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

rable to 2006. Even with the $80.4 million cash payment that Isis made in the third quarter of 2007 for the acquisition of Symphony GenIsis, Isis' cash position at December 31, 2007 was virtually unchanged from the end of 2006 due to significant cash inflows including the:
* $30 million net cash received from the issuance of the 2 5/8% notes

after repayment of the 5 1/2% notes,

* $15 million upfront licensing fee received from BMS,

* $26.5 million sublicensing fee received from Alnylam,

* $10 million invested in Regulus,

* $50 million upfront licensing fee and milestone payment received from

OMI,

* $18 million of research and development funding from the Company's

partnerships, and

* $10.3 million from stock options exercised in 2007. Not included in the Company's cash balance at December 31, 2007 are the cash payments totaling $170 million that Isis has received in early 2008 from its strategic partnerships with Genzyme and Abbott. In addition, upon the completion of the license agreement for mipomersen, Genzyme will pay Isis an additional $175 million. Isis also has the potential to receive up to $210 million from Abbott in exchange for the remainder of Ibis' stock.

As of December 31, 2007, Isis had consolidated working capital of $145.1 million compared to $181.1 million at December 31, 2006. In connection with its collaborations with BMS and OMI, Isis received large upfront payments, initially classified as liabilities, that it is amortizing into revenue over the collaboration terms, three and two years, respectively. A significant amount of the unamortized portion of these liabilities is included in current liabilities at December 31, 2007 and as a result Isis' working capital at the end of 2007 is less than it was at the end of 2006.

Business Highlights

"Our 2007 success was more than simply financial. We made significant progress in every element
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SOURCE Isis Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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