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

e issuance of these 2 5/8% notes, Isis repurchased its 5 1/2% convertible subordinated notes due 2009. The significantly lower interest rate of the 2 5/8% notes reduces the Company's cash interest payments by approximately $2.6 million per year. In addition, the extended maturity date of the 2 5/8% notes further strengthens Isis' financial position. Isis recognized a loss of $3.2 million in 2007 as a result of the early repayment of the 5 1/2% notes of which $1.2 million was a non-cash write-off of unamortized debt issuance costs.

Net Loss

Isis' strong financial performance was also reflected in the substantial decrease in its net loss from 2006 to 2007. Isis' net loss for the quarter and year ended December 31, 2007 was $7.0 million and $11.0 million, respectively, compared to $14.1 million and $45.9 million for the same periods in 2006. Isis recognized a benefit of $23.2 million and $23.0 million for the year ended December 31, 2007 and 2006, respectively, in the loss attributed to noncontrolling interest in Symphony GenIsis, Inc., related to its collaboration with Symphony GenIsis. Isis' net loss for 2007 was lower than 2006 because of a decrease in the Company's loss from operations, higher interest income, lower interest expense and an increase in net gain on investments, offset by the loss on early retirement of debt.

Net Loss Applicable to Common Stock

Isis' improved financial position supported the early purchase in September 2007 of Symphony GenIsis, saving the Company roughly $75 million over the lifetime of the transaction. Isis purchased the equity of Symphony GenIsis at the pre-negotiated price of $120 million, which Isis paid for with $80.4 million in cash and approximately 3.4 million shares of Isis stock. The $125.3 million on Isis' Statement of Operations in a line item called Excess Purchase Price over Carrying Value of Noncontrolling Interest in Symphony GenIsis, Inc. represents a deemed dividend to the previous owners
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SOURCE Isis Pharmaceuticals, Inc.
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