Isis Reports Financial Results and Highlight... ( CARLSBAD Calif. Feb. 28 2013 /- Isis ...)

Isis Reports Financial Results and Highlights for 2012

Date:2/28/2013

CARLSBAD, Calif., Feb. 28, 2013 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its 2012 financial results and reviewed the highlights of the year. Isis ended the year in a strong financial position significantly outperforming both its pro forma net operating loss (NOL) guidance and its cash guidance for the year. For the year ended December 31, 2012, Isis had an NOL of $60.4 million compared to $61.3 million for 2011. Isis added a substantial amount of cash to its balance sheet throughout 2012, ending the year with nearly $375 million. On a GAAP basis, Isis reported a loss from operations of $26.1 million and $68.9 million for the three and twelve months ended December 31, 2012, respectively, compared to $18.6 million and $71.1 million for the same periods in 2011.

"Last month the FDA approved KYNAMRO™. KYNAMRO is the first systemic antisense drug to be sold commercially. This is an important event for patients with homozygous familial hypercholesterolemia, for Isis, and for our antisense technology. KYNAMRO's approval for chronic use in patients who have a severe and fatal disease highlights the potential of our technology to create drugs that could provide benefit for patients," said B. Lynne Parshall, chief operating officer of Isis. "In addition to KYNAMRO, we have a number of promising new drugs that will report later-stage clinical data this year, setting us up for an exciting year of pipeline activity."

"2012 was a strong year for Isis. We begin 2013 in a significantly improved financial position with nearly $375 million in cash. Since the beginning of 2013, we have already received a $25 million milestone payment from Genzyme and a $7.5 million milestone payment from GSK. With the commercial launch of KYNAMRO and a maturing pipeline of drugs, we have many
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SOURCE Isis Pharmaceuticals, Inc.
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