[August 12, 2014] |
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Insmed Announces Pricing of Public Offering of Common Stock
BRIDGEWATER, N.J. --(Business Wire)--
Insmed Incorporated (Nasdaq: INSM) announced today that it priced an
offering of 8.9 million shares of its common stock at a price of $11.25
per share in a registered underwritten public offering for gross
proceeds totaling approximately $100 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 $94 million, after deducting
underwriting discounts and commissions, and other estimated offering
expenses payable by Insmed. The offering is expected to close on or
about August 18, 2014, subject to the satisfaction of customary closing
conditions.
Insmed intends to use the net proceeds from this offering to fund
further clinical development of ARIKAYCE™, or liposomal amikacin for
inhalation, to treat nontuberculous mycobacteria (NTM) lung disease
patients and Pseudomonas aeruginosa lung infections in cystic
fibrosis (CF) patients, to fund its efforts to obtain regulatory
approvals and commercialize ARIKAYCE for NTM patients and Pseudomonas
aeruginosa in CF patients, 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, 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.
Leerink Partners LLC is acting as sole book-running manager, with Piper
Jaffray & Co. and JMP Securities (News - Alert) LLC acting as lead managers, and H.C.
Wainwright & Co., LLC acting as co-manager for the offering. Insmed has
granted the underwriters a 30-day option to purchase up to an aggregate
of approximately $15 million of 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 (News - Alert)") and was automatically
effective upon filing. 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 Partners
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 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.
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, 2013 and its subsequent
quarterly reports on Form 10-Q. 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.

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