August 18th, 2014
Insmed Incorporated (Nasdaq:INSM) announced the closing of a $115.1 million underwritten public offering of 10,235,000 shares of common stock, including 1,335,000 shares of common stock which were issued pursuant to the exercise of the underwriters’ option to purchase additional shares, at a price of $11.25 per share to the public. The net proceeds to Insmed from this offering were approximately $108 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 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 acted as sole book-running manager, Piper Jaffray & Co. and JMP Securities LLC acted as lead managers, and H.C. Wainwright & Co., LLC acted as co-manager 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 (the “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 final prospectus supplement and accompanying prospectus may also be obtained 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.