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

ecovery from our IPLEX™ Expanded Access Program (EAP) in Europe, $0.5 million of IPLEX grant revenue which was recognized in the fourth quarter of 2009 and $0.1 million in lower royalties during the most recent period.  The reduction in the IPLEX cost recovery was due to the Company's decision in July 2009 to cease supplying the drug to new patients in order to preserve the remaining IPLEX inventory for patients currently receiving the drug.  The $0.5 million reduction in grant revenue related to a grant received in the fourth quarter of 2009 from the Muscular Dystrophy Association (MDA) for the previously completed IPLEX Phase 2 Myotonic Muscular Dystrophy trial.  The reduced royalty was due to the expiration of a TGF- beta royalty in 2010.

In the fourth quarter of 2010, the Company posted a net loss of $5.8 million, or $0.42 per share, as compared to a net profit of $2.3 million, or $0.18 per share, in the fourth quarter of 2009.  The $8.1 million variance arose from a $5.5 million increase in total expenses, the elimination of a $2.0 million tax refund which occurred in 2009 and a $1.2 million reduction in revenue.  These were partially offset by a $0.6 million improvement in investment income.

The $5.5 million increase in total expenses resulted from a $1.7 million increase in research and development expenses (R&D Expenses) and a $3.8 million increase in selling, general and administrative expenses (SG&A Expenses).  The higher R&D Expenses were due primarily to the addition of ARIKACE-related R&D Expenses in December 2010, while the increase in SG&A Expenses resulted from increased external finance, legal and consulting expenses related to the business combination, and the addition of ARIKACE-related support costs for December 2010.

The $2.0 million tax impact resulted from the utilization of Net Operating Losses in the fourth quarter of 2009, which reduced the amount of taxes paid o
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