ISIS PHARMACEUTICALS RAISES $51 MILLION IN PRIVATE OFFERING

Isis Pharmaceuticals, Inc. (Nasdaq: ISIS - News) today announced that it has entered into an agreement for a $51 million private placement of 12 million shares of its common stock at a price of $4.25 per share, a 2.3% discount from its 60 day average trading price. Upon closing of this financing, expected to be on or before August 24, 2005, investors in the financing will also receive warrants to purchase approximately 3 million shares of common stock at an exercise price of $5.23 per share. Needham & Company and Fortis Securities LLC are acting as the exclusive placement agents for the offering.

Yahoo News (http://biz.yahoo.com/prnews/050822/lam104.html?.v=21)