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Isis Reports Financial Results and Highlights for Third Quarter 2011
Date:11/7/2011

b>Balance SheetAs of September 30, 2011, Isis had cash, cash equivalents and short-term investments of $364.8 million compared to $472.4 million at December 31, 2010 and had working capital of $293.5 million at September 30, 2011 compared to $377.2 million at December 31, 2010.  The decrease in cash and working capital primarily relates to cash used to fund Isis' operations.  

Isis' leases on its former research and development facilities expire at the end of 2011. Rather than invest in costly renovations to these facilities, the Company chose to consolidate the majority of its operations in a new leased facility that Biomed Realty Trust, Inc. (BMR) constructed. To make the Company's move, which happened in August 2011, as efficient as possible, Isis requested access to the new facility prior to the completion of construction.  To gain early access, Isis agreed to modify its lease to accept additional responsibility.  As a result, accounting rules required Isis to record the cost of the facility as a fixed asset with a corresponding liability.  Isis is depreciating the building over its economic life and Isis' rent payments, which begin on January 1, 2012, will decrease the liability over the term of the lease.

Business Highlights "Marketing approval of Kynamro will be an important milestone for Isis.  We are working with Genzyme to continue to enhance Kynamro's profile and market opportunity.  Genzyme recently completed a Special Protocol Assessment, or SPA, with the FDA for the next Kynamro clinical study.  The study, FOCUS FH, is designed to achieve three goals: support the expansion of the FH patient population to include severe heterozygous FH in the U.S., support an alternative dosing regimen of three times a week dosing, and support potentially broadening of the FH indication beyond severe in Europe.  We and Genzyme are focused not only on the initial commercial opportunities for Kynamro bu
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SOURCE Isis Pharmaceuticals, Inc.
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