2nd Quarter Conference Call

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Third Quarter 2008 Earnings Conference Call
Michael V. Novinski President and Chief Executive
Officer
November 6, 2008
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Safe Harbor
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 (file no. 1-10615)
filed on March 13, 2008 and our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2008,
filed on August 11, 2008.
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Agenda

• Introductory Remarks
• Financials
• Eligen B12 Commercialization
• Partnerships
• Cash Position
• Questions

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Introductory Remarks
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Eligen B12 Clinical Strategy

• Human clinical trials of B12 formulations in
  healthy volunteers demonstrate
• Eligen B12 provides new mechanism for B12
  delivery
• Eligen B12 significantly enhances B12 absorption
• Cmax (greater than tenfold compared to
  commercial)
• Tmax (reduced by more than 90)
• Clinical investigation of Eligen B12 therapeutic
  efficacy in target populations set for fourth
  quarter
• One study in B12 deficient subjects to be
  initiated in 2008
• Additional studies scheduled for 2009

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Eligen B12 Commercial Application

• Clinical strategy to support higher and lower
  dose
• Regulatory strategy
• GRAS
• Valuation in process with physicians and
  consumers
• Exploring various market opportunities with a
  potential market entry in late 2009

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Partnerships
Novartis and Salmon Calcitonin

• Recruitment completed for two Phase III studies
  by Novartis exploring effects of Eligen and
  Salmon Calcitonin in osteoarthritis and
  osteoporosis
• Phase III study exploring safety and efficacy of
  Oral Salmon Calcitonin in the treatment of
  vertebral fractures in postmenopausal women aged
  60-80 in North and South America, Europe and Asia
• Phase III study exploring the safety and efficacy
  of Oral Salmon Calcitonin to treat patients with
  knee osteoarthritis in patients aged 51-80 mainly
  in Europe estimated completion in 2010
• This study will be used to support the filing
  with health authorities worldwide
• A second study, designed to meet FDA requirements
  for U.S. registration, was initiated in October
  2008

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Partnerships
Novartis and Salmon Calcitonin

• Publication of study of Oral Salmon Calcitonin
  using Eligen Technology taken 30-60 minutes
  before meals with 50ml of water resulted in
  improved absorption and efficacy compared to
  nasal formulation

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GLP-1 Study Findings

• Independent study published showed that GLP-1 and
  PYY3-36 can be delivered orally in humans safely
  and efficiently
• Conducted at University Hospital in Basel,
  Switzerland, by Christoph Beglinger, M.D.

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Cash Position

• Current cash sufficient for next six months
• Negotiations on partnerships continue

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Stock Performance

• Currently undervalued
• Share price affected by overall market conditions
• Continued exposure to financial community
• Rodman Renshaw Conference November
• NYSSA Conference December
• Ongoing one-on-one investor meetings and calls

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Summary

• Unique technology selected by key pharmaceutical
  companies
• Solution-based alternative for many
  pharmaceutical development issues
• Highly adaptive to various therapeutic fields
• Carriers themselves are not pharmacologically
  active
• Not limited to prescription drug products (B12,
  nutrients, other vitamins, etc)
• Two Phase III programs
• Osteoarthritis
• Osteoporosis
• Newly established leadership position for oral
  therapy Type II Diabetes
• Potential commercial product late-2009

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QA