Emisphere finds a silver lining

Emisphere Technologies Inc. hopes that the unwinding of its joint venture with Elan Corp. plc will actually serve to improve its position, because owning the full rights to its oral heparin products, including liquid, solid and low molecular weight formulations, could entice future partners to this large market. Moreover, the company believes it is now closer to its goal of licensing products as opposed to applications of its delivery technologies.

However, the company now must take on the burden of Phase III development to prevent deep venous thrombosis, which Chairman and CEO Michael Goldberg said will cost about $30 million for one Phase III trial, and $15 million for a second trial, if necessary. EMIS (Tarrytown, N.Y.) had only $16.9 million in cash at April 30...