Insmed offering, cash allow continued operations through second-quarter 2007

By Jennifer Chiou

New York, March 22 - Insmed Inc. said that with the $42.8 million of net proceeds from a public offering and its cash on hand, it believes it has sufficient funds to operate at least through the second quarter of 2007.

Insmed completed the offering on March 15.

The company added that in its 10-K filing for the year ended Dec. 31, its auditor qualified the audit opinion due to a going concern uncertainty. At the time, the company's ability to continue as a going concern was dependent upon its ability to raise capital through securities offerings, debt financing and partnerships.

A Nasdaq marketplace rule required the company to report the auditor's warning.

Based in Glen Allen, Va., Insmed is a biopharmaceutical company focused on the discovery, development and commercialization of drugs for metabolic diseases and endocrine disorders.

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