Rochester, NY 2/11/2010 2:45:47 AM
Isis Pharmaceuticals, Inc. ISIS Losing Ground in Afternoon Trading
Isis Pharmaceuticals, Inc. is putting a bad taste in investor's mouths and they are turning tail.
At least in part this is based on a six-month late-stage clinical trial on their joint effort cholesterol drug, mipomersen. The drug targets heterozygous familial hypercholesterolemia, a genetic disease that raises cholesterol levels and can lead to heart disease.
The study did meet its goals but fell shy of the street's target and shares took a tumble on Wednesday. The stock is trading 9.25 Down 1.79 (16.21%) as this is written. It should be noted that Mipomersen (the subject of the study) has caused adverse side effects in some patients. While these effects are not uncommon in cholesterol drugs (nine patients left the study early due to side effects) of this nature, the news only added to those thinking they'd pass or sell their shares.
Mipomersen was developed by Isis Pharmaceuticals, Inc and later licensed to Genzyme. who will seek market approval in 2011.
About Isis Pharmaceuticals, Inc
Isis Pharmaceuticals, Inc., through its drug discovery platform based on antisense technology, discovers and develops drugs that bind to RNA antisense technology. The company has commercialized its antisense drug and has 19 drugs in development. Isis' drug development programs are focused on treating cardiovascular, metabolic, and severe neurodegenerative diseases and cancer. It licenses its drugs to partners prior to late-phase development and commercialization. The company and Alnylam Pharmaceuticals jointly own Regulus Therapeutics Inc., a company focused on the discovery, development, and commercialization of microRNA therapeutics. Isis is the owner or exclusive licensee of approximately 1,600 issued patents worldwide. The company was founded in 1989 and is based in Carlsbad, California.
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