Insmed Incorporated (INSM) Announces Closing Of Public Offering And Exercise Of Option To Purchase Additional Shares
8/18/2014 10:41:40 AM
BRIDGEWATER, N.J.--(BUSINESS WIRE)--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.
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