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Insmed Announces First Quarter 2009 Financial Results
Date:5/13/2009

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  • Regained compliance with NASDAQ's minimum $1.00 per share bid price requirement.

"The year has started off with a litany of positive, value-creating events," said Dr. Geoffrey Allan, Ph.D., President and CEO Insmed. "The transaction with Merck will add about $125 million to our balance sheet and has provided us with significant financial flexibility in terms of how we might go about continuing to grow our business and enhance shareholder value. At the same time, our IPLEX(TM) program continues to move forward on all fronts. We continue to expect preliminary Phase 2 results in MMD before the end of the second quarter. In addition, the ALS EAP is set to expand internationally via our agreement with IDIS, and we are discussing the parameters of a controlled clinical trial in this indication with the FDA in the U.S. As our regaining compliance with NASDAQ's minimum $1.00 per share bid price requirement would indicate, the market is beginning to appreciate our successes, and we look forward to sustaining the momentum we have generated in the first quarter throughout the remainder of the year."

Financial Results for First Quarter Ended March 31, 2009

Total revenues for the first quarter ended March 31, 2009 were $2.4 million, the same as the corresponding period in 2008.

Net income for the first quarter of 2009 increased to $117.8 million, or $0.96 per share, compared with a net loss of $4.9 million, or $0.04 per share, in the first quarter of 2008. This $122.7 million improvement was primarily due to the gain on sale of our FOB assets to Merck which was partially offset by increases in SG&A and R&D expenses due to the recognition of stock compensation expense.

The $2.2 million increase in total expenses was due to a $0.5 million increase in research and development ("R&D e
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SOURCE Insmed Inc.
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