Isis Pharmaceuticals Inc. announced that it has earned a $3.5 million milestone payment for the dosing of the first patient in a Phase 2 study of ISIS-SMNRx in infants with spinal muscular atrophy (SMA). This milestone payment was awarded by Biogen Idec. According to the company, ISIS-SMNRx is an open-label, multiple-dose, dose-escalation pilot study, which will include eight infants between the ages of three weeks and seven months, who have been diagnosed with SMA. The study will be conducted in the US and Canada. Currently, Isis is in partnership with Biogen Idec to develop and potentially commercialise the investigational compound, ISIS-SMNRx, to treat all types of SMA. Isis is responsible for global development and Biogen Idec has the option to license the compound until completion of the first successful Phase 2/3 study.

Isis Pharmaceuticals, Inc. Presents at JPMorgan Chase & Co.'s 41st Annual Global Technology, Media and Telecom Conference, May-16-2013 10:00 AM. Venue: Stone Conference Room, Westin Boston Waterfront Hotel, 425 Summer Street, Boston, MA 02210, United States.

Isis Pharmaceuticals, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. Revenue for the three months ended March 31, 2013 was $43.4 million compared to $23.2 million for the same period in 2012. The company reported a net loss of $1.7 million for the three months ended March 31, 2013 compared to $24.0 million for the same period in 2012. Basic and diluted net loss per share for the three months ended March 31, 2013 was $0.02 per share compared to $0.24 per share for the same period in 2012. The company’s net loss was significantly lower than in 2012 primarily due to the milestone payments it received from its partners in the first quarter. On a GAAP basis, the company reported income from operations of $1.6 million and a net loss of $1.7 million for the three months ended March 31, 2013 compared to a loss from operations of $18.5 million and a net loss of $24.0 million for the same period in 2012. Loss before income tax expense was $1.7 million against $24 million for the same period last year. The company reported pro forma operating income of $4.5 million and pro forma net income of $1.2 million for the three months ended March 31, 2013 compared to a pro forma net operating loss of $16.2 million and a pro forma net loss of $21.7 million for the same period in 2012. The significant improvement in the company's financial results was driven primarily by milestone payments Isis earned in the first quarter, including a $25 million milestone payment from Genzyme and a $7.5 million milestone payment from GlaxoSmithKline (GSK). Pro forma net income was $1.2 million against net loss of $21.7 million of prior year period.