Isis Pharmaceuticals Inc.'s (ISIS) second-quarter loss narrowed,
helped by revenue generated by its partnership with Genzyme Corp.
(GENZ), as the drug-therapies developer said it remains on track to
meet 2009 targets.
Isis develops drug therapies based on antisense technology, in
which drugs attach themselves to strands of a molecule known as RNA
to block them from producing disease-causing proteins.
Its lead drug is cholesterol fighter mipomersen, leased to
Genzyme. The drug helps patients who are unable to properly
metabolize bad cholesterol and face the risk of cardiovascular
disease. Isis' shares were briefly hurt in May after a late-stage
trial of mipomersen, while showing the drug to be effective in
cutting bad cholesterol levels, suggested it might be difficult to
tolerate, putting potential milestone payments in jeopardy.
Isis stands to receive at least $325 million from Genzyme under
a licensing and development deal reached last year.
Isis's second-quarter loss narrowed to $2.9 million, or 3 cents
a share, from $3.7 million, or 4 cents a share, a year earlier.
Revenue rose 4.3% to $31 million as research-and-development
revenue rose 31%.
Analysts surveyed by Thomson Reuters were expecting a 2-cent
loss on revenue of $32 million.
Shares closed Wednesday at $18.41 and were inactive premarket.
The stock is up 30% this year.
-By Mike Barris, Dow Jones Newswires; 212-416-2330;
mike.barris@dowjones.com
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