Here’s the press release. More analysis later:

Cincinnati Reds executive vice president and general manager Wayne Krivsky today announced the acquisition of LHP Matt Maloney from the Philadelphia Phillies in exchange for RHP Kyle Lohse.

Maloney, 23, this season at Philadelphia’s Class AA Reading affiliate went 9-7 with a 3.94 ERA and 1 complete game in 21 starts. He allowed just 117 hits while striking out 115 batters in 125.2 innings. He leads the Eastern League in innings pitched and ranks fourth in strikeouts.

The Phillies’ third-round draft pick in 2005, Maloney entered this season rated by Baseball America as the ninth-best prospect in the Phillies’ organization. In 2006, in just his second professional season, he was named South Atlantic League Pitcher of the Year after going 16-9 with a 2.03 ERA and 180 strikeouts in 27 starts and 168.2 innings pitched for Lakewood. He led the SAL in victories, innings pitched and strikeouts.

Maloney will report to Class AA Chattanooga.

Lohse, 28, this season went 6-12 with a 4.58 ERA in 21 starts. In his 21 appearances, the Reds went 8-13.