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Insmed Inc Announces Proposed Public Offering Of Common Stock

Monday, 15 Jul 2013 04:07pm EDT 

Insmed Inc announced that it is offering $60 million of its common stock in a proposed underwritten public offering. All of the shares in the offering will be sold by Insmed. Insmed expects to use the proceeds from the sale of the common stock to fund further clinical development of its lead product candidate, ARIKACE, to fund its efforts to obtain regulatory approvals and commercialize ARIKACE, for general research and development, to invest in third-party manufacturers and the supply chain in order to establish redundancy and commercial supply capability in advance of the launch of ARIKACE in Europe and the United States, to fund working capital and capital expenditures and for other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses. Leerink Swann LLC is acting as sole book-running manager for the offering. Lazard Capital Markets LLC and Canaccord Genuity Inc. are acting as co-managers of the offering. Insmed expects to grant the underwriters a 30-day option to purchase additional shares of common stock at the offering price, representing 15% of the offering amount, to cover over-allotments, if any. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. 

Company Quote

0.27 +1.86%
31 Oct 2014