Boston, MA 05/08/2014 (wallstreetpr) – ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) recorded pro forma net operating loss (NOL) worth $22.6 million during 1Q14. This is in direct contrast with pro forma operating income of $4.5 million during the prior-year period. Increase in operating expenditure due to its planned clinical programs like Isis’ maturing pipeline of drugs along with delayed milestone payments from the partners resulting in NOL during the first quarter of 2014 ending on March 31, 2014.
The expenses on a pro forma basis stood at $50.8 million in 1Q14 when compared to $38.9 million in the first quarter of 2013. On a GAAP basis, while 1Q13 showed up earnings from operations worth $1.6 million, Isis recorded losses from operations in tune to $29.7 million. On a positive note during the first quarter of 2014, Isis was still in a strong cash position with approximately $631 million. It had cash worth $657 million during the end of the last quarter in 2013.
As per the Chief operating officer at Isis said,” A number of key milestones with huge revenue generating potential were met during 1Q14. The sustained growth and value addition to the pipeline shows the future potential and Phase 2 clinical data from drugs like ISIS-GCGRRx and ISIS-FXIRx will just add to Isis repertoire.”
Current Milestones:
1) Drugs ISIS-SMNRx and ISIS-APOCIIIRx, reported positive clinical data. Phase 3 Programs based on these results are on track.
2) These positive results will further add to ongoing research for ISIS-TTRRx. ISIS-TTRRx is being dosed for a year now and is progressing as per schedule.
3) Clinical study on ISIS-ANGPTL3Rx was launched and a new drug ISIS-HTTRx to treat Huntington’s disease is added to the planned research.
Elizabeth L. Hougen, chief financial officer of ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) looked happy and confident with the progress achieved during the first quarter of 2014.He said,” Isis started on strong footing in 2014, and we will consolidate our financial position further. The opportunity of earnings from our partners is immense as our pipeline of partnered drugs is growing and reaching a pinnacle point. Partner revenue stood at $27 million in 1Q14. The Planned revenue of more than $160 million by the end of the year looks achievable when compared to the actual revenue in the reported quarter. Milestone payments worth $110 million are expected from partners as the drugs accomplish key milestones. Biogen Idec alone will contribute $18 million to Isis after the accomplishment of Phase 3 clinical study in infants with SMA. The pipeline looks strong with the planned development of three drugs in Phase 3 and nine drugs in Phase 2. We are on track with a pro forma net operating loss around $50 million which is quite low and a strong cash position of more than $575 by the end of year,”
