  We exhibit bound states in the spectrum of non-compact D-branes in N=2
Liouville conformal field theory. We interpret these states in the study of
D-branes in the near-horizon limit of Neveu-Schwarz five-branes spread on a
topologically trivial circle. We match semi-classical di-electric and repulsion
effects with exact conformal field theory results and describe the fate of
D-branes hitting NS5-branes. We also show that the bound states can give rise
to massless vector and hyper multiplets in a low-energy gauge theory on
D-branes deep inside the throat.
