Emisphere Receives Notice of Results From Collaborator's Proof of Concept Study for Oral PTH for the Treatment of Postmenopausal Osteoporosis

Emisphere Technologies, Inc.

announced today that Novartis informed Emisphere of the results of its recently completed Proof of Concept study for an oral PTH1-34 using Emisphere's Eligen® Technology in post-menopausal women with osteoporosis or osteopenia. Novartis informed Emisphere that, although the study confirmed that oral PTH1-34 was both safe and well-tolerated, several clinical endpoints were not met. Based on the data analyzed, Novartis has terminated the study and anticipates no further work on the oral formulation of PTH1-34. Michael R. Garone, Emisphere's Interim Chief Executive and Chief Financial Officer, commented: "While Novartis' decision not to continue developing oral PTH1-34 is disappointing, we are confident in the Eligen® Technology and Novartis' Phase III clinical trials of an oral formulation of salmon calcitonin for the treatment of osteoporosis and osteoarthritis are continuing. In its media release for the year end 2010, Novartis disclosed that it expects the results of these Phase III trials later this year."