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

our recently announced funding transaction with Abbott for our Ibis subsidiary, which has the potential to provide up to $210 million of additional cash beyond the $20 million we have already received, and our Regulus microRNA joint venture, financed with $10 million by our partners at Alnylam. Our improved financial position supported the early purchase of Symphony GenIsis, saving us roughly $75 million over the lifetime of that transaction, and our debt refinancing has saved us significant interest expense.

"Our recent successful transactions have not only enhanced our 2007 financial performance, they should also support very strong performance in 2008. Based on our existing cash and committed cash, including the $175 million mipomersen licensing fee from Genzyme, but not including the up to $210 million we could receive from Abbott, we expect that our 2008 year end cash balance will be greater than $450 million and will last for at least five years. Furthermore, we are predicting a 2008 NOL of less than $15 million, excluding non-cash stock compensation, which reflects a reduction of over 50% from 2007," continued Ms. Parshall.

"Of course, the most important aspect of the implementation of our business strategy is its long-term impact. We have 18 drugs in our pipeline that we and our partners are advancing. With the efficiency of our antisense technology we expect to continue to expand this pipeline. Each of our partnered drugs will provide milestones and royalties as the drugs meet key development, regulatory and commercial milestones. This ongoing revenue stream should continue to support our strong financial performance as our pipeline matures," added Ms. Parshall.

"We also continue to make strong progress with our most important asset, mipomersen. Earlier in the year, we announced the initiation of the Phase 3 studies in patients with homozygous Familial Hypercholesterolemia. Today we are announcing that we are initiating the rest of the
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SOURCE Isis Pharmaceuticals, Inc.
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