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Isis Reports Strong Financial Results and Highlights for First Quarter of 2009
Date:5/7/2009

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As of March 31, 2009, Isis had cash, cash equivalents and short-term investments of $652.2 million compared to $491.0 million at December 31, 2008 and had consolidated working capital of $527.2 million at March 31, 2009 compared to $393.7 million at December 31, 2008. Isis received $175 million from AMI in the first quarter 2009 for its sale of Ibis, which resulted in the significant increases in both of these amounts.

Regulus Therapeutics

Regulus' revenue for the first quarter of 2009 was $638,000 compared to $92,000 in the same period of 2008. The increase was primarily related to revenue from its collaboration with GSK.

Excluding non-cash compensation expense related to stock options, operating expenses for Regulus were $2.8 million for the first quarter of 2009 compared to $1.1 million in the same period of 2008. The increase is primarily related to Regulus' continued efforts to build its team to support its internal microRNA programs and its GSK collaboration. Regulus generated a loss from operations, excluding non-cash compensation expense related to stock options, of $2.2 million for the first quarter of 2009 compared to $1.0 million in the same period of 2008.

Business Highlights

"2009 is looking very promising for Isis. Already this year, we have achieved three important goals related to our satellite company strategy, which maximizes the value of our inventions and technology. First, we have broadened our technology partnerships to maintain our leadership in all applications of antisense technology, announcing a new initiative with Alnylam to accelerate our efforts in single-stranded RNAi therapeutics. We benefit by having a partner to help us advance and fund development of the technology, while we have the opportunity to discover and develop ssRNAi antisense drugs ourselves. Second, our satellite company partners continue to advanc
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SOURCE Isis Pharmaceuticals, Inc.
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