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

illion gain, net of tax, which Isis recognized when it sold its subsidiary, Ibis Biosciences, to Abbott Molecular Inc. in the first quarter of 2009.

Balance SheetAs of September 30, 2010, Isis had cash, cash equivalents and short-term investments of $497.9 million compared to $574.3 million at December 31, 2009 and had working capital of $406.6 million at September 30, 2010 compared to $484.7 million at December 31, 2009.  The decrease in cash and working capital primarily relates to cash used in the first nine months of 2010 for Isis' operations, including a $7.7 million payment that Isis made for 2009 income taxes.  Isis' cash and working capital also decreased because Isis is no longer including Regulus' cash, which was $30.7 million at December 31, 2009, in Isis' cash balance.

Business Highlights "The performance of mipomersen continues to be consistent across the entire Phase 3 program with four positive Phase 3 studies in which all primary, secondary and tertiary endpoints were met with statistical significance," continued Ms. Parshall.  "The robust efficacy we have observed for mipomersen, combined with a safety profile that is emerging as we gain more patient exposure experience, support our initial market opportunity for mipomersen in patients who, despite being treated with maximally tolerated lipid-lowering therapies, are far from their recommended LDL-C goal and as a result are at high risk for a cardiovascular event or death.

"Our other partners continue to advance the drugs in our pipeline with the initiation of multiple Phase 2 and Phase 3 studies.  For example, Teva and OncoGenex initiated a broad Phase 3 program in cancer for OGX-011.  Our partner, Excaliard, presented positive clinical data on EXC 001 from the first of three Phase 2 studies showing the value of antisense drugs delivered locally for the treatment of fibrosis and opening up new market opportunities.  Most recently, sano
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SOURCE Isis Pharmaceuticals, Inc.
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