Isis Pharmaceuticals Inc. ensured its access to as much as $75 million over the next year and a half by entering a common stock equity financing agreement with Azimuth Opportunity Ltd.

Carlsbad, Calif.-based Isis would be able to sell, from time to time, registered shares of its stock at a small discount - ranging from 3.8 percent to 5.3 percent, depending on stock price - to Azimuth, with proceeds going to support ongoing research, drug discovery and development activities, as well as advancing commercialization of its IBIS biosensor system.

Isis is not obligated to draw down the funds, but the "transaction provides us with the flexibility to continue to make progress in all areas of our business," Isis Chairman and CEO Stanley Crooke said during a conference call. He called the deal with Azimuth a "no-cost insurance policy" that would allow access to capital even in a down market.

If the company opts to access any of the $75 million, the funds are expected to be used for advancing ISIS 113715, in Phase II for Type II diabetes, and pushing two preclinical candidates, ISIS 369645 and ISIS 353512, into the clinic.

ISIS 369645 is an aerosol antisense drug for asthma and other lung diseases. ISIS 353512 is being developed in the areas of cardiovascular disease and inflammation.

The company is advancing its cholesterol-lowering drug candidate, ISIS 301012, a second-generation antisense drug designed to inhibit apoB-100, which earlier this year demonstrated promising data in a Phase II study in patients with high cholesterol.

Development of that product, along with two other drugs from Isis' metabolic disease program, is being funded by a $75 million financing agreement signed in April with Symphony Capital Partners LP, of New York.

In that deal, intellectual property from the three Isis programs was licensed to a new entity to be funded by Symphony. Isis retains control over the products, and retains an exclusive option to reacquire them without being bound to the typical partnering obligations such as royalty payments. (See BioWorld Today, April 11, 2006.)

Isis reported a net loss of $17.5 million, or 24 cents per share for the first quarter. As of March 31, the company had cash, cash equivalents and short-term investments totaling $78.6 million.

Isis' stock (NASDAQ:ISIS) gained 36 cents Wednesday to close at $7.82.

In other financing news:

• Gentium SpA, of Villa Guardia, Italy, entered definitive agreements for a $22.1 million private placement of 1.9 million of its American depository shares priced at $11.39 each. Investors also will receive warrants to purchase 388,701 additional ADSs at an exercise price of $14.50 each. Net proceeds are expected to fund the development of Gentium's product candidates, including Defibrotide to prevent veno-occlusive disease and treat multiple myeloma, and for general corporate purposes. ThinkEquity Partners LLC acted as the lead placement agent, and Rodman & Renshaw LLC and I-Bankers Securities Inc. were the co-agents.

• Sequenom Inc., of San Diego, said its stockholders approved a previously announced private placement financing to raise gross proceeds of $33 million through commitments from ComVest Investment Partners II LLC, Pequot Private Equity Fund IV LP, LB I Group Inc. and Siemens Venture Capital GmbH. Net proceeds will be used for general working capital purposes. Upon closing, Larry Lenig, of ComVest, and Patrick Enright, of Pequot, will join Sequenom's board. (See BioWorld Today, March 29, 2006.)