Microsoft PowerPoint Presentation

5/8/2001


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Table of Contents

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CY2001 Achievements

Advanced Drug Delivery vs. Drug Discovery

Advanced Drug Delivery

Risk/Reward Profile

Combining Drug Delivery and Biotechnology

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Overcoming Delivery Barriers to Commercialization

Carrier Selection Process (Cluster analysis for a protein product)

Carrier Optimization Process (Expansion to entire database)

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Proven Technology Platform

Dominant Position in Oral Delivery

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Heparins/Anticoagulants: Size and Potential

Heparin Family of Product Candidates

Oral Heparin

The PROTECT© Trial

The PROTECT© Trial

Oral Heparin Solution Program Status

Asthma and Allergy Markets

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The Ideal Delivery Option

Oral Delivery: Function Follows the Anatomy

Key Role of the Liver

Current Delivery Options

Emisphere’s Oral Delivery Solution

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Blood Glucose and Insulin Levels

Subcutaneous vs. Oral Insulin Dosing

Calendar Year 2001

Strong Financial Position

Current Investment Considerations

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Author: Shepard M. Goldberg