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

s ended June 30, 2008 was $3.3 million and $6.2 million, respectively, compared to $1.9 million and $3.5 million for the same periods in 2007. Ibis' commercial revenue of $1.1 million and $2.3 million for the three and six months ended June 30, 2008 consisted of revenue from sales of Ibis T5000(TM) Biosensor Systems and assay kits, as well as revenue from Ibis' assay services business. In addition, Ibis' commercial revenue included revenue from the distribution agreement Ibis and Abbott entered into in March 2008. Ibis' revenue from government contracts was $2.2 million and $3.9 million for the three and six months ended June 30, 2008, and was driven primarily by contracts awarded in late 2007 and 2008 to date. Ibis was awarded $3.2 million of new contracts in the first half of 2008 that support Ibis' continued revenue growth by expanding the applications for the T5000 Biosensor System.

Excluding non-cash compensation expense related to stock options, operating expenses for Ibis were $8.2 million and $14.6 million for the three and six months ended June 30, 2008, compared to $4.4 million and $8.7 million for the same periods in 2007. The increase in operating expenses primarily reflects an increase in costs to support the growth of Ibis' commercial business and the cost to achieve milestones as part of the Abbott transaction. Ibis generated a loss from operations, excluding non-cash compensation expense related to stock options, of $5.0 million and $8.4 million for the three and six months ended June 30, 2008, compared to $2.5 million and $5.2 million for the same periods in 2007. Ibis' non-cash compensation expense related to stock options was $466,000 and $942,000 for the three and six months ended June 30, 2008, compared to $406,000 and $815,000 for the same periods in 2007.

Regulus Therapeutics LLC

Regulus' revenue for the three and six months ended June 30, 2008 was $656,000 and $748,000 related primarily to revenue from its recently comple
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SOURCE Isis Pharmaceuticals, Inc.
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