Our Mission

1/6/2003


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Table of Contents

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Our Mission

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A Review of 2002

Differentiated Oral Drug Delivery

Emisphere Business Model

Partnership Focus

“Focus on the Client”

Current Cash and Assets

Competitive Advantage

Oral Salmon Calcitonin

Oral PTH 1-34 (teraparatide)

Oral rhGH (somatotropin)

Feasibility Programs

Business Strategy for 2003

Development

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PROTECT: The Foundation for the Solid Formulation

Analysis Presented at ASH

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Heparin Solid Formulation: Progress

Clinical Studies

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Oral Delivery

Emisphere’s Oral Insulin Candidate

Development Progress

Next Steps

Aggregate Market Opportunity† 2002

Translating the Market Potential: Emisphere’s Inherent Opportunity

Oral Cromolyn Sodium

Clinical Data Summary: Multi-Dose Study

Established Technology Platform

2003

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Author: Shepard M. Goldberg