IONIS PHARMACEUTICALS INC — Director's Dealing 2012

Jul 11, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ISIS PHARMACEUTICALS INC (ISIS)
CIK: 0000874015
Period of Report: 2012-07-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-09	Common Stock	M	5500	$6.84	Acquired	6777	Direct
2012-07-09	Common Stock	S	5500	$13.51	Disposed	1277	Direct
2012-07-09	Common Stock	M	5000	$6.81	Acquired	6277	Direct
2012-07-09	Common Stock	S	5000	$13.51	Disposed	1277	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-07-09	Employee Stock Option (right to buy)	$6.84	M	5500	Disposed	2013-01-01	Common Stock (5500)	Direct
2012-07-09	Employee Stock Option (right to buy)	$6.81	M	5000	Disposed	2014-01-01	Common Stock (5000)	Direct

Footnotes

F1: Acquired as a result of exercising a stock option that was scheduled to expire on 1/1/13. 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 6/19/12.

F2: Acquired as a result of exercising a stock option pursuant to a Rule 10b5-1 Trading Plan. 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 6/19/12.