MONMOUTH JUNCTION, N.J.,
Sept. 28, 2012 /PRNewswire/ -- Insmed Incorporated
(Nasdaq CM: INSM), a biopharmaceutical company focused on
developing novel inhalation therapeutics for patients suffering
from serious orphan lung diseases, today announced that it has
priced a direct public offering of approximately 6.3 million shares
of its Common Stock to certain affiliates of Ayer Capital, RA
Capital and Quaker Partners, at a price of $4.07 per share, which was the consolidated
closing bid price on the NASDAQ Capital Market on September 27, 2012, with gross proceeds to Insmed
of $25.7 million. The Company
also expects to offer for sale up to an additional $2.0 million of shares of its Common Stock (based
on the then most recent consolidated closing bid price of the
Common Stock on the Nasdaq Capital Market) to an investor, which
offering is expected to close on or before October 31, 2012.
The shares described above are being offered by Insmed pursuant
to a registration statement previously filed with and subsequently
declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these 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. Copies of the
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from Insmed Incorporated, Attention:
Andi Drucker, Senior Vice President,
General Counsel and Corporate Secretary, 9 Deer Park Drive, Suite
C, Monmouth Junction, New Jersey
08852, or by phone at (732) 997-4600.
About Insmed
Insmed Incorporated is a biopharmaceutical company dedicated to
improving the lives of patients battling serious orphan lung
diseases through the development and commercialization
of novel, targeted inhalation therapies in orphan patient
populations with critical unmet needs in high-growth markets.
Insmed's lead candidate, ARIKACE®, is engineered to
deliver a proven and potent anti-infective directly to the site of
serious lung infections to improve the efficacy, safety and
convenience of treatment for at least two identified patient
populations: cystic fibrosis (CF) patients with Pseudomonas
lung infections and patients with nontuberculous mycobacteria lung
infections (NTM). Following strong phase 2 results in CF patients,
Insmed's CLEAR-108 phase 3 registrational study of ARIKACE in
Europe and Canada is well underway, as is the U.S. Phase
2 trial in NTM (TARGET-NTM). The Company expects to report clinical
results from both the CLEAR-108 and TARGET-NTM studies in 2013 and
currently is preparing for regulatory filings and
commercialization. For more information, please visit
http://www.insmed.com.
Forward-Looking Statements
Statements in this press release concerning Insmed's future
expectations, plans and prospects, including, without limitation,
statements regarding the proposed public offering and any
additional public offering, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those indicated
by these forward-looking statements due to various risks,
uncertainties and important factors, including those set forth in
the "Risk Factors" section in our Annual Report on Form 10-K for
the fiscal year ended December 31,
2011 filed with the Securities and Exchange Commission, any
of which could cause our actual results to differ from those
contained in the forward-looking statements. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement, and
Amicus undertakes no obligation to revise or update this news
release to reflect events or circumstances after the date
hereof.
Investor Relations Contact:
|
Brian
Ritchie – FTI Consulting
|
212-850-5683
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brian.ritchie@fticonsulting.com
|
|
Media
Contact:
|
Irma
Gomez-Dib – FTI Consulting
|
212-850-5761
|
irma.gomez-dib@fticonsulting.com
|
SOURCE Insmed Incorporated