Emisphere Announces $20 Million Debt Financing to Launch Oral Eligen(R) B12

ROSELAND, N.J., Aug 20, 2014 (GLOBE NEWSWIRE via COMTEX) Emisphere Technologies, Inc. (OTCBB:EMIS) ( Emisphere or the Company ) today announced that it has reached agreement with MHR Fund Management LLC, and certain of its affiliated funds ( MHR ), to finance the upcoming launch of the Company s first commercial prescription product, oral Eligen B12 in the United States through a new loan facility, and to amend the terms of the Company s existing obligations under various promissory notes previously issued to MHR to extend the maturity dates of such promissory notes. Under the terms of the new loan facility, Emisphere may borrow, at specified times and based on the attainment of specified performance milestones, up to an aggregate of $20 million to finance the development, manufacturing, marketing and sales of the B12 Product. The new loan facility will mature on December 31, 2019 and bear interest at a rate of 13% per year. The Company and MHR also entered into a royalty agreement in
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