Investment Considerations

10/14/2004

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Table of Contents

Investment Considerations

Pipeline (Cont’d)

Near Term Catalysts

Why Focus on Oral Drugs?

eligen® Technology

Therapeutic Areas

PROTECT Phase III Trial

Negatives of Current Insulin Therapy

Emisphere Oral Insulin Tablets

First Phase Endogenous Insulin

2003 Multi-Dose Study

Salmon Calcitonin

Novartis Abstract re: Salmon Calcitonin and Osteoarthritis

Partnered Program: rhGH

Financial Snapshot 6-30-04

Investment Considerations

Author: Shepard M. Goldberg