Designation of ISIS-GSK4Rx as a development candidate triggers milestone payment to Isis

Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today that it has earned a $5 million milestone payment from GlaxoSmithKline (NYSE: GSK) related to the designation of ISIS-GSK4_Rx as a development candidate.  ISIS-GSK4_Rx is an antisense drug designed to treat an undisclosed ocular disease. 

"Our collaboration with GlaxoSmithKline has been very productive resulting in three novel antisense drugs in our pipeline," said B. Lynne Parshall, chief operating officer at Isis.  "We look forward to advancing ISIS-GSK4_Rx into the clinic and providing more information on the target and disease opportunity, which we are very excited about." 

As a part of the alliance, Isis is eligible to earn additional pre-licensing milestone payments from GlaxoSmithKline as ISIS-GSK4_Rx advances.  Isis will develop ISIS-GSK4_Rx to Phase 2 proof-of-concept, at which time GlaxoSmithKline has an option to exclusively license it.   Isis is also eligible to receive double-digit royalties on sales of ISIS-GSK4_Rx.