Cash, cash equivalents, and investments as of March 31, 2008 were $9.9 million compared to $13.9 million at March 31, 2007.
The Company anticipates that its existing capital resources are sufficient to enable it to continue operations through August 2008. "Emisphere continues to implement aggressive cost controls to conserve our cash," said Michael V. Novinski, President and Chief Executive Officer. "We believe that by mid-year we will be able to announce partnerships that will enable us to fund the company for some time going forward."
CORPORATE AND PRODUCT DEVELOPMENTS
Emisphere recently announced that preclinical studies using dogs further demonstrate that its proprietary eligen(R) technology enhances the absorption of oral B12. These data confirm in a second animal species Emisphere's earlier reported proof of concept studies conducted in rats.
"These additional studies are an important milestone in our plans to commercialize our eligen(R) technology," said Novinski. "Most importantly, the data is useful to us as we move forward with clinical human trials, which should begin in June 2008. A safe, effective, and better-absorbed oral formulation of vitamin B12 will enable us to move towards commercial success and, ultimately, profits."
There are at least five million people in the United States receiving
40 million B12 injections annually to treat a variety of debilitating
medical conditions, and over 600 million tablets of B12 of various
strengths are sold in the United States annually. The company believes that
40 million injections suggests a need for an oral B12 preparation that can
deliver therapeutic levels of B12, and that the megadoses be
|SOURCE Emisphere Technologies, Inc.|
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