Heat olive oil in a pan over medium heat. Add shallot and sauté for 3 minutes, until softened and fragrant. Add garlic and sauté for an additional minute.
Add salmon, salt, pepper, and red pepper flakes to the pan. Sear salmon for 3 minutes, then add white wine. Simmer until the wine is reduced by half. Reduce heat to low. Add cream and simmer.
Cook penne in a pot of boiling salted water until al dente. When pasta is done, reserve 1 cup pasta water, then strain and transfer directly to the sauce. Mix the pasta into the sauce, breaking up the salmon in small pieces. Add pasta water to achieve desired consistency.
Top pasta with fresh basil and freshly grated parmesan cheese and serve.