Emisphere Technologies Completes Note Payment to Elan

Emisphere Technologies, Inc. today announced it has retired its remaining debt owed to an affiliate of Elan. The $13 million cash payment, plus issuance of a warrant to purchase 600,000 shares of the company's common stock at $3.88 per share, finalizes the transaction and eliminates the debt at a significant discount. The company will recognize a significant non-cash gain as a result of the discount.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=19577320&full=1)