the debt, strengthened the Company's balance sheet, and reduced its
cash interest payments by approximately $2.6 million annually due to
the lower coupon rate.
* Isis purchased Symphony GenIsis relatively early in the term of that
financing arrangement saving approximately $75 million in the
predetermined purchase price, regaining full ownership of mipomersen,
which Isis licensed to Genzyme, and the GCGR and GCCR drugs, which
Isis licensed to OMI.
* As a result of Isis' partnering strategy, the Company was able to
reduce its pro forma net operating loss guidance by $40 million over
the course of 2007.
Isis strengthened its leadership team with the addition of:
* Jeffrey M. Jonas, M.D. to lead Clinical Development, Preclinical
Development, Regulatory Affairs, and Quality Assurance and Compliance.
Dr. Jonas was formerly Chief Medical Officer and Executive Vice
President at Forest Laboratories, Inc.
Isis and Alnylam founded Regulus Therapeutics LLC and hired senior
management to lead the joint venture company in discovering and developing
antisense drugs targeting microRNAs.
* Kleanthis G. Xanthopoulos, Ph.D., was appointed as President and Chief
Executive Officer of Regulus. Dr. Xanthopoulos is the co-founder and
former President and Chief Executive Officer of Anadys
* Peter S. Linsley, Ph.D., was appointed as Chief Scientific Officer of
Regulus. Dr. Linsley was Executive Director of Cancer Biology at
Merck Research Laboratories, and was previously Vice President of
Research of Rosetta Inpharmatics.
|SOURCE Isis Pharmaceuticals, Inc.|
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