Isis Reports Strong Financial Results and Highlights for Second Quart...( ...),Health

CARLSBAD, Calif., Aug. 6 /PRNewswire-FirstCall/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIS) today announced its financial results for the quarter ended June 30, 2009. During 2009 Isis has continued to successfully execute its business strategy and as a result reported $669,000 of pro forma net income for the quarter ended June 30, 2009, a significant improvement over the same period in 2008. Isis also reported a pro forma net operating loss of $1.3 million for the second quarter compared to pro forma net operating income of $4.6 million for the same period in 2008. Maintaining its strong cash position, Isis ended the quarter with $637.5 million of cash and remains on track to end 2009 with more than $550 million of cash. Isis also remains on track to meet its guidance of more than $145 million of pro forma net income and a pro forma net operating loss in the low to mid $20 million range, in both cases excluding non-cash stock compensation expense.

"Our strong financial performance is a direct result of the success of our technology platform and business strategy. We and our partners are advancing our large and growing pipeline of 19 drugs in development. Our partnership strategy not only allows our drugs to move forward effectively toward the market but also provides us with significant short and intermediate term financial benefits that enable us to continue to advance the technology and fill the pipeline with more exciting new drugs," said B. Lynne Parshall, COO and CFO of Isis.

Upcoming Key Milestones

• Report full data from a Phase 3 study evaluating mipomersen in homozygous Familial Hypercholesterolemia (FH) patients; positive top line data was reported in May 2009
• Report data from additional mipomersen studies in othe
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