ISIS PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS
ISIS PHARMACEUTICALS REPORTS SECOND QUARTER RESULTS CARLSBAD, Calif., July 31 /PRNewswire/ -- Isis Pharmaceuticals, Inc.
(NASDAQ: ISIP) today announced its financial results for the quarter ended June 30, 1992. Total revenues for the quarter, which consisted of contract research revenues and interest income, were approximately $3.8 million, compared to approximately $1.8 million for the second quarter of 1991, an increase of 28 percent. Operating expenses for the quarter were approximately $6.6 million, up 74 percent from approximately $2.8 million for the same quarter in 1991. The company recorded a net loss of approximately $4.3 million, or $.33 per share for the quarter, versus approximately $2.0 million, or $.21 per share for the comparable period in 1991.
The increased operating expenses are a result of increased activity in research and development, including facilities and personnel additions to support the company's current and anticipated development activities. "The initial Phase I clinical trial for ISIS-2105, the company's compound to treat human papillomavirus, were completed in the second quarter," said Daniel Kisner, senior vice president, "we are continuing with another Phase I trial in patients with genital warts." Isis also consummated a cooperative research and development agreement with the Chemo-Sero-Therapeutic Research Institute (Kaketsuken) and Mochida Pharmaceutical Co., two significant Japanese pharmaceutical companies, to discover and develop human therapeutic products for Hepatitis C. "This agreement broadens Isis' base of molecular targets and provides an environment in which Isis and these Japanese pharmaceutical companies can take advantage of each others technology, skills and market presence," said B. Lynne Parshall, vice president. Isis Pharmaceuticals, Inc., based in northern San Diego County, is engaged in the discovery and development of novel therapeutic products based on antisense oligonucleotides. Isis recently completed its initial Phase I human clinical trails on a new drug, the first antisense drug to be administered to humans, to treat human papillomavirus. ISIS PHARMACEUTICALS Selected Financial Data (in thousands except loss per share) Statements of Operations Three months Six months Period ended June 30 1992 1991 1992 1991 Revenues $2,303 $1,788 $4,796 $3,495 Net loss (4,263) (2,015) (9,269) (3,116) Loss per share (.33) (.21) (.72) (.35) Weighted avg. shares outstanding 12,870 9,564 12,859 8,911 Balance Sheets Periods ended 6/30/92 12/31/91 Cash, cash equivalents & short-term investments $47,993 $60,998 Total assets 65,006 73,625 Long-term obligations, net of current portion 6,728 5,016 Stockholders' equity 49,927 59,104 -0- 7/31/92 /CONTACT: B. Lynne Parshall of Isis Pharmaceuticals, 619-931-9200; or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Isis Pharmaceuticals/ (ISIP) CO: Isis Pharmaceuticals Inc. ST: California IN: MTC SU: ERN
SH-LR -- NY009 -- 5485 07/31/92 10:03 EDT
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|Date:||Jul 31, 1992|
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