IONIS PHARMACEUTICALS INC — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2012-07-01

Reporting Person: BENNETT C FRANK (SVP, Antisense Research)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-01	Common Stock	J	648	$6.1285	Acquired	1277	Direct
2012-07-03	Common Stock	M	6000	$6.84	Acquired	7277	Direct
2012-07-03	Common Stock	S	6000	$12.91	Disposed	1277	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-03	Employee Stock Option (right to buy)	$6.84	M	6000	Disposed	2013-01-01	Common Stock' (6000)	Direct

Footnotes

F1: Reporting 648 shares acquired under the Isis Pharmaceuticals, Inc. Amended and Restated 2000 Employee Stock Purchase Plan on July 1, 2012. These 648 shares may not be sold until January 2, 2013.

F2: Acquired as a result of exercising a stock option that was scheduled to expire on1/1/2013. The purchase and sale reported on this Form 4 was effective pursuant to a Rule 10b5-1 Trading Plan adopted by the reporting person on 6/19/2012.