Isis' Ibis subsidiary gained a strategic partner, Abbott, who will
enable Ibis to aggressively prepare to enter larger commercial markets
including hospital-acquired infection control and clinical diagnostics.
Ibis also successfully completed its first full year of commercializing the
Ibis T5000 Biosensor System.
* Abbott invested $20 million in Ibis and now owns 10.25% equity in Ibis
at a post money valuation of $215 million with the option to invest an
additional $20 million in Ibis for a total equity holding of 18.6%.
* Abbott 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 an earn out tied to the achievement of certain
* Ibis placed eight instruments, including placements with research
* Ibis finished constructing its commercial assay kit manufacturing
* Ibis has received over $12 million in contracts and grants during 2007
to advance the detection and identification of infectious organisms
for a broad range of applications, including biodefense.
Financial The successful execution of Isis' business strategy and the advancement
of many of Isis' drugs in development have greatly enhanced the Company's
financial strength. This momentum is predicted to continue in 2008.
* Isis expects to maintain a strong balance sheet ending the year with
over $450 million in cash, which is expected to last for at least five
* Isis expects to achieve a NOL of less than $15 million,
excluding non-cash stock compensation.
With a substantial pipeline of 18 drugs discovered by Isis and being
|SOURCE Isis Pharmaceuticals, Inc.|
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