Emisphere reports 1Q net loss of $26.8 million, expects to run out of capital resources in mid-July

By Lisa Kerner

Erie, Pa., May 5 - Emisphere Technologies, Inc. announced its preliminary first-quarter financial results, which include a net loss of $26.8 million, or $1.13 per basic and diluted share, an increase from the $6.5 million, or $0.34 per share, for the quarter ended March 31, 2005.

The company reported an operating loss of $6.6 million, slightly better than the loss of $8.2 million for the first quarter of 2005.

Revenue for the period was $1.696 million, an increase from $993,000 reported for the same period in 2005.

Cash, cash equivalents, restricted cash and investments held as of March 31 were $4.0 million, a decrease from the $9.2 million held on Dec. 31.

Emisphere cautioned that its existing capital resources will not be enough for the company to continue operations past mid-July, or possibly earlier if negative events affect the company's liquidity.

The company did review highlights of the quarter, including continued progress in advancing its heparin and insulin development programs, receipt of milestone payments, and the favorable Lilly litigation ruling.

During the quarter, Emisphere announced that heparin delivered orally using the company's eligen drug delivery technology is chemically identical to heparin delivered by injection. Also, enrollment was completed in the phase 2 oral insulin trial.

Emisphere is a Tarrytown, N.Y., biopharmaceutical company specializing in the oral delivery of otherwise injectable drugs.

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