Emisphere Technologies Inc., which specializes in oral delivery of large molecules, priced a public offering of 1 million shares at $19 each, and the Hawthorne, N.Y., company expected to net approximately $17.4 million.

Underwriter Goldman, Sachs & Co., of New York, has an overallotment option of 150,000 shares.

In addition to the usual "general corporate purposes," proceeds will be used for:

* research and development expenses;

* the company's share of expenses in a joint venture with Elan Corp. plc for the development of an oral formulation of heparin;

* a new headquarters and laboratory;

* increased manufacturing capacity.

The offering is the first piece of a 2.5 million-share shelf registration for which the company filed in May. The remaining 1.5 million shares are still "on the shelf" and may be offered later.

Emisphere in April withdrew an earlier proposed offering of 2.5 million shares, citing market conditions and noting the company did "not have a near-term need for additional cash."

In February, the company inked a $60 million collaborative agreement with Eli Lilly and Co., of Indianapolis. The partners are working on oral formulations of two endocrine proteins, one of which is aimed at growth disorders.

Emisphere's lead product is an oral form of heparin in development through a joint venture with Elan Corp., of Dublin, Ireland.

As of April 30, the company had $15 million in cash. — Debbie Strickland