Microsoft PowerPoint Presentation

10/22/2003


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Table of Contents

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The Oral Drug Delivery Opportunity

Presentation Overview

eligen™ Oral Drug Delivery Technology

Provides Differentiated Solutions to the Traditional Challenges

Established Delivery Platform

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EMISPHERE® Delivery Agents

Patent Portfolio

Development Strategy

Product Candidates

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Osteoporosis: ($7 billion) Oral Salmon Calcitonin

Oral Salmon Calcitonin Status

Diabetes: ($13 Billion) Oral Insulin

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Oral Insulin: Benefits

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Oral Insulin: Potential First Line Therapy for Type 2 Diabetics

First Phase Insulin Release: Normal and Type 2 Diabetics

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Oral Insulin: Development Status

Oral Insulin: Next Steps

Anticoagulation: ($2.5 Billion) Oral Heparin

Oral Heparin: Status

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Risk Management

Financial Snapshot 6/30/03

Operating Efficiencies

Accomplishments 2003

Catalysts

Investment Thesis

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Author: Shepard M. Goldberg