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Emisphere Technologies, Inc. Announces 2007 Second Quarter Financial Results

- Conference Call/Webcast To Be Held Today at 10:00 a.m. EDT -

TARRYTOWN, N.Y., Aug. 7 /PRNewswire-FirstCall/ -- Emisphere Technologies, Inc. (Nasdaq: EMIS) today announced its financial results for the second quarter ended June 30, 2007.

"Emisphere's product pipeline is growing increasingly robust," said Michael V. Novinski, President/Chief Executive Officer of Emisphere Technologies, Inc. "In addition to the 10 products we have in various stages of clinical development, we have an additional 11 pre-clinical projects in our pipeline, six with partners and five without established collaborations. We are seeking to move our patented technology into a broad array of disease states, including obesity, osteoporosis, infectious disease, diabetes, CNS, erectile dysfunction and fertility treatment, among others."

Emisphere Technologies, Inc. will host a conference call to discuss second quarter results at 10:00 AM EDT today. A live Webcast of the conference call can be accessed through the company's Web site at: The live conference call dial-in number is: 1-800-819-9193 (US and Canada) or 1- 913-981-4911 (International). In addition, an archive of the Webcast can be accessed through the same link; an audio replay of the call will be available following the conference call by calling 1-888-203-1112 (US and Canada) or 1- 719-457-0820 (International). The conference replay PIN is 9045496.

Second Quarter Financial Results

-- Operating expenses for the second quarter of 2007 were $9.9 million

compared to $8.6 million in the second quarter of 2006

* $1.3 million increase in operating expenses is primarily the result

of non-cash charges related to share-based payments

-- Other expense second quarter 2007 were $2.6 million, compared to $0.3

million in the second quarter of 2006

* $2.3 million increase in other expenses is primarily the result of

non-cash charges related to the change in fair value of derivative


-- Second quarter 2007 revenues were $0.4 million, compared to the $5.2

million in the second quarter of 2006

-- Second quarter 2007 operating loss of $9.5 million, compared to an

operating loss of $3.4 million for the first quarter of 2006

-- Second quarter 2007 net loss was $12.1 million, or $0.43 per basic and

diluted share, compared to a net loss of $3.8 million, or $0.14 per

basic and diluted share for the second quarter of 2006

-- As of June 30, 2007, Emisphere has $8.9 million in cash and

investments. The Company is currently evaluating various financing

options to address its future cash needs that will enable the Company

to continue operations through the fourth quarter of 2007 and beyond.

Corporate and Product Developments

Emisphere has two Phase III products based on the compound salmon calcitonin in partnership with Novartis Pharma AG and its development partner, Nordic Bioscience:

-- One product relates to the prevention of osteoporosis and the other

product relates to the prevention of osteoarthritis

-- Osteoarthritis product has the potential to be the first disease-

modifying drug that halts progression of the illness rather than

treating symptoms

-- Both products use Emisphere's eligen(R) delivery technology to provide

salmon calcitonin for the first time as a convenient oral medication

Emisphere has three products in Phase II:

-- Development of recombinant human growth hormone ("rhGH") in

collaboration with Novartis Pharma AG

-- Continuing the development of oral heparin; discussions with the US

Food and Drug Administration (FDA) has established a pathway for

registration to proceed into complete Phase III for the use of oral

heparin in the prevention of deep-vein thrombosis following elective

total hip replacement. Emisphere is in current discussions with

potential partners to complete the development of oral heparin in a

collaborative arrangement.

