MONMOUTH JUNCTION, N.J., Aug. 7, 2012 /PRNewswire/ -- Insmed Incorporated (Nasdaq CM: INSM), a biopharmaceutical company dedicated to the development of innovative inhaled pharmaceuticals for the treatment of serious lung infections, today reported results for the second quarter and six-months ended June 30, 2012.
Key Recent Highlights:
Dosed first patient in April in CLEAR-108 phase 3 European and Canadian registration study of ARIKACE® in patients with cystic fibrosis who have Pseudomonas aeruginosa lung infections; approximately 65 of 80 planned sites activated and recruiting patients
Dosed first patient in June in the U.S. TARGET-NTM phase 2 trial of ARIKACE in patients with non-tuberculous mycobacteria (NTM) lung infections
Secured $20 million term loan from Hercules Technology Growth Capital, Inc.
Granted second composition of matter patent for ARIKACE by U.S. Patent and Trademark Office
"We have successfully transitioned Insmed into a phase 3 development stage company, a significant milestone in our history," said Timothy Whitten, President and CEO of Insmed. "During the second quarter, Insmed made substantial progress in advancing ARIKACE in the clinic in our two priority orphan indications. We continue to expect top-line data from CLEAR-108 in mid-2013 and top-line results from the randomized part of TARGET-NTM in the fourth quarter of 2013. In addition, we recently secured a term loan from Hercules for up to $20 million, $10 million of which has been funded, that will extend our cash runway well into 2014 and provide the Company with further financial stability and flexibility."
Financial Results:For the second quarter of 2012, Insmed posted a net loss attributable to common stockholders of $9.7 million, or $0.39 per common share – basic and diluted, as compared to a net loss of $10.0 million or $0.40 per common share – basic and diluted, for the Page: 1 2 3 4 5 6 7 8 9 Related biology technology :1
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