Eli Lilly and Company
Asia Martin, 317-276-6987
    or
Isis Pharmaceuticals, Inc.
Karen Lundstedt, 760-603-3880

         Eli Lilly and Company and Isis Pharmaceuticals Report
      Preclinical Data at AACR-NCI-EORTC International Conference

Eli Lilly and Company (NYSE:LLY) and Isis Pharmaceuticals, Inc.
(Nasdaq:ISIS) today announced LY2181308 a second-generation antisense
drug that targets survivin, inhibited tumor growth in animal models.
Antitumor activity was associated with significant reduction of
survivin expression in tumors, evidence that the drug was working
through an antisense mechanism. These data were presented yesterday at
the AACR-NCI-EORTC International Conference on Molecular Targets and
Cancer Therapeutics in Boston. Survivin is a molecule that promotes
cell survival. These cells would otherwise undergo programmed cell
death, a natural process in the cell life cycle. Survivin is expressed
in a vast majority of cancers, but not in normal tissue.

"These are among the first reported data to demonstrate antitumor
activity in vivo using a drug that specifically inhibits survivin
expression. As an antisense drug, LY2181308 binds to survivin RNA,
enabling it to inhibit the production of a target considered
undruggable by traditional protein-binding approaches," said Dr.
Richard Gaynor, vice president for cancer research and clinical
investigation at Lilly. "The over expression of survivin in a wide
variety of tumors makes it an exciting target for drug development. We
look forward to the advancement of this novel compound for the
treatment of cancer."

"These results broaden the extensive preclinical package Isis and
Lilly have developed for LY2181308 by demonstrating potent antitumor
activity in animals. We are enthusiastic about this survivin antisense
drug, the first product to be selected for clinical development from
our broad-antisense drug discovery collaboration with Lilly. We
believe antisense drugs have the potential to benefit patients with
cancer and numerous other diseases," said Frank Bennett, Vice
President Antisense Research for Isis.

LY2181308 demonstrated consistent activity in both human xenograft
tumor models and multiple cancer cell lines derived from the lung,
colon, breast, prostate, ovary, cervix, skin and brain, according to
data presented by Dr. Bharvin K. R. Patel, research scientist at
Lilly, in a poster entitled "Antisense Inhibition of Survivin
Expression as a Cancer Therapeutic." Inhibition of survivin by
LY2181308 produced the following results:

-- Inhibition of tumor growth as demonstrated in animal models.

-- Antitumor activity associated with selective inhibition of survivin
protein expression and with no effects on other anti-apoptotic
proteins.

-- Induction of programmed cell death as evidenced by:

    -- multinucleated cells in both animal models and cell lines

    -- induction of Cyclin B1 expression in the tumors in animal
    models

    -- cell cycle arrest at G2/M phase of the cell division cycle, and

    -- concentration-dependent increase in caspase-3 activity in tumor
    cells

Lilly licensed LY2181308 from Isis as a part of the cancer drug
discovery collaboration the companies previously initiated. The
oncology relationship builds on a broad, ongoing strategic alliance
established by Isis and Lilly to discover antisense drugs in the areas
of inflammatory and metabolic diseases.

About Antisense

Antisense inhibitors work at the molecular level by binding to
messenger RNA to interrupt the process by which disease-related
proteins are produced. Antisense drugs can be designed to treat a wide
range of diseases. Due to their gene selectivity, they have the
potential to be highly effective and less toxic than traditional small
molecule drugs.

About Lilly

Lilly, a leading innovation-driven corporation is developing a growing
portfolio of first-in-class and best-in-class pharmaceutical products
by applying the latest research from its own worldwide laboratories
and from collaborations with eminent scientific organizations.
Headquartered in Indianapolis, Indiana, Lilly provides answers --
through medicines and information -- for some of the world's most
urgent medical needs. Additional information about Lilly is available
at www.lilly.com.

About Isis

Isis Pharmaceuticals, Inc., is exploiting its expertise in RNA to
discover and develop novel human therapeutic drugs. The company has
successfully commercialized the world's first antisense product, and
has 11 antisense products in development. In the company's
GeneTrove(TM) program, Isis uses antisense technology as a tool to
determine the function of genes and uses that information to direct
the company's internal drug discovery research and that of its
corporate partners. Through its Ibis Therapeutics program, Isis is
developing a novel diagnostic tool to detect infectious organisms and
is focused on the discovery of small molecule drugs that bind to RNA.
As an innovator in RNA-based drug discovery and development, Isis is
the owner or exclusive licensee of more than 1,300 issued patents
worldwide. Additional information about Isis is available at
www.isispharm.com.

This press release contains forward-looking statements regarding Isis
Pharmaceuticals and its partnership with Eli Lilly and Company, and
the potential of the companies' antisense drug discovery partnerships,
and the therapeutic potential and safety of LY2181308. Any statement
describing a goal, expectation, intention or belief of Isis or Lilly
is a forward-looking statement and should be considered an at-risk
statement. Such statements are subject to certain risks and
uncertainties, particularly those inherent in the process of
discovering, developing and commercializing drugs that are safe and
effective for use as human therapeutics and financing such activities.
Actual results could differ materially from those projected in this
release. As a result, you are cautioned not to rely on these
forward-looking statements. These and other risks concerning the
research of Lilly or Isis research and development programs are
described in additional detail in the companies' Annual Reports on
Form 10-K, for the period ended December 31, 2001, and subsequent
quarterly reports on Form 10-Q which are on file with the U.S.
Securities and Exchange Commission, copies of which are available from
both companies. The companies undertake no duty to update
forward-looking statements.

GeneTrove(TM) and Ibis Therapeutics(TM) are trademarks of Isis
Pharmaceuticals, Inc.