Isis reports loss from operations of $18.3 million, resources sufficient through end of 2008

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Isis Pharmaceuticals, Inc. said its loss from operations for the three months ended Sept. 30 was $18.3 million, up from $12.1 million in the prior-year period.

Total revenue for the third quarter decreased to $3.3 million, from $7.5 million in the year-ago quarter.

Loss from operations for the nine months ended Sept. 30 was up at $51.4 million, from $48.6 million for the same period in 2005.

The company reported total revenue of $12.6 million for the nine months, down from $25.5 million for the first nine months of 2005.

Isis' operating expenses were $21.5 million and $64.0 million for the three and nine months ended Sept. 30, respectively, compared to $19.6 million and $74.1 million for the same periods in 2005.

Isis ended the third quarter of 2006 with cash, cash equivalents and short-term investments of $126.9 million, compared to $94.4 million at Dec. 31, 2005.

"During the quarter, we reported our first commercial revenues from Ibis and extended key government R&D contracts that include future funding for an instrument placement at Johns Hopkins," chief financial officer B. Lynne Parshall said in a company news release.

"Overall, we remain on track to meet our net operating loss guidance in the high $50 million range, and we believe we have sufficient resources to meet our anticipated cash requirements through at least the end of 2008.

Isis is a Carlsbad, Calif. Pharmaceutical company.

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