Emisphere's Reach for a Medical Holy Grail May Exceed Its Grasp

Would you rather pop a pill in your mouth or get a shot in the arm?

Dumb question, but it explains the interest in Emisphere Technologies(EMIS Quote). For the last 10 years, the small biotech firm has toiled over a technology that turns injectable drugs into pill or liquid form. The company says it's finally on the cusp of its first real breakthrough -- a cheap and easy-to-take liquid form of the widely used blood-thinning drug heparin.

If Emisphere succeeds with oral heparin, it could grab a sizeable chunk of a $2 billion market. But the real prize is still out there for the taking: the use of Emisphere's oral drug carrier technology to develop insulin in a pill form. That's right, diabetics might just be able substitute an easy-to-swallow pill for some -- not all -- of their daily insulin shots. ...