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Insmed Prices Offering At $28.50/Share

Insmed Inc (INSM) has offered to sell 12.28 million shares of its common stock to the public at a price of $28.50 each. The underwriter has a 30-day option to purchase up to an additional 1.84 shares of its common stock.

The offering is expected to rake in gross proceeds of $350.0 million, and is scheduled to close on September 11, 2017.

Insmed intends to use this offering net proceeds to fund clinical development of amikacin liposome inhalation suspension (ALIS) and its efforts to obtain potential regulatory approvals and commercialize ALIS; fund further clinical development of INS1007; and fund working capital, potential debt repayment, capital expenditures, general research and development and for other general corporate purposes.

Recently, Insmed reported that its Phase 3 CONVERT Study of ALIS in adult patients with treatment-refractory Nontuberculous Mycobacterial (NTM) lung disease caused by Mycobacterium Avium Complex met its primary endpoint of culture conversion.

The company plans to initiate enrollment of Phase 2 Dose-ranging Study of INS1007 in Non-Cystic Fibrosis (non-CF) Bronchiectasis in the second half of 2017.

by RTT Staff Writer

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