General and administrative expenses decreased to $5.2 million in the six months ended June 30, 2012 from $6.0 million for the six months ended June 30, 2011.
The $0.8 million decrease was due largely to lower finance, legal and consulting fees incurred in the six months ended June 30, 2011 related to post Transave merger matters and the March 2011 reverse stock split transaction.
Investment income decreased to $0.7 million in the six months ended June 30, 2012 from $1.0 million in the six months ended June 30, 2011. The decrease is a result of the lower overall average cash and short-term investments balance for the current quarter as compared to the quarter ended June 30, 2011.
As of June 30, 2012, Insmed had total cash, cash equivalents, short-term investments, and certificate of deposits on hand totalling $75.2 million, consisting of $73.1 million in cash and short-term investments and $2.1 million in a certificate of deposit, as compared to $78.4 million of cash on hand as of December 31, 2011. The $3.2 million decrease in total cash was due primarily to the funding of operations, consisting primarily of research and development activities, totalling $12.9 million, which was primarily offset by the net $9.7 million of funding in June 2012 under the term loan with Hercules Technology Growth Capital.
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|SOURCE Insmed Incorporated|
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