If you have a proposal or director nomination that you would like included in our proxy statement and form of proxy for, or to be presented at the 2007 Annual Meeting of Stockholders, you must send the proposal to Isis by no later than November 22, 2006. Stockholders wishing to submit proposals or director nominations that are not to be included in such proxy statement and proxy must do so no earlier than the close of business on January 3, 2007 and no later than the close of business on February 2, 2007. Stockholders are also advised to review our Bylaws, which contain additional requirements with respect to advance notice of stockholder proposals and director nominations.

2006 ANNUAL MEETING

On May 3, 2006, we held our Annual Meeting of Stockholders in Carlsbad, California for the following purposes:

1. To elect three Directors each to serve for a three-year term and one Director to serve for a one year term.
2. To approve an amendment to our Restated Certificate of Incorporation to increase the authorized number of shares of Common Stock from 100,000,000 to 200,000,000 shares.
3. To approve an Amendment to the 2002 Non-Employee Directors' Stock Option Plan to (i) increase the total number of shares reserved for issuance under the Directors' Plan from 600,000 shares to 850,000 shares, and (ii) increase the annual non-discretionary stock option grant for our non-employee directors from 10,000 shares to 12,500 shares.
4. To ratify the Audit Committee's selection of Ernst & Young LLP as independent auditors for our 2006 fiscal year.
5. To transact any other business that may be properly presented at the Annual Meeting.