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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