Insmed Prices $40 Million Equity Offering
10 Mars 2006 - 3:27PM
PR Newswire (US)
RICHMOND, Va., March 10 /PRNewswire-FirstCall/ -- Insmed
Incorporated (NASDAQ:INSM) today announced the pricing of its
public offering of 20,000,000 shares of common stock at a price of
$2.00 per share. The common stock is expected to be issued on March
15, 2006, subject to satisfaction of customary conditions. Insmed
expects to receive net proceeds of approximately $37.2 million from
the offering and plans to use the net proceeds for working capital
and for other general corporate purposes, including the continuing
commercial launch and manufacturing of IPLEX, the pursuit of
marketing authorization for IPLEX in Europe and clinical studies.
Insmed has granted the underwriters an option to purchase an
additional 3,000,000 shares of common stock to cover over-
allotments, if any. Lazard Capital Markets LLC is the
sole-bookrunning manager for the offering. C.E. Unterberg, Towbin,
LLC is the co-manager. The final prospectus supplement has been
filed today with the U.S. Securities and Exchange Commission.
Copies of the final prospectus supplement relating to the offering
may be obtained by contacting Lazard Capital Markets LLC at 30
Rockefeller Plaza New York, NY 10020 or (212) 632-6000. This
communication shall not constitute an offer to sell or solicitation
of an offer by buy the securities, nor shall there by any sale of
the securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. DATASOURCE: Insmed Incorporated CONTACT: Baxter
Phillips, III, of Insmed Incorporated, +1-804-565-3041, Fax -
+1-804-565-3510,
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