Emisphere to run out of cash in May

New York, March 16 - Emisphere Technologies, Inc. said it will run out of cash in mid-May and will have to cease operations unless it raises more capital or sees money coming in from its partners.

As of Dec. 31, the company had cash and equivalents of $9.2 million, including $4.3 million of restricted cash related to a $15 million secured note with MHR Institutional Partners IIA LP, according to a 10-K filing with the Securities and Exchange Commission.

The company said it is in discussion with its investment bankers about financing options.

Emisphere's net loss in the year to Dec. 31, 2005 was $18.1 million compared to $37.5 million in 2004.

Emisphere is a biopharmaceutical company based in Tarrytown, N.Y., that develops oral formulations for injectable drugs.

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