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EMISPHERE TECHNOLOGIES COMPLETES SALE OF COMMON STOCK

May 16, 2006

Emisphere Technologies, Inc. announced today that it has completed the sale of 4 million shares of common stock at $8.26 per share, the closing bid price of the Company's common stock on May 9, 2006, pursuant to Emisphere's previously filed shelf registration statement, which was declared effective by the Securities and Exchange Commission on May 2, 2006.
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