Wow, EMIS tanked on news with Dupont... -- EFNT2

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Date Posted: 09:34:22 06/30/00 Fri
Author: warren
Subject: Wow, EMIS tanked on news with Dupont...

I think investors didn't like the non-binding issue.
Too bad...it was a great looking chart.

Friday June 30, 8:28 am Eastern Time

Company Press Release

SOURCE: Emisphere Technologies, Inc.

DuPont Pharmaceuticals and Emisphere Announce Agreement for Oral Heparins Development and Marketing

WILMINGTON, Del., and TARRYTOWN, N.Y., June 30 /PRNewswire/ -- DuPont Pharmaceuticals Company, a wholly-owned independent subsidiary of DuPont (NYSE: DD - news) and Emisphere Technologies, Inc. (Nasdaq: EMIS - news) today announced they have agreed to terms on a development and marketing agreement for oral formulations of heparin and low molecular weight heparin utilizing Emisphere's proprietary drug delivery technology. The two companies executed a non- binding letter of intent that is subject to the completion of documentation.

The two companies will collaborate to co-develop solid oral dosage forms of heparin and low molecular weight heparin. Emisphere retains development rights to its oral liquid formulation of heparin that is currently in Phase III clinical trials. Emisphere and DuPont Pharmaceuticals are discussing a contract sales organization relationship for this product.

Emisphere will receive payments consisting of upfront fees, milestones and royalties. Financial terms were not disclosed.

``Oral heparin or low molecular weight heparin products utilizing Emisphere's oral delivery technology have the potential to meet a large unmet medical need,'' said Nicholas L. Teti, president and chief executive officer of DuPont Pharmaceuticals. ``This agreement is part of DuPont Pharmaceuticals' strategy to build its global cardiovascular business and will broaden our role in overall vascular care.''

``DuPont Pharmaceuticals is a world leader in anticoagulant therapy. We are delighted with their commitment to the development of oral solid dosage formulations of heparin. We believe oral heparin and oral low molecular weight heparin products have significant potential advantages over the injectable products,'' said Michael M. Goldberg, M.D., chairman and chief executive officer of Emisphere Technologies, Inc. ``This collaboration is further confirmation that our platform technology can create opportunities of significant value to pharmaceutical companies.''

Heparin, which currently must be administered by injection, is an anticoagulant widely used for preventing and treating deep vein thrombosis and other cardiovascular conditions. The use of parenteral heparin is typically restricted to the hospital setting. Low molecular weight heparins also are available only by injection and are dosed from 7 to 28 days on an outpatient basis. Worldwide heparin sales, including the low molecular weight heparin (``LMWH''), are estimated to be over $2.0 billion, with a 15 percent annual growth rate.

Emisphere has created a library of delivery agents that promote the gastrointestinal absorption of macromolecular drugs such as heparin, proteins and peptides. An Emisphere(TM) delivery agent has been identified that can deliver unfractionated heparin (``UFH'') orally in humans.

DuPont Pharmaceuticals is a worldwide business that focuses on research, development, and delivery of pharmaceuticals to treat unmet medical needs in the fights against HIV, cardiovascular disease, central nervous system disorders, cancer and inflammatory diseases. DuPont Pharmaceuticals also is a leader in medical imaging.

DuPont is a science company, delivering science-based solutions that make a difference in people's lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 70 countries and has 94,000 employees.

Emisphere Technologies, Inc. is a biopharmaceutical company specializing in the oral delivery of therapeutic macromolecules and other compounds that are not currently deliverable by oral means. The Company has three formulations in human clinical trials, including a solid oral dosage formulation of heparin, using its unique carrier technology and has strategic alliances and ongoing feasibility studies with several pharmaceutical and biotechnology companies, including Novartis Pharma AG, Eli Lilly & Co., and Regeneron Pharmaceuticals, Inc. Further information about Emisphere can be found at www.emisphere.com

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