Insmed Announces Closing of Public Offering and Exercise of Option to Purchase Additional Shares
06 Avril 2015 - 5:08PM
Business Wire
Insmed Incorporated (Nasdaq:INSM) announced the closing of a
$237.5 million underwritten public offering of 11.5 million shares
of common stock, including 1.5 million shares of common stock which
were issued pursuant to the exercise of the underwriters' option to
purchase additional shares, at a price of $20.65 per share to the
public. The net proceeds to Insmed from this offering were
approximately $223 million, after deducting underwriting discounts
and commissions and other estimated offering expenses payable 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 acted as joint book-running
managers, with JMP Securities LLC and H.C. Wainwright & Co.,
LLC acting as co-managers for 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. A final prospectus supplement
relating to the offering has been filed with the SEC and is
available on the SEC’s website at www.sec.gov. Copies of the
prospectus and related prospectus supplement may also be obtained
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 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. DrechslerChief Financial
Officer908-947-4327
Insmed (NASDAQ:INSM)
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