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.

Todd Campbell has no position in any stocks mentioned. Todd owns E.B. Capital Markets, LLC. E.B. Capital's clients may or may not have positions in the companies mentioned. Todd owns Gundalow Advisors, LLC. Gundalow's clients do not have positions in the companies mentioned. The Motley Fool recommends Isis Pharmaceuticals. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.