Insmed Raises Approximately $18.2 Million in Registered Direct Offering
04 Mai 2007 - 3:05PM
Business Wire
Insmed Inc. (Nasdaq:INSM) today announced that it has obtained
agreements from investors to purchase approximately 20 million
shares of its common stock at a price of $0.90 per share. Under the
terms of the offering, Insmed will also issue 5-year warrants to
purchase an aggregate of approximately 2 million additional shares
of Insmed's common stock at an exercise price of $1.10 per share.
The closing of the offering is expected to take place today,
subject to the satisfaction of customary closing conditions. The
shares and warrants are being offered under a shelf registration
statement previously filed with the Securities and Exchange
Commission. C.E. Unterberg, Towbin served as sole placement agent
for the offering. Insmed estimates gross proceeds from the
financing will be approximately $18.2 million. The net proceeds of
the financing will be used for working capital and general
corporate purposes. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy the securities
described above, nor shall there be any sale of such securities in
any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state. Copies of the prospectus and the
prospectus supplement can be obtained from C.E. Unterberg, Towbin,
350 Madison Avenue, New York, NY 10017, fax +1 (212) 389-8880.
About Insmed Insmed is a biopharmaceutical company focused on the
development and approval of drugs for the treatment of metabolic
diseases with unmet medical needs. For more information, please
visit www.insmed.com. Forward Looking Statements 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. Forward-looking statements in this press
release include, but are not limited to, statements regarding
planned clinical study design, our regulatory and business
strategies, plans and objectives of management and growth
opportunities for existing or proposed products. Such
forward-looking statements are subject to numerous risks and
uncertainties, including risks that product candidates may fail in
the clinic or may not be successfully marketed or manufactured, the
company may lack financial resources to complete development of
product candidates, the FDA may interpret the results of our
studies differently than we have, competing products may be more
successful, demand for new pharmaceutical products may decrease,
the biopharmaceutical industry may experience negative market
trends and other risks detailed from time to time in the company's
filings with the Securities and Exchange Commission. As a result of
these and other risks and uncertainties, actual results may differ
materially from those described in this press release. For further
information with respect to factors that could cause actual results
to differ from expectations, reference is made to reports filed by
the Company 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.
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