TARRYTOWN, N.Y., Oct. 17 /PRNewswire-FirstCall/ -- In accordance with
NASDAQ Marketplace Rule 4803(a), Emisphere Technologies, Inc. (Nasdaq: EMIS)
is required to issue this press release announcing that on October 12, 2005 it
received a Staff Deficiency Letter from the NASDAQ indicating that the Company
was not in compliance with NASDAQ's audit committee requirements as set forth
in Marketplace Rule 4350. That rule requires that the audit committee of a
NASDAQ-listed company include a director with specified financial
qualifications. Emisphere is currently evaluating candidates that possess such
qualifications. Emisphere anticipated this letter due to recent changes in
Emisphere's Board of Directors arising after completion of its recently
announced $15 million senior secured loan financing transaction.
In its letter, NASDAQ provided Emisphere a cure period until the earlier
of the Company's next annual shareholders' meeting or September 29, 2006, in
order to regain compliance. Emisphere fully expects to comply with the
NASDAQ's request and to meet the requirements for continued listing.
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 (the "SEC"), 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 11, 2005, as amended by Form 10-K/A filed on March 29,
2005.
SOURCE Emisphere Technologies, Inc.
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Related links:
http://www.emisphere.com
CONTACT:
Elliot M. Maza, CPA, J.D., Chief Financial
Officer, +1-914-785-4703; or Gillian Racine, Investor Relations,
+1-914-785-4742, gracine@emisphere.com, both of Emisphere
Technologies, Inc.; or Media - Dan Budwick of BMC Communications,
+1-212-477-9007 ext.14
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