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Insmed Announces Financial Results For Second Quarter And Six-months Ended June 30, 2012
Date:8/7/2012

three months ended June 30, 2011. The $0.3 million improvement in the net loss was due to a $1.5 million reduction in operating expenses, which was partially offset by a $1.0 million decline in IPLEX® revenue and a $0.2 million reduction in investment income.

Insmed did not record any revenues for the three months ended June 30, 2012 as compared to $1.0 million in revenues reported for the three months ended June 30, 2011.
The $1.0 million decrease was due to the elimination of IPLEX EAP revenues following the depletion of IPLEX inventory in December 2011.

Research and development expenses decreased to $7.5 million in the three months ended June 30, 2012 from $8.7 million for the three months ended June 30, 2011.
The decrease of $1.2 million in 2012 is primarily attributable to a reduction of $2.9 million in development costs associated with initiating two ARIKACE related clinical trials, as compared to the same period in 2011, when three trials were being planned.  This includes the one-time start-up costs for each of the three trials in 2011, which were not duplicated in 2012.  This reduction was partially offset by an increase of $1.8 million in manufacturing costs associated primarily with initiating the nine-month dog inhalation toxicity study and the build-up of clinical trial drug supply for the ongoing ARIKACE CLEAR-108 and TARGET-NTM clinical studies.

General and administrative expenses of $2.5 million for the three months ended June 30, 2012 were $0.2 million lower than the $2.7 million for the same quarter in 2011 due mainly to a reduction in external finance and legal fees.Investment income for the second quarter of 2012 of $0.3 million was $0.2 million lower than the corresponding period in 2011 due to the lower cash balance available for investment.

Net loss attributable to common stockholders for the six months ended June 30, 2012 was $16.5 million (or $0.67 per common share – basic and diluted),
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