By a News Reporter-Staff News Editor at Clinical Trials Week -- Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) reported pro forma net operating income of $1.1 million and a pro forma net operating loss (NOL) of $21.5 million for the three and six months ended June 30, 2014, respectively, compared to an NOL of $5.3 million and $799,000 for the same periods in 2013. Isis' pro forma operating income in the second quarter of 2014 was primarily driven by more than $40 million of milestone payments from partners the Company earned during the second quarter. On a GAAP basis, Isis reported a loss from operations of $6.7 million and $36.3 million for the three and six months ended June 30, 2014, respectively, compared to a loss from operations of $7.9 million and $6.3 million for the three and six months ended June 30, 2013. Isis ended the first half of 2014 with approximately $591 million in cash, not including approximately $41 million that Isis received after the quarter ended, compared to $657 million at December 31, 2013 (see also Isis Pharmaceuticals, Inc.).
"Our strong financial position demonstrates the value our unique business strategy creates as our pipeline continues to advance. We have initiated the Phase 3 program for ISIS-SMN(Rx) to treat patients with spinal muscular atrophy. Our Phase 3 clinical study of ISIS-TTR(Rx) in patients with the polyneuropathy form of transthyretin amyloidosis is enrolling well and patients who have completed the controlled portion of the study can continue to receive treatment in our open-label extension study. Also this year, we plan to initiate the Phase 3 program for ISIS-APOCIII(Rx) to treat patients with severely elevated triglyceride levels with the first study starting very shortly," said B. Lynne Parshall, chief operating officer of Isis. "By the end of the year, we plan to be conducting Phase 3 programs on a number of different drugs to treat important genetically driven diseases for which antisense may offer a unique therapeutic approach."
"We ended the second quarter with pro forma net operating income of $1.1 million, including more than $40 million in milestone payments reflecting the significant progress our partnered programs are achieving. So far this year, because of our successful execution of our business strategy, we have achieved nearly $75 million in payments from our partners. With numerous successful partnerships encompassing multiple drugs, we have continuing opportunities to earn additional milestone payments from our partners as we progress through the year, including an $18 million milestone payment from Biogen Idec when we dose the first infant in our ISIS-SMN(Rx) Phase 3 study. Further, we maintained our strong cash position by ending the quarter with more than $590 million in cash, which does not include cash from the $40 million in milestone payments we earned late in the second quarter. Because of the timing of these payments, the $40 million will be reflected in our third quarter cash balance," said Elizabeth L. Hougen, chief financial officer of Isis. "We remain on track to meet our financial guidance of a pro forma NOL in the low $50 million range and year end cash in excess of $575 million."
Keywords for this news article include: Isis Pharmaceuticals Inc, Investment and Finance.
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