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EMISPHERE REPORTS FIRST QUARTER FISCAL 1994 RESULTS

 HAWTHORNE, N.Y., Dec. 8 /PRNewswire/ -- Emisphere Technologies, Inc. (NASDAQ: EMIS) today reported financial results for the first quarter of fiscal 1994 ended Oct. 31, 1993.
 For the first quarter ended Oct. 31, 1993, the company reported research and development contract revenues of $85,000 and a net loss of $1.6 million, or $0.21 per share. In the first quarter of fiscal 1993, Emisphere reported research and development contract revenues of $13,832 and a net loss of $1.8 million, or $0.29 per share. The company reported costs and expenses of $2.0 million for the first quarter, compared to costs and expenses of $1.9 million in the similar period last year. At Oct. 31, 1993, Emisphere had cash, cash equivalents and short-term investments of approximately $18.9 million.
 Emisphere Technologies, Inc. is a publicly held biopharmaceutical company working to develop and commercialize its proprietary oral drug delivery system, which is intended to surmount the obstacles associated with the oral administration of many therapeutic agents. The company has development agreements with a number of companies, including The Upjohn Company and the Schering-Plough Corporation.
 Emisphere Technologies, Inc.
 Condensed Statement of Operations
 (unaudited)
 Three Months Ended
 Oct. 31, Oct. 31,
 1993 1992
 Revenues:
 Research and development contracts $85,000 $13,832
 TOTAL REVENUES 85,000 13,832
 Costs and expenses:
 General and administrative expenses 513,542 469,031
 Research and development 1,446,509 1,418,840
 TOTAL COSTS AND EXPENSES 1,960,051 1,887,871
 Operating loss (1,875,051) (1,874,039)
 Other income (expenses):
 Interest income 223,326 101,463
 Other income 89,915 7,332
 TOTAL OTHER INCOME 313,241 108,795
 NET LOSS $(1,561,810) $(1,765,244)
 Net loss per share $(0.21) $(0.29)
 Weighted average shares outstng. 7,595,589 5,990,032
 Condensed Balance Sheets
 Oct. 31, July 31,
 1993 1993
 Assets (Unaudited)
 Current Assets:
 Cash and cash equivalents $1,751,047 $1,118,689
 Investments 17,146,962 19,135,185
 Prepaid expenses and other
 current assets 382,269 266,450
 Total Current Assets 19,280,278 20,520,324
 Equipment and leasehold
 improvements:
 Less accumulated depreciation
 and amortization 2,252,102 2,240,552
 Restricted cash equivalents 10,000 10,000
 Other assets 66,243 66,193
 TOTAL ASSETS $21,608,623 $22,837,069
 Total Current Liabilities $650,407 $581,480
 Total Liabilities $736,085 $666,540
 Total Stockholders' Equity $20,872,538 $22,170,529
 TOTAL LIABILITIES &
 STOCKHOLDERS' EQUITY $21,608,623 $22,837,069
 -0- 12/8/93
 /CONTACT: Michael M. Goldberg, M.D., president and CEO of Emisphere Technologies, 914-347-2220; or Lynne H. Brum, vice president of Feinstein Partners, 617-577-8110, for Emisphere Technologies/
 (EMIS)


CO: Emisphere Technologies, Inc. ST: New York IN: MTC SU: ERN

CM-JL -- NE013 -- 1943 12/08/93 17:15 EST
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Date:Dec 8, 1993
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