Emisphere Technologies files $48.3 million stock, warrant shelf

By Angela McDaniels

Seattle, April 7 - Emisphere Technologies Inc. registered to sell up to $48.3 million of securities in a S-3 filing with the Securities and Exchange Commission.

Covered by the shelf are up to 6 million shares of common stock or warrants at a maximum offering price of $8.05 each.

Proceeds will be used for general corporate purposes.

Company update

Meanwhile Emisphere appointed John D. Harkey Jr. to the board of directors and promoted assistant controller Noelle Whitehead to the newly created positive of chief accounting officer.

Harkey is the chairman and chief executive officer of Consolidated Restaurant Cos. Inc.

Whitehead joined Emisphere in 2003 as manager of financial accounting and was previously accounting manager for two media companies and an audit senior for Deloitte & Touche LLP.

In addition, Emisphere's board of directors approved the execution of a new rights agreement with substantially the same terms as the original plan that expired on Feb. 23, according to a company news release.

In connection with the new rights agreement, the board of directors declared a dividend distribution of one preferred share purchase right for each outstanding share of common stock of the company, to be paid to stockholders of record on April 7.

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

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