Michael V. NovinskiPresident and Chief Executive OfficerPresident and Chief Executive Officer

July 29, 2008July 29, 2008

EligenEligen®® B12 – Human Clinical B12 – Human Clinical ResultsResults

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Safe HarborSafe Harbor

Safe Harbor Statement Regarding Forward-Looking Statements

The statements in this presentation and oral statements made by representatives of Emisphere relating to matters that are not historical facts (including without limitation those regarding potential third party collaborations, future performance or financial results, the timing or potential outcomes of research collaborations or clinical trials, any market that might develop for any of Emisphere's product candidates and the sufficiency of Emisphere's cash and other capital resources) are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, the likelihood that one or more potential third party collaborations may not be consummated, that actual performance or results could materially differ, that future research will prove successful, the likelihood that any product in the research pipeline will receive regulatory approval in the United States or abroad, the ability of Emisphere and/or its partners to develop, manufacture and commercialize products using Emisphere's drug delivery technology, or Emisphere's ability to fund such efforts with or without partners. Emisphere undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly any forward-looking statements should be read in conjunction with the additional risks and uncertainties detailed in Emisphere's filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in Emisphere's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, filed on March 17, 2008.

AgendaAgenda

Introductory Remarks

B12 and Emisphere

B12 Clinical Data

Expert Commentary

Wrap-up

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Introductory Remarks

Emisphere ObjectiveEmisphere Objective

Commercialize the Eligen® ® Technology

• Use B12 as a possible avenue

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Why B12?Why B12?

Vitamin B12 is an essential vitamin, but a poorly absorbed molecule/nutrient

For those who are B12 deficient or at-risk, current options are injections (painful ), or megadoses in tablet form (poorly absorbed with high uncertainty)

Currently

• 5 million people in the United States are taking 40 million injections annually, with 250 million injections estimated worldwide

• At least an estimated 600 million tablets are purchased annually by an additional 5 million people

B12 ProgramB12 Program Animal studies

• High dose – one species

• Physiological dose – one species

• Physiological dose – second species

Human Studies

• High dose – absorption and rate

• Lower dose – absorption and rate versus IV and commercial tablet

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EligenEligen®® B12 – Human B12 – Human Clinical TrialClinical Trial Study conducted in 20 healthy males, with a

single administration of Eligen® ® B12 – well tolerated with no adverse reactions

Eligen® ® B12 formulation bypasses normal absorption process

Eligen® ® B12 formulation demonstrates 240% improvement in bioavailability versus standard oral tablet in healthy males

Absorption time with Eligen®® B12 was 30 minutes, versus 6.5 hours for standard oral tablet

Eligen® ® B12 bioavailability of 5%

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What Does This Mean?What Does This Mean? Reduces uncertainty of megadose oral therapy and oral

therapy in general

• Patients at-risk

• Individuals concerned about levels of this essential vitamin

Reduce dependence on injections taken by millions

• Improve compliance

• More convenient dosage formulation

Highly effective treatment through consistently enhanced bioavailability

Moving away from injections broadens application for oral therapy as a solution or approach to the problems associated with B12 supplementation

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EligenEligen®® B12 – Human PK B12 – Human PK StudyStudy Pharmacokinetic study conducted in 20 healthy male subjects

divided into four arms

• Four patients received 1mg B12 intravenously

• Four patients received 10mg Eligen® B12

• Six patients received 5mg Eligen® B12

• Six patients received commercially available 5mg B12 tablet

10mg Eligen® group served essentially as a pilot arm to determine appropriate dose for pharmacokinetic purposes

Following these results, dosage reduced by 50% to a level that is being used in certain commercially available formulations

Expect to be able to reduce dose further based on the data received and the linear relationship between the two Eligen® groups

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EligenEligen®® B12 – Human B12 – Human Clinical DataClinical Data Mean B12 peak blood levels were more than

10 times higher for the Eligen® ® B12 formulation than the 5mg commercial tablet

• 12847 pg/mL and 1239 pg/mL, respectively

Time to reach peak concentration reduced by more than 90%, where mean Tmax was 0.5 hours for the 5mg Eligen® B12 and 6.8 hours for the commercial 5mg dose

Mean AUC (24h) values were 54609 hr* pg/mL for Eligen® B12 and 23165 hr* pg/mL for the commercial 5mg product

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EligenEligen®® B12 – Mean PK B12 – Mean PK DataData

TreatmentCmax

(pg/mL)

Tmax(hr)

AUC24

(hr* pg/mL)

5 mg B12 Commercial Formulation

1239±4506.8±3.

223165±83

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5 mg B12 Eligen® Formulation

12847±6613*

0.5±0.2*

54609±16405*

*p<0.05, t-Test

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EligenEligen®® B12 – Human B12 – Human Clinical DataClinical Data

Mean (± S.D.) Serum B12 Concentrations Concentrations in Healthy Male Subjects

100

1000

10000

100000

1000000

0 2 4 6 8 10 12 14 16 18 20 22 24

Time (hr)

Seru

m C

yano

coba

lam

in C

once

ntra

tion

(pg/

mL) 5 mg Eligen B12

5 mg Commerical B12

10 mg Eligen B12

1 mg IV Commerical B12

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EligenEligen®® B12 – Human B12 – Human Clinical DataClinical Data

Mean Serum B12 Concentrations in Healthy Male Subjects

100

2100

4100

6100

8100

10100

12100

14100

16100

18100

20100

0 2 4 6 8 10 12 14 16 18 20 22 24

Time (hr)

Seru

m C

once

ntra

tion

(pg/

mL)

mg Commercial B12 5

mg Eligen B12 5

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EligenEligen®® B12 – Human B12 – Human Clinical DataClinical Data

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Conclusions

Eligen® significantly enhances B12 delivery in humans

Eligen® utilized a new mechanism of B12 delivery

B12 animal studies proved highly predictive of the observed human response

Next steps

Clinical investigation of Eligen® B12 pharmacokinetics at lower doses in target populations (Q3/2008)

Clinical investigation of Eligen® B12 therapeutic efficacy in target populations (Q4/2008)

EligenEligen®® B12 – Clinical B12 – Clinical UpdateUpdate

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EligenEligen®® B12 – Why It’s Important B12 – Why It’s Important for Patientsfor Patients

This presents a potential paradigm shift in the way we approach B12 deficiency and at-risk people

Emisphere’s carriers reduce the potential uncertainty associated with oral megadoses of B12

New formulation may prevent the substantial number of B12 injections given worldwide

This may be an effective recourse for people who are at-risk of B12 deficiency, are already identified as B12 deficient, and for people who are concerned about this important vitamin

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Food fortification

Supplementation for those individuals concerned about B12

Supplementation for the at-risk populations

Supplementation for B12 deficient segments

EligenEligen®® B12 – Commercial B12 – Commercial ApplicationApplication

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Clinical strategy to support all segments

Regulatory strategy to allow access to all segments

• NDI

• GRAS

Evaluate each segment to maximize the potential valuation

EligenEligen®® B12 – Commercial B12 – Commercial ApplicationApplication

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EligenEligen®® B12 – Summary B12 – Summary

All research indicates that Eligen® B12 presents a significant improvement to help approach the problem of B12 supplementation, regardless of level of supplementation that may be required

Emisphere is committed to commercializing Eligen® B12 as an opportunity for all defined segments

These data only further demonstrate the value of the Eligen® Technology as a platform to improve the bioavailability for difficult to absorb molecules; including, but not limited to, other essential vitamins and minerals, prescription drug products, and even other possible molecules

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Q&A