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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __ )*
ISIS PHARMACEUTICALS, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
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(Title of Class of Securities)
464330109
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(CUSIP Number)
SEPTEMBER 27, 2007
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the reminder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(continued on following pages)
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CUSIP NO. 464330109 Schedule 13G Page 2 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Symphony Capital Partners, L.P.
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 4,552,471
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON 4,552,471
-------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,471
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 3 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Symphony Capital GP, L.P.
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 4,552,471
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON 4,552,471
-------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,471
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 4 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Symphony GP, LLC
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 4,552,471
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON 4,552,471
-------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,552,471
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 5 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Symphony Strategic Partners, LLC
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 247,475
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON 247,475
-------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
247,475
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 6 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Mark Kessel
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 4,799,946
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON -0-
-------------------------------------------
8 SHARED DISPOSITIVE POWER
4,799,946
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,799,946
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 7 of 18
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- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON Harri V. Taranto
S.S OR I.R.S. IDENTIFICATION
NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS) (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
-------------------------------------------
SHARES BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 4,799,946
-------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING PERSON -0-
-------------------------------------------
8 SHARED DISPOSITIVE POWER
4,799,946
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,799,946
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
CUSIP NO. 464330109 Schedule 13G Page 8 of 18
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Item 1. (a) NAME OF ISSUER
Isis Pharmaceuticals, Inc. (the "Company").
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
1896 Rutherford Road, Carlsbad, California 92008.
Item 2. (a) NAMES OF PERSONS FILING
This Statement is being filed on behalf of each of
the following persons (collectively, the "Reporting
Persons")
(i) Symphony Capital Partners, L.P. ("SCP")
(ii) Symphony Capital GP, L.P. ("Symphony Capital GP")
(iii) Symphony GP, LLC ("Symphony GP")
(iv) Symphony Strategic Partners, LLC ("SSP")
(v) Mark Kessel
(vi) Harri V. Taranto
CUSIP NO. 464330109 Schedule 13G Page 9 of 18
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(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE
The address of the principal business offices of the
Reporting Persons is 875 Third Avenue, 18th Floor, New York,
NY 10022
(c) CITIZENSHIP
(i) SCP - a Delaware limited partnership
(ii) Symphony Capital GP - a Delaware limited partnership
(iii) Symphony GP - a Delaware limited liability company
(iv) SSP - a Delaware limited liability company
(v) Mark Kessel - a citizen of the United States
(vi) Harri V. Taranto - a citizen of the United States
(d) TITLE OF CLASS OF SECURITIES
Common Stock, par value $0.001 per share (the "Common Stock"
or "Shares")
(e) CUSIP NUMBER
464330109
CUSIP NO. 464330109 Schedule 13G Page 10 of 18
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Item 3. This statement is not being filed pursuant to either Rule 13d-1(b)
or 13d-2(b) or (c).
Item 4. OWNERSHIP.
(a) (i) Each of SCP, Symphony Capital GP and Symphony GP may be
deemed to beneficially own an aggregate of 4,552,471 Shares
(including 2,535,689 Shares issuable upon exercise of
currently exercisable warrants).
(ii) SSP may be deemed to beneficially own an aggregate of
247,475 Shares (including 137,842 Shares issuable upon
exercise of currently exercisable warrants).
(iii) Each of Mark Kessel and Harri V. Taranto may be deemed
to beneficially own an aggregate of 4,799,946 Shares
(including 2,673,531 Shares issuable upon exercise of
currently exercisable warrants).
(b) Based on calculations made in accordance with Rule 13d-3(d),
and there being 86,174,309 Shares outstanding after giving
effect to the issuance of 3,383,651 Shares on September 27,
2007, (i) each of SCP, Symphony Capital GP and Symphony GP
may be deemed to own approximately 5.1% of the outstanding
Common Stock, (ii) SSP may be deemed to own approximately
0.3% of the outstanding Common Stock, and (iii) each of Mark
Kessel and Harri V. Taranto may be deemed to beneficially
own approximately 5.4% of the outstanding Common Stock.
(c) (i) Each of SCP, Symphony Capital GP, Symphony GP may be
deemed to have sole power to direct the voting and
disposition of 4,552,471 Shares (including 2,535,689 Shares
issuable upon exercise of currently exercisable warrants).
(ii) SSP may be deemed to have sole power to direct the
voting and disposition of 247,475 Shares (including 137,842
Shares issuable upon exercise of currently exercisable
warrants).
(iii) Each of Mark Kessel and Harri V. Taranto may be deemed
to have shared power to direct the voting and disposition of
4,799,946 Shares (including 2,673,531 Shares issuable upon
exercise of currently exercisable warrants).
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
CUSIP NO. 464330109 Schedule 13G Page 11 of 18
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Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable.
Item 7. IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Item 2.
Item 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
Item 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
CUSIP NO. 464330109 Schedule 13G Page 12 of 18
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated as of October 4, 2007
SYMPHONY CAPITAL PARTNERS, L.P.
By: Symphony Capital GP, L.P.
its general partner
By: Symphony GP, LLC
its general partner
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
SYMPHONY STRATEGIC PARTNERS, LLC
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
CUSIP NO. 464330109 Schedule 13G Page 13 of 18
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SYMPHONY CAPITAL GP, L.P.
By: Symphony GP, LLC
its general partner
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
SYMPHONY GP, LLC
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
CUSIP NO. 464330109 Schedule 13G Page 14 of 18
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MARK KESSEL
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
HARRI V. TARANTO
By: /s/ Harri V. Tarranto
--------------------------------
Name: Harri V. Taranto
Title: Managing Member
EXHIBIT INDEX
Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under
the Securities Exchange Act of 1934, as amended.
EXHIBIT 1
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JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated as of October 4, 2007
SYMPHONY CAPITAL PARTNERS, L.P.
By: Symphony Capital GP, L.P.
its general partner
By: Symphony GP, LLC
its general partner
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
SYMPHONY STRATEGIC PARTNERS, LLC
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
SYMPHONY CAPITAL GP, L.P.
By: Symphony GP, LLC
its general partner
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
SYMPHONY GP, LLC
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
MARK KESSEL
By: /s/ Mark Kessel
--------------------------------
Name: Mark Kessel
Title: Managing Member
HARRI V. TARANTO
By: /s/ Harri V. Tarranto
--------------------------------
Name: Harri V. Taranto
Title: Managing Member