TARRYTOWN, N.Y., March 12 /PRNewswire-FirstCall/ -- Emisphere Technologies, Inc. announced today an addendum to its fourth quarter and year ended 2006 financial results, reported on February 27, 2007. On March 5, 2007, the Company filed its annual report on Form 10-K for the year 2006. Such annual report on Form 10-K includes the audit report prepared by Emisphere’s independent registered public accounting firm relating to its consolidated financial statements for the year ended December 31, 2006, which includes an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern. This doubt is raised because the Company anticipates that its existing capital resources will not enable it to continue operations past approximately September 2007 or earlier if unforeseen events or circumstances arise that negatively affect the Company’s liquidity.
Emisphere is currently evaluating various financing options to address its future cash needs.
About Emisphere Technologies, Inc.
Emisphere Technologies, Inc. is a biopharmaceutical company pioneering the oral delivery of otherwise injectable drugs. Emisphere’s business strategy is to develop oral forms of injectable drugs, either alone or with corporate partners, by applying its proprietary eligen(R) technology to those drugs or licensing its eligen (R) technology to partners who typically apply it directly to their marketed drugs. Emisphere’s eligen (R) technology has enabled the oral delivery of proteins, peptides, macromolecules and charged organics. Emisphere and its partners have advanced oral formulations or prototypes of salmon calcitonin, heparin, insulin, parathyroid hormone, human growth hormone and cromolyn sodium into clinical trials. Emisphere has strategic alliances with world-leading pharmaceutical companies. For further information, please visit http://www.emisphere.com.
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 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 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, Emisphere’s ability to fund such efforts with or without partners, and other 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. 1-10615) filed on March 5, 2007.
Emisphere Technologies, Inc.
CONTACT: Stewart Siskind, Investor Relations, Emisphere Technologies,Inc., +1-914-785-4742; or Media: Dan Budwick, BMC Communications,+1-212-477-9007 ext. 14
Web site: http://www.emisphere.com/
