Stages of Product Development

• Phase III — Oral Calcitonin for Osteoarthritis and Osteoporosis (with Novartis)
• Phase II — Oral Insulin and Oral Heparin
• Phase I — Acyclovir, Gallium, GLP-1, PYY, PTH, Growth Hormone
• Pre-Clinical — Emisphere is conducting a number of partnered and un-partnered pre-clinical (research phase) projects. The Company is focusing on molecules that meet its emerging product development criteria based on its increased understanding of the Eligen^® Technology.