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Insmed Announces Fourth Quarter and Full-Year 2010 Financial Results
Date:3/10/2011

RICHMOND, Va., March 10, 2011 /PRNewswire/ -- Insmed Inc. (Nasdaq CM: INSMD), a biopharmaceutical company, today reported results for the fourth quarter and full-year ended December 31, 2010.

Key Recent Highlights:

  • Filed Investigational New Drug (IND) Application in February 2011 with the FDA to begin a phase 3 clinical trial for ARIKACE™ (liposomal amikacin for inhalation) in non-TB Mycobacteria (NTM) lung infections.
  • Successfully concluded 72 week phase 2b open-label study for ARIKACE for pseudomonas lung infections in cystic fibrosis (CF) patients.
  • Received positive opinion from European Medicines Agency (EMA) on Company's Pediatric Investigation Plan for ARIKACE in the CF indication.
  • Gained shareholder approval for conversion of preferred stock into common stock and 1:10 reverse stock split.

  • "Following the closure of our transformative business combination in December 2010, we have been aggressively moving forward with the development plan for ARIKACE, our phase 3 compound for pseudomonas lung infections for CF patients, and NTM lung infections," said Timothy Whitten, Insmed's President & CEO.  "We are well underway with the initial preparations and necessary work around these trials and continue to expect to begin accruing patients to the phase 3 trials in both indications in the second half of 2011, with results expected in the first half of 2013."

    Financial ResultsOn March 1, 2011, at a special meeting, our shareholders approved a one for 10 reverse stock split of our common stock, which became effective at 5:00 pm EST on March 2, 2011.  This reverse stock split is reflected in the shares outstanding and earnings per share calculations below.  

    Revenues for the fourth quarter ended December 31, 2010 were $1.3 million, as compared to $2.5 million for the corresponding period in 2009.  The $1.2 million decrease resulted from $0.6 million in lower cost r
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    SOURCE Insmed Inc.
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