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Emisphere Technologies, Inc. Announces 2007 Third Quarter Financial Results

- Conference Call/Webcast to be held today at 10:00 AM EST -

TARRYTOWN, N.Y., Nov. 6 /PRNewswire-FirstCall/ -- Emisphere Technologies, Inc. (Nasdaq: EMIS) today announced its financial results for the third quarter ended September 30, 2007.

Emisphere Technologies, Inc. will host a conference call to discuss third quarter results at 10:00 AM EST 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: 1-888-278-8446 (US and Canada) or 1- 913-312-0835 (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 4223593.

Third Quarter Financial Results

-- Operating expenses for the third quarter of 2007 were $9.0 million,

compared to $8.8 million in the third quarter of 2006

-- Net proceeds from the settlement of lawsuit of $11.9 million in the

three months ended September 30, 2007 is the result of the settlement

of the litigation against Eli Lilly and Company

-- Other expense third quarter 2007 was $0.5 million, compared to income

of $0.5 million in the third quarter of 2006

-- Third quarter 2007 operating income of $3.5 million, compared to an

operating loss of $8.7 million for the third quarter of 2006

-- Third quarter 2007 net income was $3.0 million, or $0.10 per basic and

$0.09 per diluted share, compared to a net loss of $8.2 million, or

$0.29 per basic and $0.30 diluted share for the third quarter of 2006

-- As of September 30, 2007, Emisphere had $21.4 million in cash and


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") 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 a

potential partner to complete the development of oral heparin in a

collaborative arrangement. Two chronic toxicology studies have been

initiated for the heparin carrier.

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

and oral glucose challenge studies testing a new formulation are being

planned over a three month period beginning early next year.

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 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


-- Satiety and oral glucose challenge studies 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 Novartis Pharma AG

Emisphere has 11 products in preclinical development:

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

and diabetes

-- Five pre-clinical projects are in development without established

collaborations for a variety of therapeutic areas

-- 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

"The technology that we are developing has proven to provide a solution that improves the delivery of existing molecules and treatment modalities. It also has an equally important application to new molecular entities where use may be restricted due to poor bioavailability," said Michael V. Novinski, President and Chief Executive Officer of Emisphere Technologies, Inc. "We are seeking to move our patented technology into a broad array of disease states and we anticipate the ability to dramatically increase the quality of life of a multitude of people."

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) and for the quarter ended June 30, 2007, filed on August 7, 2007 (file No. 000-17758).


Condensed Statements of Operations (Unaudited)

For the Three and Nine Months ended September 30, 2007 and 2006

(in thousands, except share and per share data)

For the three months ended For the nine months ended

September 30, September 30,

2007 2006 2007 2006

Revenue $ 571 $60 $3,778 $6,976

Costs and expenses:

Research and

development 5,364 4,790 16,848 14,165

General and


expenses 3,412 3,039 11,196 8,654

Depreciation and

amortization 232 922 815 2,884

Total costs and expenses 9,008 8,751 28,859 25,703

Income from settlement of


Proceeds from settlement

of lawsuit 18,000 - 18,000 -

Expenses from settlement

of lawsuit (6,110) - (6,110) -

Income from settlement

of lawsuit, net 11,890 - 11,890 -

Operating income (loss) 3,453 (8,691) (13,191) (18,727)

Other income and (expense):

Beneficial conversion

of convertible security - - - (12,215)

Investment and other

income 188 466 985 884

Change in fair value

of derivative

instruments (21) 656 1,102 (6,964)

Interest expense (664) (589) (1,931) (1,730)

Total other income and

(expense) (497) 533 156 (20,025)

Net income (loss) $2,956 $(8,158) $(13,035) $(38,752)

Net (loss) income per

share, basic $0.10 $(0.29) $(0.46) $(1.50)

Net (loss) income per

share, diluted $0.09 $(0.30) $(0.50) $(1.50)

Weighted average

shares outstanding,

basic 29,187,151 28,006,828 28,602,819 25,891,085

Weighted average

shares outstanding,

diluted 32,375,805 29,069,951 28,728,063 25,891,085


Condensed Balance Sheets (Unaudited)

As of September 30, 2007 and December 31, 2006

(in thousands)

September 30, December 31,

2007 2006


Cash, cash equivalents, restricted cash and

investments $21,357 $21,533

Accounts receivable 248 216

Prepaid expenses and other current assets 948 1,082

Total current assets 22,553 22,831

Equipment and leasehold improvements, net 2,126 2,652

Purchased technology, net 1,615 1,794

Other assets 788 815

Total Assets $27,082 $ 28,092

Liabilities and stockholders' deficit:

Current liabilities $10,649 $9,454

Notes payable 26,648 24,744

Other long-term liabilities 243 -

Stockholders' deficit (10,458) (6,106)

Total liabilities and stockholders' deficit $27,082 $ 28,092

SOURCE Emisphere Technologies, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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