IONIS PHARMACEUTICALS INC — Director's Dealing 2011

Jul 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2011-07-01

Reporting Person: REED JOHN C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-01	Director Stock Option (right to buy)	$9.30	A	15000	Acquired	2021-06-30	Common Stock (15000)	Direct

Footnotes

F1: Grant of 7-1-11 to reporting person of stock options under the Isis Pharmaceuticals, Inc. 2002 Non-Employee Directors' Stock Option Plan. The option vests and becomes exercisable in four equal annual installments, with the first installment vesting on 7-1-12. The option shall be fully vested and exercisable on 7-1-15. The option is exercisable as to 0 shares on 7-1-11.