Emisphere Reports Receipt of Notification from NASDAQ Regarding Non-Compliance with Continued Listing Requirements

Tuesday, April 29, 2008 General News
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CEDAR KNOLLS, N.J., April 28 EmisphereTechnologies, Inc. (Nasdaq: EMIS) announced that on April 22, 2008 it receiveda letter from the NASDAQ Stock Market (the "NASDAQ Letter") advising that, forthe last 10 consecutive trading days, the Company's market value of listedsecurities had been below the minimum $50,000,000 requirement for continuedinclusion on The NASDAQ Global Market pursuant to NASDAQ Marketplace Rule4450(b)(1)(A). Furthermore, NASDAQ stated that the Company does not complywith NASDAQ Marketplace Rule 4450(b)(1)(B), which requires the Company to havetotal assets and total revenue of $50,000,000 each for the most recentlycompleted fiscal year or two of the last three most recently completed fiscalyears. Compliance with either NASDAQ Marketplace Rule 4450(b)(1)(A) or4450(b)(1)(B) is one of the minimum standards for continued inclusion on TheNASDAQ Global Market.

In the NASDAQ Letter, NASDAQ advised that, in accordance with NASDAQMarketplace Rule 4450(e)(4), the Company will be provided 30 calendar days, oruntil May 22, 2008, to regain compliance with NASDAQ Marketplace Rule4450(b)(1)(A).

In response to the NASDAQ Letter, the Company intends to apply to transferits common stock to the NASDAQ Capital Market on or before May 22, 2008 toensure that consistent and continual access to capital markets is maintainedfor all its shareholders. The NASDAQ Capital Market currently includes over500 companies and operates in substantially the same manner as the NASDAQGlobal Market. Securities listed on the NASDAQ Capital Market satisfy allapplicable qualification requirements for NASDAQ securities and all companieslisted on the NASDAQ Capital Market must meet certain financial requirementsand adhere to NASDAQ's corporate governance standards.


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 preclinical 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.

Safe Harbor Statement Regarding Forward-Looking Statements

The statements in this release and oral statements made by representativesof Emisphere relating to matters that are not historical facts (includingwithout limitation those regarding future performance or financial results,the timing or potential outcomes of research collaborations or clinicaltrials, any market that might develop for any of Emisphere's productcandidates and the sufficiency of Emisphere's cash and other capitalresources) are forward-looking statements that involve risks anduncertainties, including, but not limited to, the likelihood that actualperformance or results could materially differ, that future research willprove successful, the likelihood that any product in the research pipelinewill receive regulatory approval in the United States or abroad, the abilityof Emisphere and/or its partners to develop, manufacture and commercializeproducts using Emisphere's drug delivery technology, or Emisphere's ability tofund such efforts with or without partners. Emisphere undertakes no obligationto update any of these statements. Readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as to the datehereof. Accordingly any forward-looking statements should be read inconjunction with the additional risks and uncertainties detailed inEmi

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