Insmed prices $40M equity offering

Virginia, USA-based Insmed Inc has announced the pricing of its public offering of 20 million shares of common stock at a price of $2.00 each. The stock is expected to be issued on March 15, subject to satisfaction of customary conditions.

Insmed expects to receive net proceeds of approximately $37.2 million from the offering and plans to use these for working capital and for other general corporate purposes, including the continuing commercial launch and manufacturing of IPLEX, the pursuit of marketing authorization for the product in Europe and clinical studies. Insmed has granted the underwriters an option to purchase an additional 3,000,000 shares of common stock to cover over- allotments, if any.

IPLEX is an injectable prescription medicine that contains man-made insulin-like growth factor-1 (IGF-1) and insulin-like growth factor binding protein-3 (IGFBP-3). It is used to treat children with severe primary IGF-1 deficiency.