ISIS PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS
ISIS PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS CARLSBAD, Calif., Oct. 29 /PRNewswire/ -- Isis Pharmaceuticals, Inc.
(NASDAQ: ISIP) today announced its financial results for the third quarter ended Sept. 30 1992. Total revenues for the quarter, which consisted of contract research revenues and interest income, were approximately $3.3 million, compared with approximately $2.0 million for the third quarter of 1991, an increase of 65 percent. Operating expenses for the quarter were approximately $8.2 million, up 86 percent from approximately $4.4 million for the same quarter in 1991. The company recorded a net loss of approximately $4.9 million, or $.38 per share for the quarter, versus approximately $2.4 million, or $.23 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 quarter's results were in line with our plans and expectations," said Dr. Jacqueline Siegel, vice president and chief financial officer of Isis. Isis recently announced the newest addition to its management staff, Jacqueline Siegel, Ph.D., who joined Isis as vice president and chief financial officer this month. Prior to joining Isis, Dr. Siegel had been the senior biotechnology analyst for Hambrecht & Quist. "Jackie's experience in the biotechnology and financial fields makes her a tremendous asset to our team," said Stanley Crooke, M.D., Ph.D., president and chief executive officer. Clinical trials on ISIS 2105, Isis' antisense compound designed to treat human papilloma virus, are progressing. Isis has completed its initial Phase I clinical trial in normal volunteers with no evidence of unacceptable toxicity. In the third quarter, Isis began an additional Phase I study in genital warts patients, and initiated an extension of its earlier study in normal volunteers at higher doses. During the third quarter, Isis was issued an U.S. patent covering novel oligonucleotides created by the attachment of various polyamines. "This patent is important in its scope," said Dr. Christopher Mirabelli, senior vice president, "with possible applications including AIDS (HIV), herpes viruses and papilloma viruses." Also during the quarter, Isis scientists published their discovery of a new technique to bind oligonucleotides to RNA. This method, known as pseudo-half-knot formation, will enable the company to better design antisense drugs. Isis Pharmaceuticals, Inc., based in northern San Diego County, is engaged in the discovery, development and marketing of novel therapeutic products based on antisenseoligonucleotides. ISIS PHARMACEUTICALS, INC. Selected Financial Data (Dollars in thousands, except loss per share) Statement of Operations Periods ended Three months Nine months Sept. 30 1992 1991 1992 1991 Revenues $3,301 $1,965 $8,097 $5,460 Net loss (4,926) (2,393) (14,196) (5,509) Loss per share (.38) (.23) (1.10) (.58) Weighted average shares outstanding 12,886 10,531 12,868 9,457 Balance Sheets Period ended 9/30/92 12/31/91 Cash, cash equivalents and short-term investments $42,038 $60,998 Total assets 60,723 73,625 Long-term obligations, net of current portion 6,771 5,016 Stockholders' equity 45,100 59,104 -0- 10/29/92 /CONTACT: B. Lynne Parshall, Esq. of Isis Pharmaceutical, Inc., 619-931-9200, or Anthony J. Russo, Ph.D. of Noonan/Russo Communications, 212-979-9180, for Isis Pharmaceuticals/ (ISIP) CO: Isis Pharmaceuticals, Inc. ST: California IN: MTC SU: ERN
LD-TM -- NY099 -- 6862 10/29/92 18:02 EST
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|Date:||Oct 29, 1992|
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