Insmed Inc. (INSM: Quote) posted first quarter net loss attributable to common stockholders of $6.85 million or $0.28 per share versus loss of $16.07 million or $0.85 per share a year ago.
Insmed did not record any revenues for the latest quarter. Insmed reported $1.6 million in revenues for the prior-year quarter. The $1.6 million decrease was due to a combination of the elimination of IPLEX Expanded Access Program-related revenues following the depletion of IPLEX inventory in December 2011, and the receipt of $250 thousand in license fees for the company's CISPLATIN lipid complex in the first quarter of 2011 as compared to zero in the current quarter.
"We are pleased FDA has lifted the clinical hold on ARIKACE in CF patients, and are excited about the important recent progress we have made with our ARIKACE development program," said Timothy Whitten, President and CEO of Insmed. "Many of the trial sites for CLEAR-108 are up and running, including those in key European countries and we are also proceeding with this study in Canada. We anticipate top-line efficacy and safety data in mid-2013. In addition, we are working towards initiating our phase 2 U.S. clinical trial for ARIKACE in NTM patients in mid-2012."
by RTT Staff Writer
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