Microsoft PowerPoint Presentation

9/26/2003


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Table of Contents

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Challenges of Oral Macromolecule Product Development

Presentation Overview

Established Delivery Platform

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EMISPHEREŽ Delivery Agents

Process Development Map

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Oral Salmon Calcitonin Phase IIa Results Summary

Oral Insulin

Oral Insulin: Benefits

Insulin Gets to the Liver First: Portal Delivery of Pancreatic Insulin

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Oral Insulin: Development Progress

1st Phase Insulin Release: Normal and Type 2 Diabetics

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Oral Insulin: Overnight Study Summary

Oral Insulin: Next Steps

Product Candidates

Financial Snapshot 6/30/03

Operating Efficiencies

Accomplishments 2003

Catalysts

Investment Thesis

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Author: Shepard M. Goldberg