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Insmed Inc Announces Pricing Of Public Offering Of Common Stock

Wednesday, 17 Jul 2013 08:00am EDT 

Insmed Inc announced that it priced an offering of 6.0 million shares of its common stock at a price of $10.40 per share in a registered underwritten public offering for gross proceeds totaling $62.4 million. All of the shares in the offering are being sold by Insmed. Net proceeds to Insmed from this offering are expected to be approximately $58 million, after deducting underwriting discounts and commissions, and other estimated offering expenses payable by Insmed. The offering is expected to close on or about July 22, 2013. 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. 

Company Quote

-0.04 -0.25%
27 Jan 2015