Isis Pharmaceuticals obtains $75 million equity line

By Sheri Kasprzak

New York, May 30 - Isis Pharmaceuticals, Inc. received a $75 million equity line from Azimuth Opportunity Ltd.

Under the terms of the 18-month line, Azimuth may buy shares of Isis at a slight discount to the market price. The exact discount could not be determined Tuesday evening.

The proceeds will be used to develop the company's ISIS 113715 to treat type 2 diabetes. The rest will be used for preclinical trials of ISIS 369645 to treat asthma and for ISIS 353512 to treat cardiovascular disease and inflammation.

Isis, based in Carlsbad, Calif., is a pharmaceutical company focused on treatments for cardiovascular, metabolic and inflammatory disorders.

The stock gained 42 cents, or 5.97%, to end the day at $7.46 (Nasdaq: ISIS).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.