Isis Receives $10m From BI For ISIS 2302

Isis Pharmaceuticals has received a milestone payment of $10 million from Boehringer Ingelheim, having completed the first of five Phase IIa clinical trials with ISIS 2302, its anti-inflammatory treatment. The payment takes the shape of an equity investment in Isis at $24.47 per share.

As a result of the postive data which has transpired from the study, both companies plan to initiate a pivotal Phase IIb trial with the drug; this will commence in January 1997.

ISIS 2302 uses antisense technology to inhibit the production of a protein, thought to be associated with a range of inflammatory diseases, called intercellular adhesion molecule 1 (ICAM-1). The payment marks the conclusion of the first trial, in Crohn's disease. The other four ongoing Phase IIa trials are in kidney transplant rejection, rheumatoid arthritis, psoriasis and ulcerative colitis. Results from these trials are expected in the coming months.