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Isis Reports Financial Results and Highlights for First Quarter of 2008
Date:5/12/2008

ily led to the increase in Isis' consolidated working capital offset by $25 million of deferred revenue from Genzyme that is included in current liabilities. In connection with the Genzyme transaction, Isis recorded the $100 million premium on the $150 million equity investment as a liability and is amortizing it into revenue over the four-year period of the collaboration beginning in the first quarter of 2008. Isis recorded the remaining $50 million of proceeds as stockholders' equity.

Quarterly Highlights

"The momentum we created in 2007 continued in full force into the first quarter of 2008 with more partnering successes and advances in our pipeline. The highlight of the quarter was our strategic relationship with Genzyme focused on the licensing of mipomersen and a research relationship. Together with Genzyme, we have made significant progress in revising mipomersen's development plans to be responsive to the FDA's recent guidance. We remain confident the deal will be completed this quarter on terms that are attractive to both companies," continued Ms. Parshall. "As evidenced from our recent partnering successes, we continue to benefit from our business strategy that enables us to discover and develop drugs and technologies, nurturing them until the right time to progress them to partners or to satellite companies. This strategy has provided us with the financial strength and the diverse pipeline of drugs that we have today. Looking forward, we expect to grow our pipeline this year, adding two to four new drugs; already we have added the first drug with PSCK9, our development candidate with Bristol-Myers Squibb. In addition, we will be presenting clinical data from some of our most advanced drugs and moving exciting new drugs into clinical studies. We are on target to meet our financial goals for 2008, including ending the year with over $450 million in cash that will enable us to continue to exploit our efficient drug discovery platform and to lea
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SOURCE Isis Pharmaceuticals, Inc.
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