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Isis Pharmaceuticals to Slash Work Force
01.10.2005, 07:39 AM
Isis Pharmaceuticals Inc. said Monday it will reduce its work force by about 40 percent as part of a plan to focus resources on developing key antisense drug candidates and narrow operating losses.
The company said it aims to develop and commercialize its alicaforsen enema treatment for ulcerative colitis and advance its pipeline of second-generation antisense drugs aimed at treating high cholesterol and type 2 diabetes, as well as cancer drugs being developed in partnership with other companies.
Isis said it will record write-downs, mostly in the fourth quarter, of about $30 million to $40 million of tangible and intangible assets, such as equipment and patents, "in areas that are non essential to our current focus." Isis said it will halt development of its ISIS 14803 drug for hepatitis C and ISIS 104838 treatment for rheumatoid arthritis.
Before these charges, the company said it is on target to meet its goal of an operating loss in the mid-$80 million range, excluding expenses for non-cash compensation. Isis said additional charges related to nonessential assets will be incurred in the first quarter of 2005.
Analysts surveyed by Thomson First Call are expecting Isis to post losses of 45 cents per share for the quarter and $1.92 per share for 2004.
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