Isis Earns $7 Million in Milestone Payments from GSK for Advancement of ISIS-GSK3 Rx to Treat Viral Infection
CARLSBAD, Calif., Oct. 7, 2013 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that GlaxoSmithKline (GSK) has added a development candidate ISIS-GSK3Rx, to its collaboration with Isis. Isis earned $7 million in milestone payments associated with the advancement of this program. ISIS-GSK3Rx is an antisense drug designed to inhibit the production of an undisclosed target to treat a common viral infection. Isis will develop ISIS-GSK3Rx to Phase 2 proof-of-concept, after which GSK has an exclusive option to in-license the program and further develop and commercialize the asset.
"We are pleased with the progress of our collaboration with GSK and look forward to achieving further successes, including advancing ISIS-GSK3Rx into clinical studies. The benefit of GSK's expertise enables us to further expand the breadth of our pipeline into areas where effective new therapies are needed," said B. Lynne Parshall, chief operating officer of Isis.
As a part of the alliance, Isis is eligible to earn additional pre-licensing milestone payments from GSK as ISIS-GSK3Rx advances. Isis is also eligible to receive double-digit royalties on sales of ISIS-GSK3Rx. The alliance applies Isis' antisense drug discovery platform to discover and develop new therapeutics against targets for rare and/or serious diseases.
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 30 drugs to treat a wide variety of diseases with an emphasis on cardiovascular, metabolic, severe and rare diseases, including neurological disorders, and cancer. Isis' partner, Genzyme, is commercializing Isis' lead product, KYNAMRO™, in the United States for the treatment of patients with HoFH. Isis' patents provide strong and extensive protection for its drugs and technology. Additional information about Isis is available at www.isispharm.com.
ISIS PHARMACEUTICALS' FORWARD-LOOKING STATEMENT
This press release includes forward-looking statements regarding Isis' strategic alliance with GlaxoSmithKline and the discovery, development and therapeutic potential of ISIS-GSK3Rx for the treatment of viral infections. Any statement describing Isis' goals, expectations, financial or other projections, intentions or beliefs 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, 2012, 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 subsidiaries.
Isis Pharmaceuticals® is a registered trademark of Isis Pharmaceuticals, Inc. KYNAMRO™ is a trademark of Genzyme Corporation.
SOURCE Isis Pharmaceuticals, Inc.