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Penwest
  Pharmaceuticals Co.
  2005 Stock
  Incentive Plan
  </DIV></TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">1,650,000</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">12.19</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">(2)</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">20,113,500</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">(2)</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">2,367.36</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD width="1%">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Nonstatutory Stock
  Option Agreement
  between Penwest
  Pharmaceuticals Co.
  and Dr.&nbsp;Alan
  Joslyn, effective
  June&nbsp;21, 2004
  </DIV></TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">100,000</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">11.06</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">(3)</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">1,106,000</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">(3)</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">130.18</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD width="1%">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
  
  <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:45px; text-indent:-0px">Total:
  </DIV></TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">1,750,000</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">21,219,500</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
      <TD align="right" valign="top" style="border-top: 1px solid #000000">2,497.54</TD>
      <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 1px" valign="bottom">
      <TD nowrap align="left" colspan="23" style="border-top: 1px solid #000000">&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  <P>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(1)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended, (the &#147;Securities
  Act&#148;) this registration statement shall be deemed to cover any additional securities that may
  from time to time be offered or issued to prevent dilution resulting from stock splits, stock
  dividends or similar transactions.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(2)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act. The Proposed Maximum Offering Price Per Share is estimated
  to be $12.19 based on the average of the high and low sales prices of the registrant&#146;s Common
  Stock as reported on the Nasdaq National Market on July&nbsp;21, 2005.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(3)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">Based on the exercise price of $11.06 per share of the option being registered on this
  registration statement pursuant to Rule 457(h) under the Securities Act for the Nonstatutory
  Stock Option Agreement between Penwest Pharmaceuticals Co. and Dr.&nbsp;Alan Joslyn, Effective June
  21, 2004.</TD>
  </TR>
  
  </TABLE>
  
  
  
  <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  
  
  
  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
  <P><CENTER>
  <TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
  <TR>
  	<TD width="3%"></TD>
  	<TD width="3%"></TD>
  	<TD width="3%"></TD>
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  	<TD width="3%"></TD>
  	<TD width="76%"></TD>
  </TR>
  <TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001"> Item&nbsp;1. Plan Information</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002"> Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#003"> PART II</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004"> Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;4. Description of Securities</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007"> Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008"> Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009"> Item&nbsp;8. Exhibits</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011"> SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#012"> INDEX TO EXHIBITS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b55996ppexv5w1.htm">EX-5.1 OPINION OF PERKINS COIE LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b55996ppexv23w2.htm">EX-23.2 CONSENT OF ERNST & YOUNG LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b55996ppexv99w2.htm">EX-99.2 NONSTATUTORY STOCK OPTION AGREEMENT</A></TD></TR>
  </TABLE>
  </CENTER>
  <!-- /TOC -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  
  
  
  <!-- link1 " PART I" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART I</B>
  
  
  <DIV align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></DIV>
  
  
  <!-- link2 " Item&nbsp;1. Plan Information" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1. Plan Information.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;1 is included in documents sent or given to participants in
  the plans covered by this registration statement pursuant to Rule&nbsp;428(b)(1) of the Securities Act
  of 1933, as amended (the &#147;Securities Act&#148;).
  
  <!-- link2 " Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
  <DIV align="left"><A NAME="002"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The written statement required by Item&nbsp;2 is included in documents sent or given to
  participants in the plans covered by this registration statement pursuant to Rule&nbsp;428(b)(1) of the
  Securities Act.
  
  <!-- link1 " PART II" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  
  
  <!-- link2 " Item&nbsp;3. Incorporation of Documents by Reference" -->
  <DIV align="left"><A NAME="004"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is subject to the informational and reporting requirements of Sections&nbsp;13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The registrant&#146;s latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act and the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the registrant&#146;s latest fiscal year for which such
  statements have been filed.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a)&nbsp;above.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the securities contained in the registrant&#146;s registration statements on
  Form 8-A filed under the Exchange Act, including any amendment or report filed for the purpose of
  updating such description.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  
  <!-- link2 " Item&nbsp;4. Description of Securities" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  
  <P align="center" style="font-size: 10pt">- 1 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->
  <DIV align="left"><A NAME="006"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  <!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Washington Business Corporation Act and our Amended and Restated Bylaws provide for
  indemnification of the registrant&#146;s directors and officers for liabilities and expenses that they
  may incur in such capacities. In general, under the registrant&#146;s Amended and Restated Bylaws,
  directors and officers are indemnified with respect to actions taken in good faith in a manner
  reasonably believed to be in, or not opposed to, the registrant&#146;s best interests, and with respect
  to any criminal action or proceeding, actions that the indemnitee had no reasonable cause to
  believe were unlawful. The registrant&#146;s officers and directors are currently covered under director
  and officer liability insurance maintained by the registrant.
  
