First Clamp study is completed (capsule, data still unknown) in healthy human TII diabetic. They are doing additional toxicology 90 days test in diabetic (with tablet formulation planed). I see no reason to believe that data are not OK. But who knows?
Miljenko
Wednesday May 22, 6:28 pm Eastern Time
Press Release
SOURCE: Emisphere Technologies, Inc.
Emisphere Technologies Announces Plan for Restructuring
TARRYTOWN, N.Y., May 22 /PRNewswire-FirstCall/ -- Emisphere Technologies, Inc. (Nasdaq: EMIS - News), today announced that it has initiated a restructuring plan intended to ensure current cash balances are sufficient to continue the advancement of all existing development programs, including an improved solid form of oral heparin.
Following the recent announcement that the Company's PROTECT trial for liquid oral heparin did not meet its primary efficacy endpoint, Emisphere stated that it would be discontinuing its liquid oral heparin program and any related initiatives, and scale back any associated infrastructure. The restructuring implemented today reduced Emisphere's full-time workforce, by approximately 30%.
"We firmly believe this course of action is in the overall best interest of Emisphere," said Michael M. Goldberg, M.D., Emisphere's chairman and chief executive officer. "We are currently taking steps to assist those affected with outplacement and other human resources support."
Emisphere expects that its cash and investments will fund operations for three years without any external financing sources, given its revised business plan. Emisphere further stated that it will hold a conference call in mid-June to provide financial guidance for the quarter and upcoming year, including non-cash restructuring charges.
"In addition to the significant cost savings gained from discontinuing PROTECT 2, we will have the potential for cash inflow from both existing and anticipated partners", Dr. Goldberg added. "We ended the first quarter of 2002 with cash at $119 million which is sufficient to execute our current business plan allowing for the continued development of our three products in clinical testing, while pursuing partnering opportunities in parallel. We have two fully-funded, partnered products in clinical testing and plan to have a recombinant form of human growth hormone in human testing with our partner, Lilly, in the third quarter of this year. The data generated with these products, coupled with the significant safety and clinical efficacy demonstrated in the PROTECT study, support our growing confidence in the commercial potential for our oral drug delivery platform", Dr. Goldberg concluded.
Alan W. Dunton, M.D., president and chief operating officer, added, "Our primary choice of funding, should it be available, is through anticipated corporate partnerships. However, three years worth of cash will enable us to secure fair partnerships without engaging in a relationship prematurely. Right now we have no plans to raise capital from additional public offerings. We remain open to discussions for partnering our programs and now have the capital in place to advance our technology." |
