Emisphere Technologies, Inc.
May 17, 2010

Emisphere Technologies, Inc. Announces Financial Results for First Quarter 2010

Conference Call/Webcast to be Held Today, May 17, 2010 at 10:00 AM EDT

CEDAR KNOLLS, N.J., May 17, 2010 (GlobeNewswire via COMTEX News Network) -- Emisphere Technologies, Inc. (OTCBB:EMIS) today announced its financial results for the first quarter 2010. The Company will host a conference call to discuss financial results at 10:00 AM EDT this morning.

The live webcast of the conference call can be accessed through the company's web site at: www.emisphere.com. The live conference call dial-in number is: 1-888-819-8033 (United States and Canada) or 1-913-312-0660 (International). In addition, an archive of the webcast can be accessed through the same link; an audio replay of the call will be available following the conference call by calling 1-888-203-1112 (United States and Canada) or 1-719-457-0820 (International). The conference replay PIN is 6763914.

FIRST QUARTER 2010 FINANCIAL RESULTS

Emisphere reported a net loss of $18.5 million, or $0.44 cents per basic and diluted share for the three months ended March 31, 2010, including a $14.0 million non-cash charge related to the increase in the fair value of derivative instruments due to the change in stock price during the three months ended March 31, 2010. This compares with a net loss of $5.4 million, or $0.18 cents per basic and diluted share for same period last year.

Total operating expenses were $3.0 million for the three months ended March 31, 2010; a decrease of approximately $1.6 million, or 35%, compared to $4.7 million for the same period last year. Total operating expenses include research and development costs of $0.6 million (a decrease of $1.3 million or 71% compared to the same period in 2009) and general and administrative expenses of $2.3 million (a decrease of $0.6 million or 20% compared to the same period last year).

Other non-operating expenses were $15.5 million for the three months ended March 31, 2010; an increase of $14.7 million compared to $0.8 million for the same period last year due primarily to the $14.1 million increase in the change in fair value of derivative instruments.

LIQUIDITY

At March 31, 2010, Emisphere Technologies reported cash and restricted cash of $3.3 million, compared to $3.8 million at December 31, 2009. The Company has implemented aggressive cost controls to conserve its cash and better position the Company to realize the commercial promise of its Eligen(R) Technology. With its lower cash burn rate, the Company anticipates that its existing capital resources, without implementing cost reductions, raising additional capital, or obtaining substantial cash inflows, will enable us to continue operations through approximately June 2010 or earlier if unforeseen events arise that negatively affect our liquidity.

Management believes there are reasonable financing alternatives potentially available to the Company that will enable it to meet its near term operating cash requirements. Please refer to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 for additional information.

PRODUCT DEVELOPMENTS

Emisphere has a deep and varied pipeline that includes prescription, medical food and nutritional supplement product candidates in different stages of development.

  --  Oral Eligen(R) B12


  --  During April 2010, the Company announced that interim data from an
      ongoing study demonstrated that its high-dose oral Eligen(R) B12
      (1000mcg) given to individuals with low B12 levels restores normal B12
      serum concentrations. The study illustrates the potential of the
      Eligen(R) Technology and strengthens the Company's belief that its high
      dose, oral Eligen(R) B12 (1000mcg) formulation may offer a much needed
      medical food product. Oral Eligen(R) B12 (1000 mcg) is planned to be
      available later in 2010.


  --  Oral Salmon Calcitonin


  --  During April 2010, we announced the publication of a research study
      entitled, "Investigation of the Direct Effect of Salmon Calcitonin on
      Human Osteoarthritic Chondrocytes," by Nordic Bioscience in the April 5,
      2010 edition of the publication BMC Musculoskeletal Disorders. Oral
      salmon calcitonin, which uses Emisphere's proprietary Eligen(R)
      Technology, is currently being studied in osteoarthritis and
      osteoporosis by Novartis Pharma AG and Nordic Bioscience. The study
      shows that treatment with pharmacological concentrations of calcitonin
      increases synthesis of both proteoglycan (proteins and sugars which
      interweave with collagen) and collagen type II -- the key components of
      articular cartilage. These findings provide evidence to substantiate the
      theory that calcitonin may exert a positive effect on joint health
      through its dual action of promoting both bone and cartilage formation.


  --  Oral PTH


  --  During April 2010, we announced that Novartis Pharma AG initiated a
      second Phase I trial for an oral PTH1-34 which uses Emisphere's
      Eligen(R) Technology, and is in development for the treatment of
      postmenopausal osteoporosis. The study is a partially blinded, placebo
      controlled, active comparator study to explore the safety, tolerability,
      pharmacokinetics and pharmacodynamics in postmenopausal women after
      daily oral doses of PTH1-34. The study has two parts (A and B) and will
      enroll a total of approximately up to 120 postmenopausal women. The
      first patient was enrolled during April.



  --  Oral Glucagon-Like Peptide-1 (GLP-1)


  --  During January 2010, we announced that Novo Nordisk had initiated its
      first Phase I clinical trial with a long-acting oral GLP-1 analogue
      (NN9924). This milestone released a $2 million payment to Emisphere,
      whose proprietary Eligen(R) Technology is used in the formulation of
      NN9924.


The Company is continuing with a number of pre-clinical programs in collaboration with other companies as well as projects on its own using the Eligen(R) Technology to improve the oral absorption of selected molecules.

About Emisphere Technologies, Inc.

