Insmed Announces First Quarter 2009 Financi...( RICHMOND Va. May 13 /- Insmed Inc. (N...)

RICHMOND, Va., May 13 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a biopharmaceutical company, today reported results for the first quarter ended March 31, 2009.

Recent Company Highlights

• Follow-on Biologics Program
  • Finalized sale of follow-on biologics (FOB) assets to Merck & Co., Inc., through an affiliate, for gross proceeds of $130 million; and
  • Net of finance and legal fees paid, Insmed has received net proceeds to date of approximately $128 million as a result of this agreement. Taxes due on the sale will be paid by installment during the balance of the year, resulting in total expected net proceeds of approximately $125 million.

• IPLEX(TM)
  • Continue to expect preliminary Phase 2 data in Myotonic Muscular Dystrophy (MMD) in the second quarter of 2009;
  • The FDA announced that it would allow Insmed to provide access to IPLEX(TM) for investigational use in patients with Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig's disease). Insmed will conduct a controlled clinical trial under an Investigational New Drug application;
  • Announced the signing of an agreement with IDIS, a private, UK-based company specializing in the management of medicines on a named patient basis, also known as expanded access programs (EAPs) or named patient programs (NPPs), to manage such programs for IPLEX(TM) worldwide, excluding the U.S. and Italy; and
  • Generated $2.0 million in cost recovery revenue from the IPLEX(TM) EAP for ALS in Italy during the first quarter of 2009.

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