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EMISPHERE TECHNOLOGIES ANNOUNCES $15 MILLION FINANCING WITH LARGEST SHAREHOLDER

September 26, 2005

Emisphere Technologies, Inc. (Nasdaq: EMIS - News) announced today that it has raised $15 million through a senior secured term loan financing with funds managed by MHR Fund Management LLC. Emisphere plans to use the proceeds of the loan to fund its clinical development programs in oral heparin and insulin and for general corporate purposes. Emisphere intends to file a Proxy Statement with the SEC that calls for a Special Shareholders' Meeting.

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