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Emisphere will host a conference call to discuss second quarter results at10:00 AM EDT Monday, August 11, 2008. A live Webcast of the conference callcan be accessed through the company's website at: www.emisphere.com. The liveconference call dial-in number is: 1-800-894-5910 (United States and Canada)or 1-785-424-1052 (International). In addition, an archive of the Webcast canbe accessed through the same link; an audio replay of the call will beavailable following the conference call by calling 1-800-283-5758 (UnitedStates and Canada) or 1-402-220-0863 (International).
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SECOND QUARTER FINANCIAL RESULTS
Q2-2008 versus Q2-2007 - Prior Year Comparisons
Emisphere reported a net loss of $7.6 million, or $0.25 per basic anddiluted shares for the three months ended June 30, 2008, compared to a netloss of $12.1 million, or $0.43 per basic and diluted shares for the threemonths ended June 30, 2007. The operating loss was $5.9 million for the threemonths ended June 30, 2008, compared to an operating loss of $9.5 million forthe same period last year.
Total operating expenses were $5.9 million for the three months ended June30, 2008; a decrease of $4.0 million, or 41%, compared to $9.9 million for thethree months ended June 30, 2007.
Research and development costs decreased $2.7 million, or 45%, to $3.3million for the three months ended June 30, 2008 compared to $6.0 million forthe three months ended June 30, 2007.
General and administrative costs decreased $1.2 million, or 35%, to $2.4million for the three months ended June 30, 2008 compared to $3.6 million forthe three months ended June 30, 2007.
Q2-2008 versus Q1-2008 - Prior Quarter Comparisons
Total operating expenses of $5.9 million for the three months ended June30, 2008 decreased $0.7 million, or 11%, compared to $6.6 million for thethree months ended March 31, 2008.
Research and development costs decreased $0.5 million, or 13%, to $3.3million for the three months ended June 30, 2008 compared to $3.8 million forthe three months ended March 31, 2008.
General and administrative costs decreased $ 0.3 million, or 12%, to $2.4million for the three months ended June 30, 2008 compared to $2.7 million forthe three months ended March 31, 2008.
LIQUIDITY
Cash, cash equivalents, and investments as of June 30, 2008 were $15.4million an increase of 11% as compared to $13.9 million as of December 31,2007.
The Company anticipates that its existing capital resources are sufficientto enable it to continue operations through March 2009. "Throughout 2008,Emisphere continues to build value," said Michael V. Novinski, President andChief Executive Officer. "We have delivered encouraging results with ourEligen(R) B12 formulation that could have a significant impact on addressingthe problems associated with B12 supplementation. At the same time, we arecontinuing to build high-value partnerships, as seen with our licenseagreement with Novo Nordisk. Our goal is to continue to drive the Eligen(R)Technology toward commercialization using Eligen(R) B12 and use this excitingtechnology as a platform to provide solutions to the hurdles associated withthe delivery of molecules that are difficult to absorb through additional highvalue partnerships and exploration of other molecules and nutrients."
CORPORATE DEVELOPMENTS
Emisphere recently announced an exclusive Development and LicenseAgreement with Novo Nordisk A/S (NYSE: NVO) to develop and commercialize oralformulations of Novo Nordisk's proprietary GLP-1 receptor agonists, which havethe potential of treating Type 2 diabetes, using Emisphere's Eligen(R)Technology. The agreement includes at least $87 million in co
