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Insmed Inc announces closing of public offering and exercise of option to purchase additional shares

Monday, 18 Aug 2014 12:15pm EDT 

Insmed Inc:Announces the closing of a $115.1 million underwritten public offering of 10,235,000 shares of common stock, including 1,335,000 shares of common stock which were issued pursuant to the exercise of the underwriters' option to purchase additional shares, at a price of $11.25 per share to the public.Net proceeds to Insmed from this offering were about $108 million.Intends to use the net proceeds from this offering to fund further clinical development of ARIKAYCE(tm), or liposomal amikacin for inhalation, to treat nontuberculous mycobacteria (NTM) lung disease patients and Pseudomonas aeruginosa lung infections in cystic fibrosis (CF) patients.Also intends to use net proceeds to fund its efforts to obtain regulatory approvals and commercialize ARIKAYCE for NTM patients and Pseudomonas aeruginosa in CF patients.Also intends to use net proceeds to invest in increased third-party manufacturing capacity in anticipation of possible commercial launch of ARIKAYCE in Europe and the United States.Also intends to use the net proceeds balance to fund working capital, capital expenditures, general research and development, and other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.Leerink Partners LLC acted as sole book-running manager, Piper Jaffray & Co. and JMP Securities LLC acted as lead managers, and H.C. Wainwright & Co., LLC acted as co-manager for the offering. 

Company Quote

0.15 +0.63%
2 Jul 2015