Emisphere to Receive $7 Million Payment
ROSELAND, N.J., April 26, 2018 (GLOBE NEWSWIRE) -- Emisphere Technologies, Inc. (OTCBB:EMIS) today announced that it has amended its existing 2015 Development and License Agreement with Novo Nordisk A/S (NYSE:NVO) for the development and commercialization of oral formulations of four classes of Novo Nordisk's investigational molecules targeting major metabolic disorders, including diabetes and obesity, using Emisphere's oral Eligen® Technology. Under the original terms of the Agreement, Emisphere licensed to Novo Nordisk the exclusive right to develop potential product candidates in three molecule classes, and the non-exclusive right to develop potential product candidates in a fourth molecule class, using the Eligen® Technology.
“We are excited about the continued collaboration with Emisphere on the Eligen® technology. The amendment of the license agreement underlines Novo Nordisk’s ambition to develop novel oral formulations for the benefit of people especially with diabetes, obesity and other serious chronic diseases,” said Marcus Schindler, Senior Vice President of Global Drug Discovery of Novo Nordisk.
As part of the amendment to the Agreement, among other items, the non-exclusive molecule class was converted to an exclusive molecule class, and certain modifications were made related to development efforts. Emisphere will receive an immediate $7.0 million payment related to this new Amendment along with the opportunity to receive up to an additional $10 million in development milestone payments, $32.5 million in sales milestone payments, plus royalties for the newly converted molecule class.
The existing oral GLP-1 agreement between Novo Nordisk and Emisphere remains intact and unchanged.
ABOUT ELIGEN® TECHNOLOGY
Emisphere's broad-based drug delivery technology platform, known as the Eligen® Technology, uses proprietary, synthetic chemical compounds, known as Emisphere delivery agents, or carriers. Emisphere's Eligen® Technology makes it possible to deliver a therapeutic molecule without altering its chemical form or biological integrity.
ABOUT NOVO NORDISK
Novo Nordisk is a global healthcare company with 95 years of innovation and leadership in diabetes care. This heritage has given us experience and capabilities that also enable us to help people defeat obesity, haemophilia, growth disorders and other serious chronic diseases. Headquartered in Denmark, Novo Nordisk employs approximately 42,100 people in 79 countries and markets its products in more than 170 countries. For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.
Emisphere is a drug delivery company that utilizes its proprietary Eligen® Technology to develop new oral formulations of therapeutic agents. Emisphere is currently partnered with global pharmaceutical companies for the development of new orally delivered therapeutics. For more information, please visit the Company's website at www.emisphere.com.
The press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to the Company's development activities and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the Company's business development activities and the sufficiency of the Company's cash position. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to, the sufficiency of Emisphere's cash position, the success of our and our partner's development and commercialization efforts, and our ability to successfully partner our Eligen® Technology.