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Isis Reports Financial Results and Highlights for Third Quarter 2010
Date:11/4/2010

CARLSBAD, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the quarter ended September 30, 2010.  The Company finished the third quarter of 2010 with a pro forma net operating loss (NOL) of $6.0 million and $23.1 million for the three and nine months ended September 30, 2010, respectively, compared to a pro forma net operating loss of $6.9 million and $6.1 million for the same periods in 2009.  On a GAAP basis, Isis reported a loss from operations of $8.9 million and $32.5 million for the three and nine months ended September 30, 2010, respectively, compared to $10.4 million and $15.9 million for the same periods in 2009.  

"In 2010, our most notable accomplishment is the completion of two more positive Phase 3 studies of mipomersen.  The successful completion of the Phase 3 program for mipomersen to support our initial market brings us closer to the commercialization of a first-in-class drug for patients who are in desperate need of new therapies.  Genzyme is on track to file for marketing approval of mipomersen in both the U.S. and Europe in the first half of next year.  We believe that the initial market for mipomersen represents a significant financial opportunity, and we are excited to bring this new medicine to an underserved patient population," said B. Lynne Parshall, COO and CFO of Isis.  

"We continue to maintain a strong financial position in large part due to our partnership successes that have continued to generate new revenue for us.  For example, our 2010 revenue includes the amortization of upfront fees from our new collaboration with GSK and new sublicensing revenue from Regulus' alliance with sanofi-aventis.  In addition, we have earned $13 million in milestone payments from our partners.  We earned many of these mileston
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SOURCE Isis Pharmaceuticals, Inc.
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