Emisphere Technologies Inc. (EMIS) priced the1.8 millionshares in its secondary offering at $13 per share after themarket closed Tuesday. The shares will be publicly tradedstarting today. The Hawthorne, N.Y., company, which grossed$19.5 million from the offering, has 9.79 million sharesoutstanding on a fully diluted basis.

Emisphere specializes in drug delivery technologies usingproteinoid microspheres to encapsulate compounds for oraldelivery.

The offering was managed by Cowen & Co., MontgomerySecurities and Vector Securities International. Anoverallotment option of 270,000 has not yet been exercised.Emisphere stockholder Tredegar Investments, Inc., sold300,000 of the shares offered, grossing $3.9 million. Emispherestock closed Tuesday at $13, down $1 a share.

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