ROSELAND, N.J., Aug. 11, 2017 (GLOBE NEWSWIRE) -- The Board of Directors of Emisphere Technologies, Inc. (OTCBB:EMIS) announced today that the Company intends to voluntarily terminate its reporting obligations under the Securities Exchange Act of 1934, as amended. Accordingly, the Company intends to file a Form 15 with the Securities and Exchange Commission on August 14, 2017. Upon the filing of Form 15, the Company's reporting obligations under the Exchange Act, including the obligation to file annual, periodic and current reports, will be suspended with immediate effect. Ninety days after the filing of Form 15 the Company will no longer be subject to the requirements of the Exchange Act so long as the Company continues to have fewer than 500 holders of record. In addition, the provisions of the Sarbanes–Oxley Act of 2002 will no longer apply to the Company.
The Board made the decision to pursue this strategy following its review and careful consideration of several factors, including the expected reduction in operating expenses by eliminating SEC reporting costs, which would allow the Company to focus more resources on its business development activities. The Board determined that deregistration is in the overall best interests of the Company and its stockholders.
Emisphere is a pharmaceutical and drug delivery company. The Company launched its first prescription product, oral Eligen B12™, in the U.S. in March 2015. Beyond Eligen B12™, the Company utilizes its proprietary Eligen® Technology to develop new oral formulations of therapeutic agents. Emisphere is currently partnered with global pharmaceutical companies for the development of new orally delivered therapeutics. For more information, please visit the Company’s website at www.emisphere.com.