CEDAR KNOLLS, N.J.--(BUSINESS WIRE)--Emisphere Technologies, Inc. (OTC BB: EMIS) today announced the completion of its previously announced sale of 5,714,286 shares of its common stock and warrants to purchase up to 2,685,714 additional shares of common stock in a registered direct offering with two institutional investors, resulting in gross proceeds of $4 million (the “Financing”). Each unit, consisting of one share of common stock and a warrant to purchase 0.47 of a share of common stock, was sold for a purchase price of $0.70. The warrants to purchase additional shares will be exercisable at an exercise price of $0.70 per share beginning immediately after issuance and will expire 5 years from the date they are first exercisable.
