Insmed Announces Proposed Public Offering of Common Stock
30 Mars 2015 - 10:20PM
Business Wire
Insmed Incorporated (Nasdaq:INSM) announced today that it has
commenced an underwritten public offering of 10.0 million shares of
its common stock. All of the shares of common stock in the offering
are to be sold by Insmed.
Insmed intends to use the net proceeds from this offering to
fund further clinical development of ARIKAYCE™, or liposomal
amikacin for inhalation, to treat patients with nontuberculous
mycobacteria (NTM) lung disease and for cystic fibrosis (CF)
patients with Pseudomonas aeruginosa lung infections, to fund its
efforts to obtain regulatory approvals and commercialize ARIKAYCE,
to fund further clinical development of INS1009, an inhaled
treprostinil prodrug for the treatment of pulmonary arterial
hypertension, to invest in increased third-party manufacturing
capacity in anticipation of possible commercial launch of ARIKAYCE
in Europe and the United States, and the balance to fund working
capital, potential debt repayment, capital expenditures, general
research and development, and other general corporate purposes,
which may include the acquisition or in-license of additional
compounds, product candidates, technology or businesses.
Citigroup and Leerink Partners LLC are acting as joint
book-running managers, with JMP Securities LLC and H.C. Wainwright
& Co., LLC acting as co-managers for the offering.
Insmed expects to grant the underwriters a 30-day option to
purchase up to an aggregate of 1.5 million additional shares of
common stock at the offering price. The offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.
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 was
automatically effective upon filing. 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
Citigroup and Leerink Partners LLC, Attention: Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (800) 831-9146 or by email at
prospectus@citi.com; or Leerink Partners Syndicate Department, One
Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800)
808-7525 extension 6142 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
ARIKAYCE™, or liposomal amikacin for inhalation, for at least two
identified orphan patient populations: patients with nontuberculous
mycobacteria (NTM) lung infections and cystic fibrosis (CF)
patients with Pseudomonas aeruginosa lung infections. Insmed is
also focused on the development of INS1009, the Company’s inhaled
treprostinil prodrug for the treatment of pulmonary arterial
hypertension (PAH), a chronic, life-threatening disorder
characterized by abnormally high blood pressure in the arteries
between the heart and lungs.
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 expected offering, the
intended use of proceeds, 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, market conditions,
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, the inability to make
product candidates commercially successful, changes in anticipated
expenses, changes in the Company’s financing requirements or
ability to 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, 2014. 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.
Insmed Incorporated:Andrew T. Drechsler,
908-947-4327Chief Financial Officer
Insmed (NASDAQ:INSM)
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