Carlsbad-based Isis Pharmaceuticals Inc. said Monday its second-quarter loss narrowed, helped by a $25 million milestone payment from its development partner.
The results were better than Wall Street expected and Isis (Nasdaq: ISIS) shares jumped 8 percent in afternoon trading.
The company's loss totaled $1.2 million, or 1 cent per share, and compared with a loss of $17.9 million, or 18 cents per share, in the same quarter last year.
Revenue jumped 91 percent to $47.3 million from $24.8 million.
Analysts, on average, expected a loss of 10 cents per share on $40.1 million in revenue, according to a FactSet poll.
The recent quarter's revenue got a boost from a $25 million milestone payment the company received from the biotechnology company Genzyme when the Food and Drug Administration accepted the new drug application for Kynamro.
Kynamro is designed to treat a rare genetic condition that causes very high levels of “bad” LDL cholesterol. Isis and Genzyme filed for European Union marketing approval of the drug in July 2011, and they filed for U.S. approval in March 2012.
Isis has said it expects EU regulators to approve the drug before the end of 2012, and the FDA is scheduled to return a decision in late January.
The company ended the quarter with $336 million in cash.
Isis shares rose $1.11, or 9.1 percent, to close Monday at $13.19 , after peaking at $13.60 earlier in the session. Over the past 52 weeks, the company's shares have traded between $6.25 and $14.05.
1896 Rutherford Road
Carlsbad, CA 92008