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Isis Reports Financial Results and Highlights for First Quarter 2013
Date:5/7/2013

Isis.  "Isis' value extends well beyond KYNAMRO.  We have created a pipeline of promising products to treat severe and rare, neurological, cardiovascular, metabolic and inflammatory diseases, and cancer.  Because we have such a robust pipeline, we have numerous events to report throughout the year, including Phase 2 data that we will report within the next couple of months."

"In addition to ending the quarter with both pro forma operating and net income, we maintained our cash position by using only $2 million net during the quarter. We were able to achieve these financial results because of the success of our partnerships with Genzyme and GSK from which we earned $32.5 million in milestone payments in the first quarter. And, we have continued this momentum into the second quarter.  We have already received a $30 million upfront fee from Roche for our Huntington's disease program and will earn a $3.5 million milestone payment from Biogen Idec when we dose the first infant with spinal muscular atrophy in the Phase 2 study for ISIS-SMNRx," said Elizabeth L. Hougen, chief financial officer of Isis. "With numerous successful partnerships encompassing multiple drugs, we have continuing opportunities to earn additional milestone payments from our partners as we progress through the year.
Our maturing pipeline of unpartnered assets together with our prolific research programs enables us to explore new collaborations as well."

Upcoming Key Milestones

  • Report clinical data on ISIS-CRPRx in patients with rheumatoid arthritis
  • Report clinical data on ISIS-APOCIIIRx in patients with high triglycerides
  • Financial ResultsAll pro forma amounts referred to in this press release exclude non-cash compensation expense related to equity awards. Please refer to the reconciliation of pro forma and GAAP measures, which is provided later in this release.

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    SOURCE Isis Pharmaceuticals, Inc.
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