Isis Investment In Regulus Valued At $28 Million At Completion Of Regulus Initial Public Offering
Isis Pharmaceuticals (NASDAQ: ISIS) announced today that Regulus Therapeutics Inc. recently priced its initial public offering of 11,250,000 shares of Regulus common stock at $4.00 per share. Isis purchased $3 million of Regulus common stock at the offering price and remains a significant shareholder with approximately 7 million shares, or 18 percent of Regulus common stock on a fully diluted basis. Isis co-founded Regulus and granted Regulus an exclusive license to its intellectual property for microRNA therapeutic applications. As such, Isis is eligible to receive fees and/or royalty payments on microRNA therapeutic products that Regulus or its partners develop.
"We are very pleased with the progress Regulus has made in advancing the field of microRNAs. When we co-founded Regulus, we applied our know-how and clinical advances with antisense drugs to the field of microRNAs creating a new venture focused on this new therapeutic approach for treating complex diseases. Regulus' IPO marks an important milestone for Regulus and the field of microRNAs. The strong interest in microRNAs is evidenced by Regulus' high quality partners, including Sanofi, GlaxoSmithKline, Biogen Idec and AstraZeneca," commented B. Lynne Parshall, J.D., chief operating officer and chief financial officer at Isis. "We believe that Regulus' initial public offering will enable Regulus to be financially sustainable for several years without the need for additional funding. Our continued investment in Regulus provides us with a valuable asset and allows us to maintain a significant interest in the company and the technology."
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