$170.2 million for the same periods in 2011.Early Retirement of Debt
In August 2012, Isis issued $201.3 million of 2 ¾% convertible senior notes due 2019 (2 ¾% Notes). In September 2012, Isis used a substantial portion of the net proceeds from the issuance of these notes to redeem the entire $162.5 million of the Company's 2 ⅝% convertible subordinated notes (2 ⅝% Notes). As a result of the early redemption of the 2 ⅝% Notes, Isis recognized a $4.8 million loss primarily related to a non-cash write-off of the unamortized portion of the debt discount and debt issuance costs.
Gain on Investment in Regulus Therapeutics Inc.
In October 2012, Regulus Therapeutics, Inc., a company Isis co-founded, completed an initial public offering. In the fourth quarter, as a result of the IPO, Isis recorded an $18.4 million gain to reflect the Company's change in its ownership percentage in Regulus. Also in the fourth quarter, Isis stopped using the equity method to account for its investment in Regulus and instead began accounting for it at fair value. Isis now owns approximately seven million shares, or 17%, of Regulus' common stock on a fully diluted basis.
Isis reported a net loss of $2.6 million and $65.5 million for the three and twelve months ended December 31, 2012, respectively, compared to $20.0 million and $84.8 million for the same periods in 2011. Basic and diluted net loss per share for the three and twelve months ended December 31, 2012 was $0.03 per share and $0.65 per share, compared to $0.20 per share and $0.85 per share for the same periods in 2011. In 2012, Isis' net loss was significantly lower than 2011 primarily due to the $18.4 million gain from its investment in Regulus and the related $9.1 million tax benefit offset, in part, by an increase in Isis' net operating loss, the $4.8 million loss on Isis' early retirement of its 2 ⅝% N
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