Transcript 2nd Quarter Conference Call - Emisphere Technologies, Inc.

Second Quarter Conference Call
Michael V. Novinski
President and Chief Executive Officer
August 11, 2008
Safe Harbor
Safe Harbor Statement Regarding Forward-Looking Statements
The statements in this presentation and oral statements made by representatives of Emisphere relating
to matters that are not historical facts (including without limitation those regarding potential third party
collaborations, future performance or financial results, 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 made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks and uncertainties, including, but not limited to, the likelihood
that one or more potential third party collaborations may not be consummated, that actual performance
or results could materially differ, 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, or Emisphere's ability to fund such efforts with or without
partners. Emisphere undertakes no obligation to update any of these statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as to the date hereof.
Accordingly any forward-looking statements should be read in conjunction with the additional 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, 2007, filed on March 17, 2008.
2
Agenda
 Introductory Remarks
 Financials Q2-2008
 Organizational Highlights
 Pipeline Update
 Partnership Update
 Concluding Remarks
3
Introductory Remarks
4
Drive Value
 Established Goals
• Commercialize the technology
• Bring in high-value partnerships
5
Commercialization
 Establishes a new perspective
 Places technology in another class
 Initiates revenue stream
6
Partnerships
 Build our pipeline
 Combines their patented molecules with our
proprietary Eligen® Technology
 Brings substantial financial investment to expand
use of the technology
 Increases demand for the technology
7
Organizational Highlights – Q2/2008
 Improve focus and productivity
 Reduced headcount (40%)
 Reduced burn rate
 -41% versus Q2-2007
 -11% versus Q1-2008
 Clear objectives and goals
 Strengthened management team
 Nicholas Hart
 VP Strategy and Development
 A team in transition with a strong leadership team
8
Emisphere Product Pipeline
 Pipeline remains unchanged and all projects
continue to progress forward
9
Product Pipeline Highlights
 Phase III – Novartis
• Osteoporosis
• Osteoarthritis
 Study 1
 Study 2
 Phase I
• PTH – Novartis
• GLP-1 / PYY
 GLP-1
 GLP-1 / PYY
• Oral Gallium
• GLP-1 (Novo Nordisk)
 TBD
10
Product Pipeline Highlights (cont’d)
 Pre-clinical
• Move projects into clinical
• Expand collaborations
• Initiate projects comparable to B12
11
Eligen® B12
 Conclusions
• Eligen® significantly enhances B12 delivery in humans
• Eligen® utilized a new mechanism of B12 delivery
• B12 animal studies proved highly predictive of the
observed human response
12
Eligen® B12
 Next steps
• Continue with current regulatory strategy
• Clinical investigation of Eligen® B12 pharmacokinetics
at lower doses in target populations (Q3-2008)
• Clinical investigation of Eligen® B12 therapeutic
efficacy in target populations (Q4-2008)
• Step up efforts to establish sound commercialization
strategy and maximize potential valuation
13
Partnership Highlights
 Novo Nordisk partnership in place
 Bring in additional two partnerships in 2008
14
Concluding Remarks
 Vastly improving financials
 Strong and improved organization that is clearly
focused and generating value and will only
improve as time proceeds
 Clear pathway to commercializing the technology
in a shortened time period and establish Eligen®
as the number one solution to problems with
absorption of selected molecules
 Exciting Phase III program with approximately
5,500 patients being treated for osteoporosis and
osteoarthritis
15
Concluding Remarks (cont’d)
 Encouraging results with early clinical stage
program including GLP-1 data
 Productive and improving pre-clinical program
 A new leadership position together with Novo
Nordisk that positions Eligen® and GLP-1
proprietary analogs as the most exciting future
treatment for Type 2 Diabetes
 An improving company valuation
16
Q&A
17