Attached files
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8-K - FORM 8-K - EMISPHERE TECHNOLOGIES INC | b81235e8vk.htm |
EX-10.1 - EX-10.1 - EMISPHERE TECHNOLOGIES INC | b81235exv10w1.htm |
Exhibit 99.1
For additional information please contact:
Michael Garone, Chief Financial Officer
973-532-8005 or mgarone@emisphere.com
973-532-8005 or mgarone@emisphere.com
Paula Schwartz Rx Communications Group
917-322-2216 or pschwartz@rxir.com
917-322-2216 or pschwartz@rxir.com
EMISPHERE TECHNOLOGIES ANNOUNCES EXPANDED COLLABORATION AGREEMENT AND CANCELLATION OF
CONVERTIBLE PROMISSORY NOTE
CONVERTIBLE PROMISSORY NOTE
CEDAR KNOLLS, NJ, June 4, 2010 Emisphere Technologies, Inc. (OTCBB: EMIS) (the Company)
today announced that it has entered into an expanded relationship with Novartis Pharma AG
(Novartis) pursuant to which Novartis has cancelled the Companys Convertible Promissory Note
(the Note). The Note was originally issued to Novartis on December 1, 2004 in connection with the
Research Collaboration and Option License Agreement between the parties of that date and was
originally due December 1, 2009. Previously, Novartis had agreed to extend the maturity date to
June 4, 2010.
In connection with the cancellation of the Note, the parties have agreed to modify the royalty and
milestone payment schedule for the Research Collaboration and Option Agreement and License
Agreement between the parties for the development of an oral salmon calcitonin product for the
treatment of osteoarthritis and osteoporosis. Additionally, the Company has granted Novartis the
right to evaluate the feasibility of using Emispheres Eligen® Technology with two new
compounds to assess the potential for new product development opportunities. If Novartis chooses to
develop oral formulations of these new compounds using the Eligen® Technology, the
parties will negotiate additional agreements. In that case, Emisphere could be entitled to receive
development milestone and royalty payments in connection with the development and commercialization
of these potentially new products.
About Emisphere Technologies, Inc.
Emisphere is a biopharmaceutical company that focuses on a unique and improved delivery of
therapeutic molecules or nutritional supplements using its Eligen® Technology. These
molecules and compounds could be currently available or in development. Such molecules are usually
delivered by injection; in many cases, their benefits are limited due to poor bioavailability, slow
on-set of action or variable absorption. The Eligen® Technology can be applied to the
oral route of administration as well as other delivery pathways, such as buccal, rectal,
inhalation, intra-vaginal or transdermal. The Companys website is: 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 Emispheres product candidates and the sufficiency of Emispheres 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 Emispheres drug delivery technology, Emispheres ability to fund such efforts with or
without partners, and other risks and uncertainties detailed in Emispheres filings with the
Securities and Exchange Commission, including those factors discussed under the caption Risk
Factors in Emispheres Annual Report on Form 10-K for the fiscal year ended December 31, 2009
(file No. 000-17758), filed on March 25, 2010.
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