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Isis Reports Financial Results and Highlights for Second Quarter of 2008
Date:8/7/2008

gnificant continuing revenue base coupled to our business model supports expansion of our pipeline while controlling our expenses, which we believe will lead to continuing strong financial performance."

Upcoming Key Milestones

-- Initiate three trials in addition to the Phase 3 study in patients

with heterozygous Familial Hypercholesterolemia (FH) announced this

week, studying mipomersen in apheresis-eligible patients and high-risk

high cholesterol patients

-- Present liver imaging safety data on mipomersen

-- Initiate Phase 1 clinical study on ISIS 353512, Isis' drug targeting

CRP for the treatment of cardiovascular, renal and inflammatory

diseases

-- Report Phase 2 study data in type 2 diabetics treated with ISIS 113715

and sulfonylureas

-- Complete Phase 1 study with ISIS 325568, targeting GCGR for the

treatment of type 2 diabetes

-- Initiate Phase 1 study on ISIS 333611, Isis' first CNS drug targeting

SOD1 for the treatment of ALS

-- Advance a second new drug candidate into development

-- Potential acquisition of Ibis by Abbott

Financial Results

Isis had $873,000 of pro forma profit from operations in the second quarter of 2008 and a pro forma net operating loss (NOL) for the six months ended June 30, 2008 of $4.2 million, excluding compensation expense related to stock options, compared to an NOL of $17.3 million and $35.8 million during the same periods in 2007. On a GAAP basis, Isis recorded a loss from operations for the three and six months ended June 30, 2008 of $3.1 million and $12.0 million, respectively, compared to $19.7 million and $40.6 million for the same periods in 2007. The significant improvement in the Company's pro forma and GAAP operating results was driven primarily by the significant increase in revenue in 2008 from Isis' corporate partnerships. This was offset, in part, by highe
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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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