EXHIBIT 99.1

    EMISPHERE`S ORAL INSULIN TABLET MULTI-DOSE DATA INDICATE DESIRED ACTIVITY
                      WITH NO OBSERVED HYPOGLYCEMIC EVENTS

   -RESULTS SUGGEST POSITIVE IMPACT ON GLYCEMIC CONTROL IN TYPE 2 DIABETICS -

Tarrytown, NY, January, 29, 2004 --- Emisphere Technologies, Inc. (Nasdaq: EMIS)
today announced preliminary results from the first multiple-dose clinical study
of an oral insulin tablet using its eligen(TM) technology. The 13-patient study
(seven treated; six control) evaluated the safety, effect and tolerability of
the oral insulin tablets when administered four times daily (10 minutes before
meals and at bedtime) over a two-week period. These unaudited data support the
belief that EMISPHERE(TM) oral insulin tablets can positively impact glycemic
control in early-stage Type 2 diabetics (as measured by serum fructosamine, oral
glucose tolerance, insulin sensitivity and secretion).

Of particular significance is that the study results demonstrated that repeated
administration of Emisphere's oral insulin was not associated with hypoglycemic
events, an adverse complication that is often associated with injected insulin
and other anti-diabetic treatments.

Michael M. Goldberg, M.D., Chairman and Chief Executive Officer, Emisphere
Technologies, Inc., commented on the study results, stating, "These two-week
study results, while preliminary, are very promising. The oral insulin tablets
improved several measures of blood glucose control in patients with early-stage
Type 2 diabetes, while importantly avoiding the hypoglycemic events that often
accompany injectable insulin. If further studies support these findings, this
oral insulin - which combines convenience, a desirable dosing form and an
improved tolerability profile- could represent a significant advance over the
current standard of care."

The study, conducted by the Profil Institute in Nuess, Germany, enrolled Type 2
diabetic patients treated with diet alone (HbA[BASE OF 1C]<8.0%). After baseline
assessments, patients were randomized to active treatment (two tablets
containing a total of 300 U insulin/160 mg EMISPHERE(R) delivery agent) or
controlled treatment (two tablets containing a total of 200 mg EMISPHERE(R)
delivery agent), four times daily (10 minutes before breakfast, lunch and
dinner, and once at bedtime).

Patients receiving EMISPHERE(TM) oral insulin tablets for two weeks showed
improvement when compared to baseline levels on key testing parameters,
including fasting blood glucose; two-hour, post-load blood glucose following an
oral glucose tolerance test (OGTT), a standard clinical marker for assessing a
diabetic's disease state; and, serum fructosamine levels (an indicator of
average glycemic control over approximately the previous two weeks). Improvement
was also seen in indices of insulin secretion and sensitivity (the Stumvoll
first-phase insulin secretion capacity index and the Homeostasis Model
Assessment, or HOMA, index).

While the control group also experienced improvements in certain parameters,
most of these improvements were not statistically significant. Improvements in
Type 2 diabetics are typically

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observed within the first two weeks of studies in diabetics, presumably due to
lifestyle modifications. By contrast in the active group, clinicians observed
that for key parameters for which a change was desired, the marked improvements
from baseline were consistent and statistically significant (p<0.05 using a
paired parametric t-test), and in all cases, of greater magnitude than in the
control group. The study was not powered to demonstrate statistical significance
between the active and control groups. A larger sample size would be required to
evaluate statistically significant differences between the active and control
groups.

Safety and tolerability findings among patients receiving the EMISPHERE(TM) oral
insulin tablets included no hypoglycemic events, no serious adverse events and a
low incidence of mild to moderate adverse events (of which two such events were
deemed to be potentially related to the study drug).

The analysis presented in this release is based on unaudited data and thus is
preliminary. Upon review of the audited data, Emisphere intends to submit the
full results for peer-review publication and presentation at international
scientific meetings.

RATIONALE FOR MEASURING FRUCTOSAMINE

Hemoglobin A[BASE OF 1C] (HbA[BASE OF 1C]) is considered by clinicians to be the
gold standard of measurement for assessing long-term average glycemic control in
Type 2 diabetics. Typically, meaningful changes in HbA[BASE OF 1C] require 3
months of observation following a change in treatment regimen. Levels of serum
fructosamine correlate well with measurements of glycated HbA[BASE OF 1C], yet
meaningful changes in serum fructosamine can be observed in as short a time
period as two weeks. Therefore, serum fructosamine serves as an appropriate
measure to assess the efficacy of Type 2 diabetic treatments for studies
conducted for less than a 3 month period, such as the two-week period in
Emisphere's study.

INSULIN AND TYPE 2 DIABETES
The ADA estimates that of the 17 million Americans with diabetes, 90-95% are
Type 2 diabetics. The ADA recommends that patients with Type 2 diabetes who are
treated with insulin should administer their insulin dose 30-45 minutes before
mealtime (for regular insulin injections) so that it begins working as glucose
from the time a meal enters the bloodstream. Emisphere's oral insulin tablet
prototype meets this objective by enabling convenient dosing 10 minutes prior to
a meal.

EMISPHERE(TM) ORAL INSULIN
Emisphere's oral insulin has the potential to mimic the natural physiology of
insulin release, by targeting the liver prior to being distributed to the
peripheral circulation, so that both the timing and location of naturally
secreted (endogenous) insulin release are replicated. Orally delivered insulin,
with the appropriate clinical attributes, may provide a more convenient and
effective diabetes therapy with fewer complications when compared to existing
medical treatments, and may be useful in halting the progression of early stage
diabetes.

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THE ELIGEN(TM) TECHNOLOGY

Emisphere's broad-based oral drug delivery technology platform, known as the
eligen(TM) technology, is based on the use of proprietary, synthetic chemical
compounds, known as EMISPHERE(R) delivery agents, or "carriers". These molecules
enable the transport of the therapeutic macromolecules across biological
membranes such as those of the gastrointestinal tract, and exert their desired
pharmacological effect. Emisphere's eligen (TM) technology makes it possible to
orally deliver a therapeutic molecule without altering its chemical form or
biological integrity.

ABOUT EMISPHERE TECHNOLOGIES, INC.

Emisphere Technologies, Inc. (Nasdaq: EMIS) is a biopharmaceutical company
pioneering the oral delivery of otherwise injectable drugs. Emisphere licenses
its proprietary oral drug delivery technology, the eligen(TM) technology, to
partners who typically apply it directly to their marketed drugs. Emisphere
conducts proof-of-concept trials and other early-stage trials to advance the
technology and increase value for potential partnering opportunities.
Emisphere's eligen(TM) technology has enabled the oral delivery of proteins,
peptides, macromolecules and charged organics. Emisphere and its partners have
advanced oral formulations or prototypes of salmon calcitonin, heparin, insulin,
parathyroid hormone, human growth hormone and cromolyn sodium into clinical
trials. Four oral drug formulations containing an EMISPHERE(R) delivery agent
have been accepted for clinical testing in the U.S. Emisphere has strategic
alliances with world-leading pharmaceutical companies, including Novartis AG and
Eli Lilly and Company. For further information, please visit 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
Emisphere's product candidates and the sufficiency of Emisphere's 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 Emisphere's drug delivery technology, Emisphere's
ability to fund such efforts with or without partners, and other risks and
uncertainties detailed in Emisphere's filings with the Securities and Exchange
Commission, including those factors discussed under the caption "Risk Factors"
in Emisphere's Annual Report on Form 10-K (file no. 1-10615) filed on March 31,
2003.

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        For additional information, please visit Emisphere's web site at

                                www.emisphere.com

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