  <!-- link2 " Item&nbsp;7. Exemption from Registration Claimed" -->
  <DIV align="left"><A NAME="008"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  <!-- link2 " Item&nbsp;8. Exhibits" -->
  <DIV align="left"><A NAME="009"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
  
  <!-- link2 "Item&nbsp;9. Undertakings" -->
  <DIV align="left"><A NAME="010"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Item&nbsp;</I><I>512(a)</I><I> of Regulation&nbsp;S-K</I></U>. The undersigned registrant hereby undertakes:
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
  post-effective amendment to this registration statement:
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement; and
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  
  
  <P align="left" style="margin-left: 3%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><I>provided, however, </I>that paragraphs (1)(i) and (1)(ii) do not apply if the information
  required to be included in a post-effective amendment by those paragraphs is contained in
  periodic reports filed with or furnished to the Commission by the registrant pursuant to
  Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by reference in the
  registration statement.
  
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial <I>bona fide </I>offering thereof.
  
  
  <P align="center" style="font-size: 10pt">- 2 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Item&nbsp;</I><I>512(b)</I><I> of Regulation&nbsp;S-K</I></U>. The undersigned registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial <I>bona fide </I>offering thereof.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Item&nbsp;</I><I>512(h)</I><I> of Regulation&nbsp;S-K</I></U>. Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
  that, in the opinion of the Commission, such indemnification is against public policy as expressed
  in the Securities Act and is, therefore, unenforceable. In the event that a claim for
  indemnification against such liabilities (other than the payment by the registrant of expenses
  incurred or paid by a director, officer or controlling person of the registrant in the successful
  defense of any action, suit or proceeding) is asserted by such director, officer or controlling
  person in connection with the securities being registered, the registrant will, unless in the
  opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is against public policy
  as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  
  
  <P align="center" style="font-size: 10pt">- 3 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 " SIGNATURES" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>SIGNATURES</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
  has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in Danbury, Connecticut, on this
  25<sup>th</sup> day of July, 2005.
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="45%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" valign="top" align="left">Penwest Pharmaceuticals Co.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">By:
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp; Robert J. Hennessey</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Robert J. Hennessey</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President and Chief Executive Officer</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Penwest Pharmaceuticals Co., hereby severally
  constitute and appoint Robert J. Hennessey and Jennifer L. Good, and each of them singly, our true
  and lawful attorneys with full power to them, and each of them singly, to sign for us and in our
  names in the capacities indicated below, the registration statement on Form S-8 filed herewith and
  any and all subsequent amendments to said registration statement, and generally to do all such
  things in our names and on our behalf in our capacities as officers and directors to enable Penwest
  Pharmaceuticals Co. to comply with the provisions of the Securities Act of 1933, as amended, and
  all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our
  signatures as they may be signed by our said attorneys, or any of them, to said registration
  statement and any and all amendments thereto.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
  been signed by the following persons in the capacities and on the dates indicated.
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="25%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="25%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Robert J. Hennessey
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">President, Chief Executive
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J. Hennessey</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Officer and Director</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">(Principal Executive Officer)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Jennifer L. Good
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Senior Vice President,
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jennifer L. Good</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Finance and Chief</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
  
