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Emisphere Technologies, Inc. Announces Pricing of Registered Direct Offering

Saturday, August 18, 2007 General News J E 4
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TARRYTOWN, N.Y., Aug. 17 Emisphere Technologies,Inc. (Nasdaq: EMIS) announced today that it has entered into agreements tosell 2.0 million shares of common stock and warrants to purchase 0.4 millionshares of common stock, at a purchase price of $3.785 per unit. The five-yearwarrants will be exercisable at any time after the six month anniversary ofissuance at an exercise price of $3.948 per share.

The securities in this transaction were offered by Emisphere pursuant toan effective shelf registration statement and a registration statement filedpursuant to Rule 462(b) promulgated under the Securities Act of 1933, asamended.

ThinkEquity Partners LLC acted as sole placement agent, and WBB SecuritiesLLC acted as financial consultant. Proceeds from the offering will be used byEmisphere for general corporate purposes, including further development of itslead clinical programs. The transaction is expected to close on or aboutAugust 22, 2007, subject to the satisfaction of customary closing conditions.

This press release does not constitute an offer to sell or a solicitationof an offer to buy the securities in this offering, nor will there be any saleof these securities in any jurisdiction in which such offer solicitation orsale are unlawful prior to registration or qualification under securities lawsof any such jurisdiction.

The offer is being made only by means of a prospectus, including aprospectus supplement, forming a part of the effective registration statement.When available, a final prospectus can be obtained from EmisphereTechnologies, Inc., 765 Old Saw Mill River Road, Tarrytown, New York 10591;telephone, (914) 785-4717 or from the U.S. Securities and Exchange Commissionat www.sec.gov.

About Emisphere Technologies, Inc.

Emisphere Technologies, Inc. is a biopharmaceutical company that focuseson a unique and improved delivery of therapeutic molecules and pharmaceuticalcompounds using its eligen(R) technology. These molecules and compounds couldbe currently available or are in pre-clinical or clinical development. Suchmolecules or compounds usually cannot be delivered by the oral route ofadministration or the benefits of these compounds are limited due to poorbioavailability, slow on-set of action or variable absorption. The eligen(R)technology can be applied to the oral route of administration as well otherdelivery pathways, such as buccal, per rectum, pulmonary, intra-vaginal ortransdermal. The Web site is: www.emisphere.com.

SOURCE Emisphere Technologies, Inc.
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