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Isis Reports Financial Results and Highlights for First Quarter 2012
Date:5/8/2012

ompared to $20.0 million for the same period in 2011.  Basic and diluted net loss per share for the three months ended March 31, 2012 was $0.24 per share, compared to $0.20 per share for the same period in 2011.  In 2012, Isis' net loss increased compared to the same period in 2011 primarily due to an increase in Isis' net operating loss and additional non-cash interest expense the Company recorded for the long-term liability associated with its new facility.

Balance Sheet
As of March 31, 2012, Isis had cash, cash equivalents and short-term investments of $333.9 million compared to $343.7 million at December 31, 2011 and had working capital of $285.9 million at March 31, 2012 compared to $284.0 million at December 31, 2011.  The decrease in cash in the first quarter of 2012 primarily relates to cash used to fund Isis' operations offset by the $29 million upfront fee Isis received from Biogen Idec. 

Business Highlights
"In 2012, we are looking forward to a watershed event for Isis: the commercial launch of KYNAMRO.  KYNAMRO is an important drug for many reasons.  It should be the first systemic antisense drug on the market and it will be Isis' first important commercial asset.  Most importantly, it is a drug that has the potential to help seriously ill patients with severe FH in desperate need of a lifesaving therapy," continued Ms. Parshall.  "We recently reported data from our long-term extension study in patients who have been treated with KYNAMRO for two years and longer.  In these patients, we continue to see sustained and robust reductions of LDL-cholesterol and other key atherogenic lipids with a safety profile that supports our plan to treat patients who are at very high risk of a cardiovascular-related death.  While our initial registration dossiers are filed in the United States and Europe, we and Genzyme continue to invest to expand the commercial potential of KYN
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SOURCE Isis Pharmaceuticals, Inc.
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