IONIS PHARMACEUTICALS INC — Director's Dealing 2011

Aug 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2011-08-04

Reporting Person: BENNETT C FRANK (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-04	Common Stock	M	10000	$5.25	Acquired	10305	Direct
2011-08-04	Common Stock	S	10000	$7.6206	Disposed	305	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-04	Employee Stock Option (right to buy)	$5.25	M	10000	Disposed	2013-01-02	Common Stock (10000)	Direct

Footnotes

F1: The purchase reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 6/23/11.

F2: The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 6/23/11.