Emisphere's pipeline includes a broad range of product candidates in different stages of development. Novo Nordisk A/S ("Novo Nordisk") is using Emisphere's Eligen(R) Technology to develop and commercialize oral formulations of Novo Nordisk's insulins and GLP-1 receptor agonists, with a potential GLP-1 drug currently undergoing Phase I clinical trials. The first Phase I trial investigated the safety, tolerability and bioavailability in healthy volunteers and was completed in May 2010. Novo Nordisk also conducted a multiple-dose Phase I trial to investigate the safety, tolerability, pharmacokinetics and pharmacodynamics in healthy male subjects which was completed in July 2011. The Company has developed an oral formulation of Eligen(R) B12 (1000 mcg) for use by B12 deficient individuals. On August 5, 2011 we received notice from the U. S. Patent Office that the U.S. patent application directed to the oral Eligen(R) B12 formulation was allowed. This new patent provides intellectual property protection for Eligen(R) B12 in the U.S. through approximately 2029. Currently, we are evaluating the results of our clinical trials and market research and exploring alternative development and commercialization options with the purpose of maximizing the commercial and health benefits potential of our Eligen(R) B12 asset. The Company is continuing with a number of pre-clinical programs in collaboration with other companies, as well as projects on its own, using the Eligen(R) Technology to improve the oral absorption of selected molecules.