-- Continuing clinical development of oral insulin; an insulin/glucose

clamp study with a new formulation is being planned over a three-month

period starting early in the first quarter, which will provide further

data and information on the dosage. Collaborative partnerships will

then be investigated

Emisphere has five products in Phase I:

-- An Investigational New Drug application (IND) was filed by Genta

Incorporated on gallium nitrate on July 31, 2007

-- A program continues on an improved oral formulation of the antiviral

compound acyclovir with a pharmaceutical company outside of the United


-- A food-intake study for both GLP-1 and PYY will be undertaken later

this year at University Hospital, Switzerland

-- Parathyroid hormone continues on a progressive clinical development

path in collaboration with Novaris Pharma AG

Emisphere has 11 products in preclinical development:

-- Six projects with partners in obesity, osteoporosis, infectious

disease, diabetes, and CNS

-- Five projects without established collaborations for the therapies of

CNS, erectile dysfunction, cardiovascular disease, inflammation and

pain, and fertility treatment

-- Following completion of these pre-clinical projects, decisions would

then be taken to possibly proceed into future collaborations with each

of the partners for further pre-clinical or clinical development;

projects without established collaborations will be assessed for

continued development to the next step with or without a partner

About Emisphere Technologies, Inc.

Emisphere Technologies, Inc. is a biopharmaceutical company that focuses on a unique and improved delivery of therapeutic molecules and pharmaceutical compounds using its eligen(R) technology. These molecules and compounds could be currently available or are in pre-clinical or clinical development. Such molecules or compounds usually cannot be delivered by the oral route of administration or the benefits of these compounds are limited due to poor bioavailability, slow on-set of action or variable absorption. The eligen(R) technology can be applied to the oral route of administration as well other delivery pathways, such as buccal, per rectum, pulmonary, intra-vaginal or transdermal. The Web site is:

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 future performance or financial results, 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 actual performance or results could materially differ, 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, or Emisphere's ability to fund such efforts with or without partners. Emisphere undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly any forward-looking statements should be read in conjunction with the additional 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. 000-17758) filed on March 6, 2007, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed on May 7, 2007 (file no. 000-17758).


Condensed Statements of Operations (Unaudited)

For the three and six months ended June 30, 2007 and 2006

(in thousands, except share and per share data)

For the three months For the six months

ended ended

June 30, June 30,

2007 2006 2007 2006

Revenue $398 $5,220 $3,207 $6,916

Costs and expenses:

Research and development 6,032 4,858 11,484 9,375

General and administrative

expenses 3,638 2,812 7,784 5,614

Depreciation and

amortization 270 972 583 1,962

Total costs and expenses 9,940 8,642 19,851 16,951

Operating loss (9,542) (3,422) (16,644) (10,035)

Other (expense) and income:

Beneficial conversion of

convertible security - - - (12,215)

Investment and other income 482 294 797 417

Change in fair value of

derivative instruments (2,401) (56) 1,123 (7,620)

Interest expense (643) (573) (1,267) (1,140)

Total other (expense)

and income (2,562) (335) 653 (20,558)

Net (loss) income $(12,104) $(3,757) $(15,991) $(30,593)

Net (loss) income per

share, basic $(0.43) $(0.14) $(0.57) $(1.23)

Net (loss) income per

share, diluted $(0.43) $(0.14) $(0.60) $(1.23)

Weighted average shares

outstanding, basic 28,313,056 25,952,342 28,305,810 24,815,680

Weighted average shares

outstanding, diluted 28,313,056 25,952,342 28,403,507 24,815,680


Condensed Balance Sheets (Unaudited)

As of June 30, 2007 and December 31, 2006

(in thousands)

June 30, December 31,

2007 2006


Cash, cash equivalents, restricted cash and

investments $8,939 $21,533

Accounts receivable 487 216

Prepaid expenses and other current assets 893 1,082

Total current assets 10,319 22,831

Equipment and leasehold improvements, net 2,247 2,652

Purchased technology, net 1,675 1,794

Other assets 798 815

Total Assets $15,039 $28,092

Liabilities and stockholders' deficit:

Current liabilities $9,016 $9,454

Notes payable 25,994 24,744

Other long-term liabilities 172 -

Stockholders' deficit (20,143) (6,106)

Total liabilities and stockholders' deficit $15,039 $28,092

SOURCE Emisphere Technologies, Inc.

Copyright©2007 PR Newswire.

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