Isis Reports Financial Results and Highlights for First Quart... (

Isis Reports Financial Results and Highlights for First Quarter of 2008

Date:5/12/2008

- Conference Call Webcast Monday, May 12, 08:30 a.m. EDT at

http://www.isispharm.com

CARLSBAD, Calif., May 12 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the quarter ended March 31, 2008. The Company finished the quarter with a pro forma net operating loss (NOL) of $5.1 million, excluding compensation expense related to stock options, compared to a pro forma NOL of $18.5 million in the first quarter of 2007. This 73% reduction in NOL was driven primarily by significantly increased revenue from Isis' successful partnering activities. On a GAAP basis, Isis recorded a 2008 loss from operations for the quarter of $8.8 million, compared to $20.9 million in the first quarter of 2007, a 58% decrease. Isis remains on track to meet its 2008 guidance for a NOL, excluding non-cash compensation expense, of less than $15 million.

"Isis ends the first quarter of 2008 in the strongest financial position in our history, and we are on track to meet our NOL and cash guidance for the year. As a result of recent transactions, both Ibis and Regulus are fully funded and are tangible examples of the value being created through our satellite company strategy," said B. Lynne Parshall, Chief Operating Officer and Chief Financial Officer of Isis. "In addition to the significant cash position with which we ended 2007, we have received $192 million in cash so far in 2008 to end the quarter with nearly $340 million."

Results of Operations

The 58% decrease in the Company's loss from operations for the first quarter of 2008 compared to the first quarter of 2007 was primarily a result of a si
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