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Case Status:    DISMISSED    
On or around 02/04/2013 (Notice of voluntarily dismissal)

Filing Date: December 28, 2012

The Complaint alleges that throughout the Class Period, the Company conditioned investors to believe that Kynamro (mipomersen sodium), one of the drugs in its pipeline, would receive approval from the U.S. Food and Drug Administration ("FDA") through a host of materially false and misleading statements regarding the safety and efficacy of the drug, as well as reportedly positive results from Kynamro's phase three clinical trial.As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On October 16, 2012, two days prior to a meeting of the FDA's Endocrinologic and Metabolic Drugs Advisory Committee to decide on whether to recommend Kynamro for FDA approval, the FDA published a clinical briefing document questioning the safety and efficacy of Kynamro.Specifically, the report noted that abnormal growths or neoplasms developed in 3.1% of patients treated with Kynamro, as compared to only 0.9% of patients who took a placebo.The FDA report concluded that this "imbalance in neoplasms will need to be assessed further in on-going and future studies and post-marketing (if approved)."In addition, the report found that three patients treated with Kynamro died during clinical testing.Two died of heart attacks and the other patient died of acute liver failure, and the report concluded that "the potential for a contributing effect of mipomersen cannot be ruled out."

As a result of this disclosure, Isis shares declined $2.88 per share or nearly 22%, to close at $10.27 per share on October 16, 2012.

On February 4, 2013, the Plaintiff filed a notice voluntarily dismissing this case.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ISIS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 12-CV-03071
JUDGE: Hon. Cathy Ann Bencivengo
DATE FILED: 12/28/2012
CLASS PERIOD START: 03/29/2012
CLASS PERIOD END: 10/15/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
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