Insmed Announces Additional Information in Compliance with NASDAQ Rules
22 Mars 2006 - 12:43PM
Business Wire
Insmed Incorporated (NASDAQ: INSM): Under NASDAQ Marketplace Rule
4350(b) any Company listed on the NASDAQ Market which receives a
going concern opinion is required to press release this information
to the public. In compliance with this market rule Insmed announces
that in its 10K filed for the year ended December 31, 2005 the
Company's auditor had modified their audit opinion due to a going
concern uncertainty, as the Company's ability to continue as a
going concern at the time was dependent upon its ability to raise
capital through securities offerings, debt financing, and
partnerships and use these sources of capital to fund operations.
Subsequent to the filing of the 10K the Company was successful in
completing a public offering on March 15, 2006 which, together with
its current cash on hand, the Company believes is sufficient to
cover the Company's operational needs at least through the second
quarter of 2007. The Company raised net proceeds of approximately
$42.8 million in the offering. About Insmed Incorporated Insmed
Incorporated is a biopharmaceutical company focused on the
discovery, development and commercialization of drug products for
the treatment of metabolic diseases and endocrine disorders with
unmet medical needs. For further information about Insmed and IPLEX
(mecasermin rinfabate(rDNA origin) injection), our FDA-approved
drug for the treatment of growth failure in children with severe
primary IGF-1 deficiency or with growth hormone deletion who have
developed neutralizing antibodies to growth hormone, please visit
the Insmed's corporate website at www.insmed.com. Statements
included within this press release, which are not historical in
nature, may constitute forward-looking statements for purposes of
the safe harbor provided by the Private Securities Litigation
Reform Act of 1995. Although Insmed believes that such statements
are based on reasonable assumptions within the bounds of its
knowledge of its business and operations, the forward-looking
statements are neither promises nor guarantees and various factors
may cause its actual results to differ materially from its
expectations. Forward-looking statements include all statements
regarding expected financial position, results of operations,
financing plans and business strategies. Such forward-looking
statements are subject to numerous risks and uncertainties,
including risks that we may not successfully launch IPLEX, our
product candidates may fail in clinical trials or may not be
successfully marketed, we may lack financial resources to complete
development of product candidates, we may be unable to raise
additional financing necessary to continue current operations, we
may not be able to sufficiently expand the manufacturing capacity
of our leased manufacturing facility in Boulder, Colorado, and
utilize that facility to manufacture our approved product, IPLEX,
and other product candidates, competing products may be more
successful, we may have a negative outcome of our current
litigation with third parties regarding our patent rights, demand
for new pharmaceutical products may decrease and the
biopharmaceutical industry may experience negative market trends.
For further information with respect to factors that could cause
actual results to differ from expectations, reference is made to
reports filed by Insmed with the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as amended. The
forward-looking statements made in this release are made only as of
the date hereof and Insmed disclaims any intention or
responsibility for updating predictions or financial guidance
contained in this release.
Insmed (NASDAQ:INSM)
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