Emisphere falls on Phase III update

Emisphere Technologies Inc. (OTCBB:EMIS) fell $1.66 (64%) to $0.94 on Friday after a futility analysis of one-year data prompted an independent DMC to recommend stopping the Phase III Study 2302 of oral salmon calcitonin ( SMC021) to treat osteoarthritis of the knee for efficacy reasons. Novartis AG (NYSE:NVS; SIX:NOVN), along with development partner Nordic Bioscience Holding (Herlev, Denmark), will continue the two-year trial but declined to provide a reason why. In December, a DMC recommended continuation of the parallel Phase III 2301 trial in the indication. Data from that trial are expected next quarter. ...