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

cant increase in Isis' stock price from 2006 to 2007.

Ibis Biosciences, Inc.

Ibis' revenue for the quarter and year ended December 31, 2007 of $3.2 million and $11.3 million, respectively, increased significantly compared to $1.9 million and $9.7 million for the same periods in 2006. Ibis earned commercial revenue of $1.0 million and $3.5 million for the quarter and year ended December 31, 2007, respectively, compared to $405,000 and $556,000 for the same periods in 2006. Commercial revenue consisted of revenue from sales of Ibis T5000 Biosensor Systems and assay kits, as well as revenue from Ibis' assay services business. Because Ibis provides a full year of support for each Ibis T5000 Biosensor System following installation, Ibis is amortizing the revenue for instrument and assay kits over the period of this support obligation. Primarily as a result of the increased number of T5000 Biosensor System placements in 2007, commercial revenue in 2007 was substantially higher than in 2006. In addition, Ibis generated revenue from its government contracts and grants of $2.2 million and $7.8 million for the quarter and year ended December 31, 2007, respectively, compared to $1.5 million and $9.1 million for the same periods in 2006. As Ibis has matured from the research and development stage to the commercial stage, some of its large government contracts that supported technology development have been successfully completed, leading to a transient decline in contract revenue for the year ended December 31, 2007. In general, new Ibis contracts support diverse applications of the Ibis T5000 Biosensor System, which benefits not only the government contracting agency, but also Ibis' non-government commercial customers. In addition to its ongoing government contracts, Ibis has recently been granted contracts worth up to $2.8 million. Isis expects that government contracts will continue to provide a solid revenue base going forward.

Excluding non-cash compen
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SOURCE Isis Pharmaceuticals, Inc.
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