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Isis Reports Strong Financial Results and Highlights for Second Quarter of 2009
Date:8/6/2009

ceived from Ortho-McNeil-Janssen in 2007 is fully amortized in the third quarter of this year.

Operating Expenses

On a pro forma basis, operating expenses for the three and six months ended June 30, 2009 were $32.3 million and $61.8 million compared to $25.1 million and $46.4 million for the same periods in 2008. Consistent with Isis' guidance, the higher expenses in 2009 were primarily due to the expansion of the Company's clinical development programs, including additional expenses associated with the broad Phase 3 clinical program for mipomersen, the lead drug in Isis' cardiovascular franchise, expenses for Regulus as it builds its core team and expenses related to the Company's expansion of its drug discovery activities into new therapeutic areas. On a GAAP basis, Isis' operating expenses from continuing operations for the three and six months ended June 30, 2009 were $35.8 million and $68.0 million compared to $28.6 million and $53.2 million for the same periods in 2008, including non-cash compensation expense related to stock options of $3.6 million and $6.3 million for the three and six months ended June 30, 2009 and $3.5 million and $6.8 million for the same periods in 2008. During the remainder of 2009, Isis' operating expenses will increase modestly as Isis continues its research and development activities described above.

Interest Expense

In 2009, Isis adopted FASB Staff Position No. APB 14-1 (FSP 14-1) for its 2 5/8% convertible notes, which required Isis to assign a value to its convertible debt without considering the conversion feature. As a result, Isis is recording its convertible debt at a discount, which Isis is amortizing over the expected life of the debt as additional non-cash interest expense. FSP 14-1 required retrospective application to all periods presented. Accordingly, the amount of interest expense Isis recorded in its statement of ope
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SOURCE Isis Pharmaceuticals, Inc.
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