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Isis Reports Financial Results and Highlights for Fiscal year 2007
Date:3/13/2008

Ibis Highlights

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

cumulative sales.

* Ibis placed eight instruments, including placements with research

hospitals.

* Ibis finished constructing its commercial assay kit manufacturing

facility.

* 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.

2008 Goals

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

years.

* Isis expects to achieve a NOL of less than $15 million,

excluding non-cash stock compensation.

Drug Development

With a substantial pipeline of 18 drugs discovered by Isis and being developed
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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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