Isis Pharmaceuticals, Inc. completed the pricing of its offering of $201.25 million aggregate principal amount of Convertible Senior Notes due 2019 in a private placement, including $26.25 million aggregate principal amount of the Convertible Senior Notes due 2019 being sold pursuant to the exercise in full of the initial purchasers' over-allotment option. Needham acted as co-placement agent for this transaction. Isis intends to use a substantial portion of the net proceeds of this offering to redeem its outstanding 2 ⅝% Convertible Subordinated Notes due 2027 (the "2027 Notes"), and the remainder of the proceeds for general corporate and working capital purposes.
Isis Pharmaceuticals, Inc. (NASDAQ: 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 28 drugs to treat a wide variety of diseases with an emphasis on cardiovascular, metabolic, severe and rare diseases, and cancer. Isis' partner, Genzyme, is commercializing Isis' lead product, KYNAMRO™, in the United States for the treatment of patients with HoFH. Genzyme is also pursuing marketing approval of KYNAMRO in other markets. Isis' patents provide strong and extensive protection for its drugs and technology.