Isis Pharmaceuticals (NASDAQ:IONS) shares have surged this past week on news that it has received two milestone payments for advancing new drugs into phase 1 trials.

Those milestone payments from Biogen (NASDAQ:BIIB) and AstraZeneca (NYSE:AZN) successfully shifted attention away from the failed phase 2 trial of a once-promising treatment for diabetic macular edema, or DME, an indication generating hundreds of millions of dollars in sales for Novartis.

In the following slideshow you'll learn more about Isis' two new phase 1 drugs and the disappointing results for its DME drug.