Emisphere reaches second milestone in Roche collaboration, triggering payment

By Elaine Rigoli

Tampa, Fla., Feb. 15 - Emisphere Technologies, Inc. announced Wednesday that it has achieved a second milestone under its November 2004 agreement with Roche to develop new oral formulations of a Roche small molecule compound for the treatment of bone-related diseases.

Achievement of this milestone, which causes an undisclosed payment from Roche, arises from Roche starting a clinical study using Emisphere's eligen, an oral drug-delivery technology, in a formulation for a second product.

Emisphere previously received a milestone payment for developments relating to a different product and indication announced in July 2005.

With two products now being developed by Roche using the eligen technology, milestone payments could total $37 million, according to a company statement.

Roche is using eligen to evaluate new formulations that may be more convenient for patients than those currently on the market.

Under the terms of the original agreement, Roche paid Emisphere an initial up-front fee, and agreed that Emisphere may receive up to $18.5 million in milestone payments for each product developed using the eligen technology.

Emisphere may receive royalties based upon product sales for the latest product and for the first product. Roche will fund all necessary preclinical, clinical and manufacturing costs for all products, the company said.

"Achieving this second milestone further underscores the broad applicability of our oral drug delivery technology and its attractiveness to our pharmaceutical partners," said Michael M. Goldberg, MD, Emisphere's chairman and chief executive officer, in a company statement.

"We are pleased that Roche has chosen to work with Emisphere to gain access to our proprietary carriers, and believe there is near-term commercial value in our oral delivery technology for more than one product."

Emisphere is a Tarrytown, N.Y.-based biopharmaceutical company focusing on the oral delivery of otherwise injectable drugs.

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