Emisphere is a biopharmaceutical company that focuses on a unique and improved delivery of therapeutic molecules or nutritional supplements using its Eligen(R) Technology. These molecules and compounds could be currently available or in development. Such molecules are usually delivered by injection; in many cases, their benefits are limited due to poor bioavailability, slow on-set of action or variable absorption. The Eligen(R) Technology can be applied to the oral route of administration as well other delivery pathways, such as buccal, rectal, inhalation, intra-vaginal or transdermal. The Company's website is: www.emisphere.com.

Safe Harbor Statement Regarding Forward-Looking Statements

The statements in this release and oral statements made by representatives of Emisphere relating to matters that are not historical facts (including without limitation those regarding the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Emisphere's product candidates and the sufficiency of Emisphere's cash and other capital resources) are forward-looking statements that involve risks and uncertainties, including, but not limited to, the likelihood that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, the ability of Emisphere and/or its partners to develop, manufacture and commercialize products using Emisphere's drug delivery technology, Emisphere's ability to fund such efforts with or without partners, and other risks and uncertainties detailed in Emisphere's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in Emisphere's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (file No. 000-17758), filed on March 25, 2010.

               EMISPHERE TECHNOLOGIES, INC.

           CONDENSED STATEMENTS OF OPERATIONS
   For the three months ended March 31, 2010 and 2009
     (in thousands, except share and per share data)
                       (unaudited)

                                  For the three months
                                          ended

                                        March 31,
                                 ----------------------

                                    2010        2009
                                 ----------  ----------
  Net sales                             $12         $--

  Costs and expenses:
    Research and development            562       1,923
    General and administrative
     expenses                         2,334       2,921
    Restructuring costs                  50       (353)
    Gain on disposal of fixed
     assets                             (1)        (43)
    Depreciation and
     amortization                        75         211
                                 ----------  ----------


                                 ----------------------

      Total costs and expenses        3,020       4,659
                                 ----------  ----------


  Operating loss                    (3,008)     (4,659)
                                 ----------  ----------

  Other non-operating income
   (expense):
    Other income                          3          41
    Sublease income                      --         232
    Change in fair value of
     derivative instruments
      Related party                 (9,120)         113
      Other                         (4,847)          35
  Interest expense
  Related party                     (1,271)     (1,044)

  Other                               (222)       (135)
                                 ----------  ----------
  Total other non-operating
   expense                         (15,457)       (758)
                                 ----------  ----------


  Net loss                        $(18,465)    $(5,417)
                                 ==========  ==========

  Net loss per share, basic and
   diluted                          $(0.44)     $(0.18)
  Weighted average shares
   outstanding, basic and
   diluted                       42,077,334  30,341,078

               EMISPHERE TECHNOLOGIES INC.

                 CONDENSED BALANCE SHEETS
           March 31, 2010 and December 31, 2009
     (in thousands, except share and per share data)


                                   March 31,    December
                                     2010         31,

  Assets:                         (unaudited)     2009
                                  -----------  ---------
  Current assets:
    Cash and cash equivalents          $3,015     $3,566
    Accounts receivable, net                4        158
    Inventories                           233         20
    Prepaid expenses and other
     current assets                       142        369
                                  -----------  ---------

     Total Current Assets               3,394      4,113
  Equipment and leasehold
   improvements, net                      122        138
  Purchased technology, net             1,017      1,077
  Restricted cash                         259        259

  Other assets                            324        346
                                  -----------  ---------


     Total Assets                      $5,116     $5,933
                                  ===========  =========


  Liabilities and Stockholders'
   Deficit:
  Current liabilities:
    Notes payable, including
     accrued interest and net of
     related discount                 $12,810    $12,588
    Accounts payable and accrued
     expenses                           4,943      4,975
    Deferred revenue, current              --         --
    Derivative instruments
     Related party                      8,248      3,205
     Others                             7,830      2,984
    Restructuring accrual,
     current                              600        750

    Other current liabilities              29         52
                                  -----------  ---------

     Total Current Liabilities         34,460     24,554
  Notes payable, including
   accrued interest and net of
   related discount                    14,324     13,076
  Deferred revenue                     13,501     11,494
  Derivative instrument related
   party                                8,669      4,591
  Deferred lease liability and
   other liabilities                       74         82
                                  -----------  ---------


     Total Liabilities                 71,028     53,797
                                  -----------  ---------
  Stockholders' deficit:
  Preferred stock, $.01 par
   value; authorized 1,000,000
   shares; none issued and
   outstanding
  Common stock, $.01 par value;
   authorized 100,000,000
   shares; issued 42,373,807
   shares (42,084,075
   outstanding) as of March 31,
   2010 and issued 42,360,133
   shares (42,070,401
   outstanding) as of December
   31, 2009                               424        424
  Additional paid-in-capital          392,753    392,335
  Accumulated deficit               (455,137)  (436,671)
  Common stock held in treasury,
   at cost; 289,732 shares            (3,952)    (3,952)
                                  -----------  ---------


     Total Stockholders' Deficit     (65,912)   (47,864)
                                  -----------  ---------

     Total Liabilities and
      Stockholders' Deficit            $5,116     $5,933
                                  ===========  =========

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Emisphere Technologies, Inc.

CONTACT:  Emisphere Technologies, Inc.
Michael Garone, Chief Financial Officer
973-532-8005
mgarone@emisphere.com
Rx Communications Group
Investor Relations contact:
Paula Schwartz
917-322-2216
pschwartz@rxir.com

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