Overview

Emisphere Technologies, Inc. is a biopharmaceutical company that focuses on unique and improved delivery of therapeutic molecules or nutritional supplements using its Eligen® Technology. These molecules could be available currently or are under development. Such molecules are usually delivered by injection; in many cases, their benefits are limited due to poor bioavailability, slow onset of action or variable absorption. In those cases, our technology may increase the benefit of the therapy by improving the absorption of a therapeutic molecule thereby increasing its bioavailability, or by decreasing the time to peak blood concentrations which could result in faster onset of the molecule's therapeutic action. The Eligen® Technology can make it possible to deliver certain therapeutic molecules orally, without altering their chemical form or biological activity. Eligen® delivery agents, or "carriers", facilitate or enable the transport of therapeutic molecules across the mucous membranes of the gastrointestinal tract, to reach the general circulation where they dissociate from the carrier and are free to elicit their pharmacological effect. The Eligen® Technology can be applied to the oral route of administration as well other delivery pathways, such as buccal, rectal, inhalation, or intra-vaginal. The company's website is: www.emisphere.com.

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Company Highlights Novo Nordisk A/S is continuing Phase I trials of an oral formulation of their proprietary GLP-1 analogue using Eligen® Technology for the treatment of Type 2 Diabetes. They have also begun work with Eligen® Technology on oral insulin for the treatment of Type 1 and Type 2 diabetes Emisphere Technologies, Inc. conducted a clinical trial that demonstrated an oral formulation of B12 using our Eligen® Technology repleted B12 levels in deficient patients Broad product pipeline from pre-clinical to commercially viable opportunities Pharmaceutical and nutritional supplement programs address large target markets

Key Pipeline Products Oral GLP-1 analogues for the treatment of Type 2 Diabetes » Development Partner: Novo Nordisk Oral Insulin for the treatment of Type 2 Diabetes » Development Partner: Novo Nordisk Oral Eligen® Vitamin B12 A clinical trial demonstrated that oral Eligen® B12 (1000 mcg) can restore normal Vitamin B12 levels in deficient individuals. The manuscripts summarizing the results have been published in the March and July 2011 issues of the journal Clinical Therapeutics (Castelli et al, Clin Thera, 33(3),358-371; Castelli et al, Clin Thera, 33(7),934-945). Emisphere is exploring alternative development and commercialization options with the purpose of maximizing the commercial and health benefits potential of the Eligen® B12 asset.

Eligen® Advantages Safety demonstrated in thousands of trial participants over the last 20 years Broadly applicable to diverse group of drug molecules (e.g., proteins, peptides and other poorly absorbed compounds) and nutritional supplements Stand-alone delivery approach does not rely on the addition of agents that can have adverse effects on the intestinal membranes or digestion process (e.g., penetration enhancers or enzyme inhibitors) Versatility of formulation, including oral solutions, tablets and capsules, as well as rectal, inhalation, intravaginal administration Ease of manufacture, as the technology and manufacturing equipment required to produce the Eligen® delivery agent material in commercial quantities is readily available

For further information contact:
Michael R. Garone, CFO and Corporate Secretary
973.532.8005 or mgarone@emisphere.com

Any statements relating to matters that are not historical facts involve risks and uncertainties. For an explanation of risks and uncertainties that may affect Emisphere’s business please refer to Emisphere's periodic reports on Forms 10K, 10Q and 8K filed with the SEC.