Overview

Emisphere is currently a development stage Company. Its revenues are predominately derived from payments made by pharmaceutical and biotech companies for early development work performed by Emisphere on their behalf or for the achievement of agreed upon milestones. Should any partnered program generate a successful product, Emisphere will receive additional royalty payments based on sales of the product.

The Company will continue to maximize the potential of its product development program through the commercialization of its Eligen^® Technology. This includes a short-term strategy for commercialization of oral Vitamin B12 and a longer-term program for calcitonin for osteoarthritis and osteoporosis (with it partner, Novartis), and GLP-1/PYY for type 2 diabetes.

Emisphere management is confident that its current pipeline presents the Company with numerous opportunities to exploit its technology - which the Company intends to do to the fullest. At the same time, Emisphere continually evaluates the pipeline to determine the best opportunities for commercialization and appropriate ROI. Through the Company's internal research, as well as through new and enhanced collaborations, Emisphere intends to expand the application of its Eligen^® Technology, taking the Company to the next level.