CARLSBAD, Calif., Aug. 28, 2012 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it will receive $1.4 million from Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) as its portion of the upfront fees in Alnylam's recently announced collaboration in the field of agriculture. In addition, Isis has the potential to receive royalty payments and a portion of future milestone payments. This transaction further emphasizes the value of Isis' innovation and the leadership role Isis has played in the field of RNA-based technology.
Isis is the leading company in RNA-based technology and owns or controls more than 1,500 issued patents. As such, Isis holds patents for numerous applications of antisense technology, including RNAi, and for novel targets, such as microRNAs being developed by Regulus, which is co-owned by Isis and Alnylam. In 2004, Isis and Alnylam entered into a strategic relationship in which Alnylam obtained an exclusive license to Isis' intellectual property for double-stranded oligonucleotide therapeutics that mediate RNAi. In return, Isis received an upfront payment and financial participation in future transactions supported by Isis' patents.
"Our innovations and discoveries related to RNA-based technologies have resulted in a broad and valuable patent estate. Our business strategy is focused on maximizing the value of these innovations by providing partners access to our technology for uses that are outside of our area of focus. The benefit of this strategy is evident in the success of the strategic relationships we establish, such as the one we have with Alnylam," said B. Lynne Parshall, Chief Operating Officer and CFO of Isis.
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™, following regulatory approval. 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 STATEMENTThis press release includes forward-looking statements regarding Isis Pharmaceuticals' business, its intellectual property estate, and the therapeutic and commercial potential of the Company's products and technologies. 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 subsidiaries, including Regulus Therapeutics Inc., its jointly owned subsidiary.