Insmed Announces Pricing of Public Offering of Common Stock
17 Juillet 2013 - 2:00PM
Marketwired
Insmed Incorporated (NASDAQ: INSM) ("Insmed") announced today that
it priced an offering of 6.0 million shares of its common stock at
a price of $10.40 per share in a registered underwritten public
offering for gross proceeds totaling $62.4 million. All of the
shares in the offering are being sold by Insmed. Net proceeds to
Insmed from this offering are expected to be approximately $58
million, after deducting underwriting discounts and commissions,
and other estimated offering expenses payable by Insmed. The
offering is expected to close on or about July 22, 2013, subject to
the satisfaction of customary closing conditions.
Insmed expects to use the proceeds from the sale of the common
stock to fund further clinical development of its lead product
candidate, ARIKACE®, to fund its efforts to obtain regulatory
approvals and commercialize ARIKACE, for general research and
development, to invest in third-party manufacturers and the supply
chain in order to establish redundancy and commercial supply
capability in advance of the launch of ARIKACE in Europe and the
United States, to fund working capital and capital expenditures and
for other general corporate purposes, which may include the
acquisition or in-license of additional compounds, product
candidates, technology or businesses.
Leerink Swann LLC is acting as sole book-running manager for the
offering. Lazard Capital Markets LLC and Canaccord Genuity Inc. are
acting as co-managers of the offering. Insmed granted the
underwriters a 30-day option to purchase 0.9 million additional
shares of common stock at the offering price to cover
over-allotments, if any.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission ("SEC") and is
effective. A preliminary prospectus supplement relating to the
offering has been filed with the SEC. The public offering will be
made only by means of a prospectus and related prospectus
supplement, copies of which may be obtained, when available, from
Leerink Swann LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA 02110, by telephone at
1-800-808-7525 or by email at Syndicate@Leerink.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Insmed
Insmed Incorporated is a biopharmaceutical company dedicated to
improving the lives of patients battling serious lung diseases.
Insmed is focused on the development and commercialization of
ARIKACE®, or liposomal amikacin for inhalation, for at least two
identified orphan patient populations: cystic fibrosis (CF)
patients with Pseudomonas aeruginosa lung infections and patients
with non-tuberculous mycobacteria (NTM) lung infections.
Forward-Looking Statements
This release contains forward-looking statements. Words, and
variations of words, such as "intend," "expect," "will,"
"anticipate," "believe," "continue," "propose" and similar
expressions are intended to identify forward-looking statements.
Investors are cautioned that such statements in this release,
including statements relating to the status, results and timing of
clinical trials and clinical data, the anticipated benefits of
Insmed's products, the anticipated timing of regulatory
submissions, and the ability to obtain required regulatory
approvals, bring products to market and successfully commercialize
products constitute forward-looking statements that involve risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such risks
and uncertainties include, without limitation, failure or delay of
European, Canadian, U.S. Food and Drug Administration and other
regulatory reviews and approvals, competitive developments
affecting the Company's product candidates, delays in product
development or clinical trials or other studies, patent disputes
and other intellectual property developments relating to the
Company's product candidates, unexpected regulatory actions, delays
or requests, the failure of clinical trials or other studies or
results of clinical trials or other studies that do not meet
expectations, the fact that subsequent analyses of clinical trial
or study data may lead to different (including less favorable)
interpretations of trial or study results or may identify important
implications of a trial or study that are not reflected in
Company's prior disclosures, and the fact that trial or study
results or subsequent analyses may be subject to differing
interpretations by regulatory agencies, the inability to
successfully develop the Company's product candidates or receive
necessary regulatory approvals, inability to make product
candidates commercially successful, changes in anticipated
expenses, changes in the Company's financing requirements or
ability raise additional capital, and other risks and challenges
detailed in the Company's filings with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2012. Investors are cautioned not to
place undue reliance on any forward-looking statements that speak
only as of the date of this news release. The Company undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances or changes in its expectations.
Contact: Andrew T. Drechsler Chief Financial Officer
Insmed Incorporated (732) 997-4600
Andy.Drechsler@Insmed.com
Insmed (NASDAQ:INSM)
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