  <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Financial Officer</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">(Principal Financial and</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Accounting Officer)</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;/s/ Peter F. Drake
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter F. Drake</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp; /s/ Paul E. Freiman
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul E. Freiman</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp; /s/ Rolf H. Henel
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rolf H. Henel</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 4 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="30%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="25%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="25%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp; /s/ John N. Staniforth
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John N. Staniforth</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp; /s/ Anne M. VanLent
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">July&nbsp;25, 2005</TD>
  </TR>
  <TR style="font-size: 1px">
      <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anne M. VanLent</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">- 5 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <!-- link1 " INDEX TO EXHIBITS " -->
  <DIV align="left"><A NAME="012"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="46%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated Articles of Incorporation of Penwest
  Pharmaceuticals Co., as amended</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(2)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-laws of Penwest Pharmaceuticals Co.</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3(3)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement, dated July&nbsp;27, 1998, between Penwest
  Pharmaceuticals Co. and the Rights Agent</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Perkins Coie LLP</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Perkins Coie LLP (included in opinion filed as Exhibit&nbsp;5.1)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Ernst &#038; Young LLP</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of attorney (included on the signature pages of this
  registration statement)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Penwest Pharmaceuticals Co. 2005 Stock Incentive Plan (incorporated
  by reference to Exhibit&nbsp;10.1 of the Current Report on Form&nbsp;8-K filed
  by the registrant on June&nbsp;7, 2005)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Nonstatutory Stock Option Agreement between Penwest Pharmaceuticals
  Co. and Dr.&nbsp;Alan Joslyn, effective June&nbsp;21, 2004</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(1)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">Incorporated by reference to Exhibits to the Quarterly Report on Form 10-Q for the quarterly
  period ending June&nbsp;30, 2004 (File No.&nbsp;000-23467).</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(2)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">Incorporated by reference to Exhibits to the registrant&#146;s Registration Statement on Form S-1
  (File No.&nbsp;333-38389).</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(3)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="96%">Incorporated by reference to Exhibits to the registrant&#146;s Registration Statement on Form&nbsp;10
  filed with the SEC on June&nbsp;22, 1998 and July&nbsp;31, 1998. (File No.&nbsp;000-23467).</TD>
  </TR>
  
