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EX-99.2 - EX-99.2 - EMISPHERE TECHNOLOGIES INC | b85241exv99w2.htm |
8-K - FORM 8-K - EMISPHERE TECHNOLOGIES INC | b85241e8vk.htm |
Exhibit 99.1
For further information contact:
Michael Garone, Chief Financial Officer
973-532-8005 or mgarone@emisphere.com
Michael Garone, Chief Financial Officer
973-532-8005 or mgarone@emisphere.com
EMISPHERE TECHNOLOGIES AND MICHAEL V. NOVINSKI MUTUALLY AGREE TO
THE NON-RENEWAL OF EMPLOYMENT CONTRACT
THE NON-RENEWAL OF EMPLOYMENT CONTRACT
Michael R. Garone Appointed Interim Chief Executive Officer
CEDAR KNOLLS, N.J., February 28, 2011 Emisphere Technologies, Inc. (OTC BB: EMIS) today
announced that the Company and Michael V. Novinski have come to a mutual agreement not to renew Mr.
Novinskis employment agreement with the Company. In connection with this mutual agreement not to
renew the employment agreement, Mr. Novinski resigned as President, Chief Executive Officer and
director of the Company on February 28, 2011.
In addition, the Company and Mr. Novinski entered into a separation and release agreement, dated
February 28, 2011 (the Separation Agreement), pursuant to which the Company shall pay to Mr.
Novinski certain accrued but unpaid bonus payments and vacation benefits and shall also pay its
portion of Mr. Novinskis COBRA health benefits for a certain period of time as further set forth
therein. The Separation Agreement also provides that Mr. Novinskis unvested stock options will
continue to vest in accordance with Mr. Novinskis underlying option agreements and that Mr.
Novinski may exercise his vested stock options through April 6, 2012. Under the terms of the
Separation Agreement, Mr. Novinski has agreed to provide consulting services to the Company for a
period of 18 months and has also agreed to release the Company and certain affiliated parties from
all claims and liabilities under federal and state laws arising from his relationship with the
Company.
The board of directors thanks Mr. Novinski for his service and wishes him well in his future
endeavors. The Company has begun its search for a permanent CEO.
Also on February 28, 2011, the board of directors of the Company appointed Michael R. Garone, the
Companys current Chief Financial Officer, to serve as the Companys Interim Chief Executive
Officer, effective immediately upon Mr. Novinskis resignation, until a successor is named.
About Emisphere Technologies, Inc.
Emisphere is a biopharmaceutical company that focuses on a unique and improved delivery of
therapeutic molecules or nutritional supplements using its Eligen® Technology. These
molecules and compounds could be currently available or in development. Such molecules are usually
delivered by injection; in many cases, their benefits are limited due to poor bioavailability, slow
on-set of action or variable absorption. The Eligen® Technology can be applied to the
oral route of administration as well other delivery pathways, such as buccal, rectal, inhalation,
intra-vaginal or transdermal. The Companys website is: www.emisphere.com.
Safe Harbor Statement Regarding Forward-looking Statements
The statements in this release and oral statements made by representatives of Emisphere relating to
matters that are not historical facts (including without limitation those regarding the timing or
potential outcomes of research collaborations or clinical trials, any market that might develop for
any of Emispheres product candidates and the sufficiency of Emispheres cash and other capital resources)
are forward-looking statements that involve risks and uncertainties, including, but not limited to,
the likelihood 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 Emispheres
drug delivery technology, Emispheres ability to fund such efforts with or without partners, and
other risks and uncertainties detailed in Emispheres filings with the Securities and Exchange
Commission, including those factors discussed under the caption Risk Factors in Emispheres
Annual Report on Form 10-K (file no. 000-17758) filed on March 25, 2010, Emispheres Quarterly
Report on Form 10-Q filed on May 17, 2010, Emispheres Quarterly Report on Form 10-Q filed on
August 16, 2010, and Emispheres Quarterly Report on Form 10-Q filed on November 12, 2010.