Ionis Pharmaceuticals announced that the biotechnology company has launched a new grant program that provides funding to researchers whose work advances the understanding of transthyretin amyloidosis (ATTR), facilitates early diagnosis and enhances disease management of patients living with ATTR amyloidosis. ATTR amyloidosis is a rare, progressive and fatal disease that occurs when there is a buildup of abnormal transthyretin protein in the body’s tissues and organs. Most commonly it affects the peripheral nerves, heart, intestinal tract, eyes and kidneys.
Previously Ionis reported full year 2020 financial results and recent business achievements. The company confirmed a strong balance sheet with cash of $1.9 billion at year-end, enabling increasing investments in advancing the pipeline and technology while also preparing to commercialize the company’s wholly owned medicines. Ionis used approximately $545 million of its cash for the Akcea acquisition. Ionis generated substantial revenues of $729.3 million from multiple sources compared to $1,122.6 million in 2019. The majority of which was from Ionis’s partnered medicines and programs.
The operating expenses in 2020 increased compared to 2019 driven by the company’s investments in advancing two Phase 3 programs and other medicines in its wholly owned pipeline. Ionis recognized a net loss of $451.3 million for 2020 compared to a net income of $294.1 million in 2019 primarily due to higher revenues in 2019, including approximately $400 million in license fees earned from Pfizer and Novartis.