  </TABLE>
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  </BODY>
  </HTML>
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text: sv8
  Table of Contents
  As filed with the
  Securities and Exchange Commission on July 26, 2005
  Registration No. 333-_____
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  Penwest Pharmaceuticals Co.
  (Exact Name of Registrant as Specified in Its Charter)
  Washington
  91-1513032
  (State or Other Jurisdiction of Incorporation or
  (I.R.S. Employer
  Organization)
  Identification No.)
  39 Old Ridgebury Road, Suite 11
  Danbury, Connecticut
  06810-5120
  (Address of Principal Executive Offices)
  (Zip Code)
  Penwest Pharmaceuticals
  Co. 2005 Stock Incentive Plan,
  Nonstatutory Stock Option Agreement between Penwest Pharmaceutical Co.
  and Dr. Alan Joslyn, Effective June 21, 2004
  (Full Title of the Plan)
  Robert J. Hennessey
  President and Chief Executive Officer
  Penwest Pharmaceuticals Co.
  39 Old Ridgebury Road, Suite 11
  Danbury, Connecticut 06810-5120
  (Name and Address of Agent For Service)
  (877) 736-9378
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Proposed Maximum
  Proposed Maximum
  Title of Securities to be
  Amount to be
  Offering Price Per
  Aggregate Offering
  Amount of
  Registered
  Registered(1)
  Share
  Price
  Registration Fee
  Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights),
  under the:
  Penwest
  Pharmaceuticals Co.
  2005 Stock
  Incentive Plan
  1,650,000
  $
  12.19
  (2)
  $
  20,113,500
  (2)
  $
  2,367.36
  Nonstatutory Stock
  Option Agreement
  between Penwest
  Pharmaceuticals Co.
  and Dr. Alan
  Joslyn, effective
  June 21, 2004
  100,000
  $
  11.06
  (3)
  $
  1,106,000
  (3)
  $
  130.18
  Total:
  1,750,000
  $
  21,219,500
  $
  2,497.54
  (1)
  In accordance with Rule 416 under the Securities Act of 1933, as amended, (the "Securities
  Act") this registration statement shall be deemed to cover any additional securities that may
  from time to time be offered or issued to prevent dilution resulting from stock splits, stock
  dividends or similar transactions.
  (2)
  Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c)
  and 457(h) of the Securities Act. The Proposed Maximum Offering Price Per Share is estimated
  to be $12.19 based on the average of the high and low sales prices of the registrant's Common
  Stock as reported on the Nasdaq National Market on July 21, 2005.
  (3)
  Based on the exercise price of $11.06 per share of the option being registered on this
  registration statement pursuant to Rule 457(h) under the Securities Act for the Nonstatutory
  Stock Option Agreement between Penwest Pharmaceuticals Co. and Dr. Alan Joslyn, Effective June
  21, 2004.
  TABLE OF CONTENTS
  PART I
  Item 1. Plan Information
  Item 2. Registrant Information and Employee Plan Annual Information
  PART II
  Item 3. Incorporation of Documents by Reference
  Item 4. Description of Securities
  Item 5. Interests of Named Experts and Counsel
  Item 6. Indemnification of Directors and Officers
  Item 7. Exemption from Registration Claimed
  Item 8. Exhibits
  Item 9. Undertakings
  SIGNATURES
  INDEX TO EXHIBITS
  EX-5.1 OPINION OF PERKINS COIE LLP
  EX-23.2 CONSENT OF ERNST & YOUNG LLP
  EX-99.2 NONSTATUTORY STOCK OPTION AGREEMENT
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information.
  The information required by Item 1 is included in documents sent or given to participants in
  the plans covered by this registration statement pursuant to Rule 428(b)(1) of the Securities Act
  of 1933, as amended (the "Securities Act").
  Item 2. Registrant Information and Employee Plan Annual Information.
  The written statement required by Item 2 is included in documents sent or given to
  participants in the plans covered by this registration statement pursuant to Rule 428(b)(1) of the
  Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The registrant is subject to the informational and reporting requirements of Sections 13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  (a) The registrant's latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act and the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the registrant's latest fiscal year for which such
  statements have been filed.
  (b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a) above.
  (c) The description of the securities contained in the registrant's registration statements on
  Form 8-A filed under the Exchange Act, including any amendment or report filed for the purpose of
  updating such description.
  All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document which also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  Item 4. Description of Securities.
  Not applicable.
  - 1 -
  Table of Contents
  Item 5. Interests of Named Experts and Counsel.
  Not applicable.
  Item 6. Indemnification of Directors and Officers.
  The Washington Business Corporation Act and our Amended and Restated Bylaws provide for
  indemnification of the registrant's directors and officers for liabilities and expenses that they
  may incur in such capacities. In general, under the registrant's Amended and Restated Bylaws,
  directors and officers are indemnified with respect to actions taken in good faith in a manner
  reasonably believed to be in, or not opposed to, the registrant's best interests, and with respect
  to any criminal action or proceeding, actions that the indemnitee had no reasonable cause to
  believe were unlawful. The registrant's officers and directors are currently covered under director
  and officer liability insurance maintained by the registrant.
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
  Item 9. Undertakings.
  Item
  512(a)
  of Regulation S-K
  . The undersigned registrant hereby undertakes:
  (1) To file, during any period in which offers or sales are being made, a
  post-effective amendment to this registration statement:
