Isis To Receive $1.25 Million Payment As Pfizer Continues Development Of EXC
CARLSBAD, Calif., Nov. 2, 2012
CARLSBAD, Calif., Nov. 2, 2012 /PRNewswire/ --Isis Pharmaceuticals, Inc.
(NASDAQ: ISIS) announced today that it will receive a $1.25 million contingent
payment from Pfizer Inc. (NYSE:PFE) triggered by Pfizer's decision to advance
EXC 001 into a Phase 2 study. In 2011, Isis received $4.4 million for its
equity ownership of Excaliard from Pfizer's acquisition of Excaliard
Pharmaceuticals and, excluding the $1.25 million, is eligible to receive an
additional $8.35 million in contingent payments upon achievement of various
milestones associated with the clinical and commercial progress of EXC 001,
also referred to as PF-06473871. Isis also remains eligible to receive
milestone and royalty payments under its licensing agreement with Excaliard
for EXC 001.
"We have been extremely successful in implementing our business strategy to
exploit our antisense drug discovery platform and create many opportunities
outside of our core areas of therapeutic focus. The development of EXC 001 is
a great example of this success. EXC 001 was co-discovered by Isis and
Excaliard and developed to Phase 2 proof-of-principle by Excaliard. Pfizer's
commitment to advancing EXC 001 allows us to continue to benefit from our
investment," said B. Lynne Parshall, J.D., chief operating officer and chief
financial officer at Isis. "The market opportunity to treat hypertrophic
scars is very large, and Pfizer has the drug development expertise and global
commercial infrastructure to support the continued advancement of EXC 001."
ABOUT ISIS PHARMACEUTICALS, INC.
Isis is exploiting its leadership position in antisense technology to discover
and develop novel drugs for its product pipeline and for its partners. Isis'
broad pipeline consists of 25 drugs to treat a wide variety of diseases with
an emphasis on cardiovascular, metabolic, severe and rare diseases, and
cancer. Isis' partner, Genzyme, plans to commercialize Isis' lead product,
KYNAMRO™, in the United States and Europe following regulatory approval.
Isis' patents provide strong and extensive protection for its drugs and
technology. Additional information about Isis is available at
ISIS PHARMACEUTICALS' FORWARD-LOOKING STATEMENT
This press release includes forward-looking statements regarding Isis'
collaboration with Excaliard, Inc. and its financial and business development
activities, and the development, activity, therapeutic and commercial
potential and safety of EXC 001. Any statement describing Isis' goals,
expectations, financial or other projections, intentions or beliefs, including
the planned commercialization of KYNAMRO, is a forward-looking statement and
should be considered an at-risk statement. Such statements are subject to
certain risks and uncertainties, particularly those inherent in the process of
discovering, developing and commercializing drugs that are safe and effective
for use as human therapeutics, and in the endeavor of building a business
around such drugs. Isis' forward-looking statements also involve assumptions
that, if they never materialize or prove correct, could cause its results to
differ materially from those expressed or implied by such forward-looking
statements. Although Isis' forward-looking statements reflect the good faith
judgment of its management, these statements are based only on facts and
factors currently known by Isis. As a result, you are cautioned not to rely
on these forward-looking statements. These and other risks concerning Isis'
programs are described in additional detail in Isis' annual report on Form
10-K for the year ended December 31, 2011 and its most recent quarterly report
on Form 10-Q, which are on file with the SEC. Copies of these and other
documents are available from the Company.
In this press release, unless the context requires otherwise, "Isis,"
"Company," "we," "our," and "us" refers to Isis Pharmaceuticals and its
Isis Pharmaceuticals® is a registered trademark of Isis Pharmaceuticals, Inc.
KYNAMRO™ is a trademark of Genzyme Corporation.
SOURCE Isis Pharmaceuticals, Inc.
Contact: D. Wade Walke, Ph.D., Executive Director, Corporate Communications
and Investor Relations, +1-760-603-2741, or Amy Blackley, Ph.D., Associate
Director, Corporate Communications, +1-760-603-2772, both of Isis
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