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Securities Exchange Act

Emisphere Technologies Secures $15 Million Financing, Appoints New Board Member

Strategic Insights

— 1 min read

Emisphere Technologies, a biopharmaceutical company specializing in the oral delivery of injectable drugs, has announced a $15 million senior secured term loan financing with MHR Fund Management LLC, its largest shareholder. The company plans to use the proceeds to fund its clinical development programs, particularly in oral heparin and insulin, and for general corporate purposes. In conjunction with the financing, Mark H. Rachesky, M.D., the President of MHR Fund Management LLC, has been appointed as a member of Emisphere's Board.

Key Takeaways:

  • Emisphere Technologies has secured a $15 million senior secured term loan financing with MHR Fund Management LLC, its largest shareholder.
  • The company will use the proceeds to fund its clinical development programs in oral heparin and insulin, and for general corporate purposes.
  • Mark H. Rachesky, M.D., President of MHR Fund Management LLC, has been appointed as a member of Emisphere's Board.
  • The financing will enable Emisphere to achieve several significant milestones, including completing Phase III oral heparin studies, initiating and completing Phase II 90-day oral insulin studies, and filing an IND for an initial human Acyclovir study.
  • Emisphere's eligen(R) technology has enabled the oral delivery of proteins, peptides, macromolecules, and charged organics, and the company has advanced several oral formulations and prototypes into clinical trials.
  • The company has strategic alliances with world-leading pharmaceutical companies, including Novartis and Roche.

Statistics:

  • $15 million: the amount of senior secured term loan financing secured by Emisphere Technologies.
  • 15: the number of months in which Emisphere plans to complete its clinical development programs, including Phase III oral heparin studies.
  • 90: the number of days in which Emisphere intends to complete Phase II 90-day oral insulin studies.
  • 23: the number of employees and directors of Emisphere who may be deemed participants in the solicitation of proxies from the company's stockholders.
  • 1-800-SEC-0330: the toll-free phone number for the SEC's public reference room in Washington D.C.

Sources:

  • Emisphere Technologies, Inc. Form 8-K filing with the SEC on September 26, 2005.
  • Emisphere Technologies Announces $15 Million Financing with Largest Shareholder press release on September 26, 2005.
  • SEC website: www.sec.gov.
  • Emisphere Technologies' website: www.emisphere.com.

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