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

compared to net loss of $26.1 million (or $1.19 per common share – basic and diluted), for the six months ended June 30, 2011.
The $9.6 million reduction in the net loss period on period was primarily due to the $9.2 million non-cash charge for the beneficial conversion feature of the Series B Conditional Convertible Preferred Stock incurred in the first quarter of 2011, which increased the net loss attributable to holders of our common shares and, in turn, reduced our loss per common share on a basic and diluted basis by $0.48. The charge represents the $1.00 difference between the conversion price of the Series B Conditional Convertible Preferred Stock of $7.10 per share and its carrying value of $6.10 per share. The carrying value of the Series B Preferred Stock was based on its fair value at issuance, which was estimated using the common stock price reduced for a lack of marketability between the issuance date and the anticipated date of conversion.  Additionally, a reduction in operating expenses of $3.2 million was partially offset by revenue reduction of $2.6 million and a decline in investment income of $0.3 million in the six months ended June 30, 2012.

Insmed did not record any revenues for the six months ended June 30, 2012.
Insmed reported $2.6 million in revenues for the six months ended June 30, 2011. The $2.6 million decrease was due to the elimination of $2.3 million of IPLEX EAP revenues following the depletion of IPLEX inventory in December 2011 and the receipt of $0.3 million in license fees for our CISPLATIN lipid complex in 2011, as compared to zero in the current year.

Research and development expenses decreased to $12.0 million in the six months ended June 30, 2012 from $14.5 million for the six months ended June 30, 2011.
The decrease of $2.5 million in the six months ended June 30, 2012 is again attributable primarily to a reduction of $3.5 million in development costs associated with initiating two ARIKACE
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SOURCE Insmed Incorporated
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