CEDAR KNOLLS, N.J., April 28 /PRNewswire-FirstCall/ -- Emisphere
Technologies, Inc. (Nasdaq: EMIS) announced that on April 22, 2008 it
received a letter from the NASDAQ Stock Market (the "NASDAQ Letter")
advising that, for the last 10 consecutive trading days, the Company's
market value of listed securities had been below the minimum $50,000,000
requirement for continued inclusion on The NASDAQ Global Market pursuant to
NASDAQ Marketplace Rule 4450(b)(1)(A). Furthermore, NASDAQ stated that the
Company does not comply with NASDAQ Marketplace Rule 4450(b)(1)(B), which
requires the Company to have total assets and total revenue of $50,000,000
each for the most recently completed fiscal year or two of the last three
most recently completed fiscal years. Compliance with either NASDAQ
Marketplace Rule 4450(b)(1)(A) or 4450(b)(1)(B) is one of the minimum
standards for continued inclusion on The NASDAQ Global Market.
In the NASDAQ Letter, NASDAQ advised that, in accordance with NASDAQ
Marketplace Rule 4450(e)(4), the Company will be provided 30 calendar days,
or until May 22, 2008, to regain compliance with NASDAQ Marketplace Rule
4450(b)(1)(A).
In response to the NASDAQ Letter, the Company intends to apply to
transfer its common stock to the NASDAQ Capital Market on or before May 22,
2008 to ensure that consistent and continual access to capital markets is
maintained for all its shareholders. The NASDAQ Capital Market currently
includes over 500 companies and operates in substantially the same manner
as the NASDAQ Global Market. Securities listed on the NASDAQ Capital Market
satisfy all applicable qualification requirements for NASDAQ securities and
all companies listed on the NASDAQ Capital Market must meet certain
financial requirements and adhere to NASDAQ's corporate governance
standards.
ABOUT EMISPHERE TECHNOLOGIES, INC.
Emisphere Technologies, Inc. is a biopharmaceutical company that
focuses on a unique and improved delivery of therapeutic molecules and
pharmaceutical compounds using its eligen(R) Technology. These molecules
and compounds could be currently available or are in preclinical or
clinical development. Such molecules or compounds usually cannot be
delivered by the oral route of administration or the benefits of these
compounds are limited due to poor bioavailability, slow on-set of action or
variable absorption. The eligen(R) Technology can be applied to the oral
route of administration as well other delivery pathways, such as buccal,
per rectum, pulmonary, intra-vaginal or transdermal. The web site is:
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 future performance or
financial results, 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
actual performance or results could materially differ, 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, or
Emisphere's ability to fund such efforts with or without partners.
Emisphere undertakes no obligation to update any of these statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Accordingly any
forward-looking statements should be read in conjunction with the
additional 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 for
the fiscal year ended December 31, 2007, filed on March 17, 2008, and our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed
on May 7, 2007 (file no. 000-17758), for the quarter ended June 30, 2007,
filed on August 7, 2007 (file No. 000-17758), and for the quarter ended
September 30, 2007, filed on November 6, 2007 (000-17758).
SOURCE Emisphere Technologies, Inc.
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Related links:
http://www.emisphere.com
CONTACT:
Bob Madison, Senior Director Corporate
Communications, Emisphere Technologies, Inc., +1-973-532-8001; or
Adam Friedman, Adam Friedman Associates, +1-212-981-2529,
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