CEDAR KNOLLS, N.J., June 23 /PRNewswire-FirstCall/ -- Emisphere
Technologies, Inc. (Nasdaq: EMIS) and Novo Nordisk A/S (NYSE: NVO) have
entered into an exclusive Development and License Agreement to develop and
commercialize oral formulations of Novo Nordisk's proprietary GLP-1
receptor agonists, which have the potential of treating Type 2 diabetes,
using Emisphere's eligen(R) technology. The agreement includes at least $87
million in product development and sales milestone payments to Emisphere,
of which $10 million will be the minimum first year payment, as well as
royalties on sales. The agreement also provides Novo Nordisk with the
option to develop oral formulations of Novo Nordisk compounds other than
GLP-1 receptor agonists using Emisphere's proprietary carrier technology.
Further financial details of the agreement were not made public.
Under the new agreement, Novo Nordisk is responsible for the
development and commercialization of the product candidates. Novo Nordisk
and Emisphere have collaborated since 2007 on early-stage pre-clinical
research that has preliminarily confirmed the utility of Emisphere's
carriers to provide bioavailable oral formulations of GLP-1 receptor
agonists.
"This partnership with Novo Nordisk is important for Emisphere for
several reasons," said Michael V. Novinski, President and Chief Executive
Officer of Emisphere. "First, it couples Emisphere with Novo Nordisk, the
worldwide leader in the field of diabetes research. Second, it places our
technology with a treatment for diabetes that we hope will be able to
improve upon the healthcare of millions of patients with this disease.
Finally, it also positions our eligen(R) technology in such a way that
helps to bring innovative solutions to the pharmaceutical development
arena."
"This is an encouraging agreement on a promising technology for oral
administration of proteins. It fits very well with Novo Nordisk's strategy
within diabetes research," said Peter Kurtzhals, Senior Vice President,
Diabetes Research Unit.
Emisphere's broad-based drug delivery technology platform, known as the
eligen(R) technology, uses proprietary, synthetic chemical compounds, known
as Emisphere delivery agents, sometimes called carriers. Emisphere's
eligen(R) technology makes it possible to deliver a therapeutic molecule
without altering its chemical form or biological integrity.
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. Some of these
molecules or compounds can only be given by injection; when combined with
our technology; convenient oral versions may be safe, effective and provide
significant advantages. The benefits of other compounds are limited due to
poor bioavailability, slow on-set of action or variable absorption. In
those cases, use of Emisphere's technology can improve the therapeutic
effectiveness of the compounds. The eligen(R) technology can be applied to
the oral route of administration as well other delivery pathways. The Web
site is: http://www.emisphere.com.
ABOUT NOVO NORDISK.
Novo Nordisk is a healthcare company and a world leader in diabetes
care. In addition, Novo Nordisk has a leading position within areas such as
haemostasis management, growth hormone therapy and hormone replacement
therapy. Novo Nordisk manufactures and markets pharmaceutical products and
services that make a significant difference to patients, the medical
profession and society. With headquarters in Denmark, Novo Nordisk employs
approximately 26,300 employees in 80 countries, and markets its products in
179 countries. Novo Nordisk's B shares are listed on the stock exchanges in
Copenhagen and London. Its ADRs are listed on the New York Stock Exchange
under the symbol NVO. For more information, visit http://www.novonordisk.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 17, 2008 and our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2008, filed on May 7, 2008.
For further information contact:
Bob Madison, Senior Director Corporate Communications
973-532-8001 or bmadison@emisphere.com
Adam Friedman, Adam Friedman Associates
212-981-2529, ext. 18 or adam@adam-friedman.com
SOURCE Emisphere Technologies, Inc
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Related links:
http://www.emisphere.com
http://www.novonordisk.com
CONTACT:
Bob Madison, Senior Director Corporate
Communications, Emisphere, +1-973-532-8001,
bmadison@emisphere.com; Adam Friedman, +1-212-981-2529, ext. 18,
adam@adam-friedman.com, for Emisphere
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