Emisphere Announces Recruitment of Novartis Phase III Study for Oral Osteoporosis...(ioavailability slow on-set of action or ...),Health

Safe Harbor Statement Regarding Forward-looking Statements

The statements in this release and oral statements made by representatives of Emisphere relating to matters that are not historical facts (including without limitation those regarding the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Emisphere's product candidates and the sufficiency of Emisphere's cash and other capital resources) are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, the ability of Emisphere and/or its partners to develop, manufacture and commercialize products using Emisphere's drug delivery technology, Emisphere's ability to fund such efforts with or without partners, and other risks and uncertainties detailed in Emisphere's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in Emisphere's Annual Report on Form 10-K (file no. 1-10615) filed on March 5, 2007 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed on May 7, 2007.

For further information contact:

Bob Madison, Senior Director Corporate Communications

973-532-8001 or bmadison@emisphere.com

Adam Friedman, Adam Friedman Associates

212-981-2529, extension 18 or adam@adam-friedman.com