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

lection

of an antisense drug candidate to advance into development.

o OncoGenex reported encouraging Phase 2 data of OGX-011, an antisense

drug in clinical studies in patients with advanced prostate or lung

cancers.

o Antisense Therapeutics licensed TV-1102 (formerly ATL1102), an

antisense drug in Phase 2 clinical development for patients with

multiple sclerosis, to Teva Pharmaceuticals.

o Altair Therapeutics has advanced AIR 645, an antisense drug

discovered by Isis and licensed to Altair in 2007, into Phase 1

studies. AIR 645 is the first inhaled antisense drug to enter

clinical development for the treatment of asthma.

o Lilly has advanced an antisense drug, LY2181308, which targets

survivin for the treatment of cancer, into Phase 2 trials.

-- Ibis Biosciences

o Ibis, Isis' majority-owned subsidiary, has developed and is

commercializing its biosensor technology to revolutionize the way

that infectious disease pathogens are identified. At the beginning

of the year, Ibis completed a transaction with Abbott in which:

-- Abbott invested $20 million in Ibis and now owns 10.25 percent

equity in Ibis at a post money valuation of $215 million, with

the option to invest an additional $20 million in Ibis by

July 31, 2008.

-- Abbott also acquired the option to purchase the remaining

shares of Ibis for a total purchase price of $215 to $230

million. If Abbott exercises its option to acquire Ibis, Isis

will receive earn out payments tied to the achievement of

specific cumulative sales.

-- Ibis entered into a distribution relationship under which

Abbott will be selling Ibis products.

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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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