  (i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii) To reflect in the prospectus any facts or events arising after the effective date
  of the registration statement (or the most recent post-effective amendment thereof) which,
  individually or in the aggregate, represent a fundamental change in the information set
  forth in the registration statement; and
  (iii) To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such
  information in the registration statement;
  provided, however,
  that paragraphs (1)(i) and (1)(ii) do not apply if the information
  required to be included in a post-effective amendment by those paragraphs is contained in
  periodic reports filed with or furnished to the Commission by the registrant pursuant to
  Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the
  registration statement.
  (2) That, for the purpose of determining any liability under the Securities Act, each
  such post-effective amendment shall be deemed to be a new registration statement relating to
  the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial
  bona fide
  offering thereof.
  - 2 -
  Table of Contents
  (3) To remove from registration by means of a post-effective amendment any of the
  securities being registered which remain unsold at the termination of the offering.
  Item
  512(b)
  of Regulation S-K
  . The undersigned registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing of the registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial
  bona fide
  offering thereof.
  Item
  512(h)
  of Regulation S-K
  . Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
  that, in the opinion of the Commission, such indemnification is against public policy as expressed
  in the Securities Act and is, therefore, unenforceable. In the event that a claim for
  indemnification against such liabilities (other than the payment by the registrant of expenses
  incurred or paid by a director, officer or controlling person of the registrant in the successful
  defense of any action, suit or proceeding) is asserted by such director, officer or controlling
  person in connection with the securities being registered, the registrant will, unless in the
  opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
  appropriate jurisdiction the question whether such indemnification by it is against public policy
  as expressed in the Securities Act and will be governed by the final adjudication of such issue.
  - 3 -
  Table of Contents
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
  has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
  has duly caused this registration statement to be signed on its behalf by the undersigned,
  thereunto duly authorized, in Danbury, Connecticut, on this
  25
  th
  day of July, 2005.
  Penwest Pharmaceuticals Co.
  By:
  /s/    Robert J. Hennessey
  Robert J. Hennessey
  President and Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Penwest Pharmaceuticals Co., hereby severally
  constitute and appoint Robert J. Hennessey and Jennifer L. Good, and each of them singly, our true
  and lawful attorneys with full power to them, and each of them singly, to sign for us and in our
  names in the capacities indicated below, the registration statement on Form S-8 filed herewith and
  any and all subsequent amendments to said registration statement, and generally to do all such
  things in our names and on our behalf in our capacities as officers and directors to enable Penwest
  Pharmaceuticals Co. to comply with the provisions of the Securities Act of 1933, as amended, and
  all requirements of the Securities and Exchange Commission, hereby ratifying and confirming our
  signatures as they may be signed by our said attorneys, or any of them, to said registration
  statement and any and all amendments thereto.
  Pursuant to the requirements of the Securities Act of 1933, this registration statement has
  been signed by the following persons in the capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ Robert J. Hennessey
  President, Chief Executive
  July 25, 2005
  Robert J. Hennessey
  Officer and Director
  (Principal Executive Officer)
  /s/ Jennifer L. Good
  Senior Vice President,
  July 25, 2005
  Jennifer L. Good
  Finance and Chief
  Financial Officer
  (Principal Financial and
  Accounting Officer)
  /s/ Peter F. Drake
  Director
  July 25, 2005
  Peter F. Drake
  /s/ Paul E. Freiman
  Director
  July 25, 2005
  Paul E. Freiman
  /s/ Rolf H. Henel
  Director
  July 25, 2005
  Rolf H. Henel
  - 4 -
  Table of Contents
  Signature
  Title
  Date
  /s/ John N. Staniforth
  Director
  July 25, 2005
  John N. Staniforth
  /s/ Anne M. VanLent
  Director
  July 25, 2005
  Anne M. VanLent
  - 5 -
  Table of Contents
  INDEX TO EXHIBITS
  Number
  Description
  4.1(1)
  Amended and Restated Articles of Incorporation of Penwest
  Pharmaceuticals Co., as amended
  4.2(2)
  Amended and Restated By-laws of Penwest Pharmaceuticals Co.
  4.3(3)
  Rights Agreement, dated July 27, 1998, between Penwest
  Pharmaceuticals Co. and the Rights Agent
  5.1
  Opinion of Perkins Coie LLP
  23.1
  Consent of Perkins Coie LLP (included in opinion filed as Exhibit 5.1)
  23.2
  Consent of Ernst & Young LLP
  24
  Power of attorney (included on the signature pages of this
  registration statement)
  99.1
  Penwest Pharmaceuticals Co. 2005 Stock Incentive Plan (incorporated
  by reference to Exhibit 10.1 of the Current Report on Form 8-K filed
  by the registrant on June 7, 2005)
  99.2
  Nonstatutory Stock Option Agreement between Penwest Pharmaceuticals
  Co. and Dr. Alan Joslyn, effective June 21, 2004
  (1)
  Incorporated by reference to Exhibits to the Quarterly Report on Form 10-Q for the quarterly
  period ending June 30, 2004 (File No. 000-23467).
  (2)
  Incorporated by reference to Exhibits to the registrant's Registration Statement on Form S-1
  (File No. 333-38389).
  (3)
  Incorporated by reference to Exhibits to the registrant's Registration Statement on Form 10
  filed with the SEC on June 22, 1998 and July 31, 1998. (File No. 000-23467).