UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Emisphere Technologies, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
291345 10 6
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(CUSIP Number)
March 23, 2004
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed.
|_| Rule13d-1(b)
|X| Rule13d-1(c)
|_| Rule13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 291345 10 6 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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Versant Capital Management LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,075,000
OWNED BY
EACH
REPORTING
PERSON WITH
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6 SHARED VOTING POWER
Not Applicable
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7 SOLE DISPOSITIVE POWER
1,075,000
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8 SHARED DISPOSITIVE POWER
Not applicable
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,075,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.9%
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12 TYPE OF REPORTING PERSON*
OO
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CUSIP No. 291345 10 6 13G Page 3 of 5 Pages
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ITEM 1(a). Name of Issuer:
Emisphere Technologies, Inc.
ITEM 1(b). Address of Issuer's Principal Executive Offices:
765 Old Saw Mill River Road
Tarrytown, New York 10591
ITEM 2(a). Name of Person Filing:
Versant Capital Management LLC
ITEM 2(b). Address of Principal Business Office or, if None, Residence:
The principal business address of Versant Capital Management
LLC is:
45 Rockefeller Plaza
Suite 2074
New York, New York 10111
ITEM 2(c). Citizenship:
Delaware.
ITEM 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share (the "Common Stock").
ITEM 2(e). CUSIP Number:
291345 10 6
ITEM 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) |_| Broker or Dealer registered under Section 15 of the
Exchange Act.
(b) |_| Bank as defined in section 3(a)(6) of the Exchange Act.
(c) |_| Insurance Company as defined in section 3(a)(19) of the
Exchange Act.
(d) |_| Investment Company registered under section 8 of the
Investment Company Act.
(e) |_| An investment advisor in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box.
|X|
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CUSIP No. 291345 10 6 13G Page 4 of 5 Pages
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ITEM 4. Ownership.
(a) Amount beneficially owned:
On March 23, 2004, Versant Capital Management LLC owned 923,820
shares of outstanding Common Stock, or 5.1% of the outstanding
Common Stock, based on 18,312,150 shares outstanding on March 15,
2004. Versant Capital Management LLC has subsequently purchased
an additional 151,180 shares and, as of April 12, 2004, owns an
aggregate of 1,075,000 shares of outstanding Common Stock.
(b) Percent of class:
5.9%, based upon 18,312,150 shares outstanding on March 15, 2004.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
1,075,000
(ii) Shared power to vote or direct the vote:
Not Applicable.
(iii) Sole power to dispose or to direct the disposition of:
1,075,000
(iv) Shared power to dispose or to direct the disposition of:
Not Applicable.
ITEM 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following. |_|
ITEM 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable.
ITEM 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Not Applicable.
ITEM 8. Identification and Classification of Members of the Group.
Not Applicable.
ITEM 9. Notice of Dissolution of Group.
Not Applicable.
ITEM 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
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CUSIP No. 291345 10 6 13G Page 5 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
April 12, 2004
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(Date)
VERSANT CAPITAL MANAGEMENT LLC
By: /s/ Herriot Tabuteau
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Name: Herriot Tabuteau
Title: Managing Member