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/C O R R E C T I O N -- ISIS PHARMACEUTICALS INC./

 In SD004, "Isis Pharmaceuticals Inc. Reports Lower Losses Than Expected," moved earlier today, in the tabular, "Total assets" for the Three Months Ended June 30, 1993, should read "62,365," rather than "2,365," as originally issued. The corrected release follows:
 ISIS PHARMACEUTICALS INC. REPORTS LOWER LOSSES THAN EXPECTED
 WHILE CONTINUING THE PACE OF CLINICAL DEVELOPMENT
 CARLSBAD, Calif., July 29 /PRNewswire/ -- Isis Pharmaceuticals Inc. (NASDAQ: ISIP) today announced its financial results for the second quarter ended June 30, 1993.
 The company's net loss for the quarter was $.?8 million, or $.31 per share, compared with $4.3 million, or $.33 per share, for the same quarter of 1992, an increase of 12 percent. This result compares favorably with the $5.1 million, or $.34 per share, loss reported for the first quarter of 1993.
 Revenues were $3.2 million, compared with $2.3 million for the same quarter of 1992, an increase of 40 percent, and consisted of contract research revenue and interest income.
 Operating expenditures for the quarter grew to $7.8 million, an increase of 22 percent over the second quarter of 1992, primarily due to the coni?nuing expansion of the company's activities to develop its clinical and preclinical drug candidates.
 For the first six months of 1993, Isis reported a loss of $9.8 million on $6.0 million in revenues, compared with a loss of $9.3 million in revenues on $4.8 million for the first six months of 1992.
 Operating expenses for the first six months of 1993 totaled $15.4 million, compared with $13.7 million for the same period in 1992.
 "Isis has made a strong commitment to conserving its cash resources," said Jacqueline G. Siegel, Ph.D., vice president and chief financial officer. "We have demonstrated this commitment for two consecutive quarters by expanding human trials on ISIS 2105, our oligonucleotide-based compound for genital warts caused by human papillomavirus, and by expanding preclinical testing on several of our advanced development drug candidates, while only slowly increasing our rate of expenditures. We intend to maintain a sound fiscal policy going forward while continuing the rapid progress of our development and research programs."
 Isis Pharmaceuticals Inc., based in northern San Diego County, is engaged in the discovery and development of novel oligonucleotide-based compounds, a class of chemicals which have never before been used as human therapeutics. Isis has a broad oligonucleotide research program and has multiple compounds in preclinical development. The company's first oligonucleotide-based drug for human papillomavirus, ISIS 2105, is in pivotal Phase II clinical trials.
 ISIS PHARMACEUTICALS INC.
 Selected Financial Data
 Amounts in thousands (except loss per share)
 Statements of Operations
 Three months Six months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 Revenue $3,228 $2,303 $5,960 $4,793
 Net loss (4,779) (4,263) (9,831) (9,269)
 Loss per share (0.31) (0.33) (0.65) (0.72)
 Weighted average
 shares outstanding 15,560 12,870 15,220 12,859
 Balance sheets June 30, June 30,
 1993 1992
 Cash, cash equivalents,
 and short-term investments $40,311 $36,354
 Total assets 62,365 55,474
 Long-term obligations, net of
 current portion 7,081 6,674
 Stockholders' equity 48,193 39,849
 -0- 7/29/93 C SD004
 /CONTACT: Jacqueline Siegel of Isis Pharmaceuticals, 619-931-9200; or Lorraine Ruff of Stoorza Ziegaus & Metzger, 619-236-1332, for Isis Pharmaceuticals/
 /PRNewswire -- July 29/
 (ISIP)


CO: Isis Pharmaceuticals Inc. ST: California IN: MTC SU: ERN

JL-LM -- SD004A -- 7215 07/29/93 12:50 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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