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MONMOUTH JUNCTION, N.J., July 2, 2012 /PRNewswire/ -- Insmed Incorporated (Nasdaq CM: INSM), a biopharmaceutical company focused on developing inhaled therapeutics for serious diseases of the lung, today announced that it has entered into a loan agreement with Hercules Technology Growth Capital, Inc. (NYSE: HTGC), a leader in customized debt financing for companies in life sciences and technology-related markets. Hercules will provide Insmed with access to a term loan of up to $20 million.
"We project that this loan agreement will extend our cash runway well into 2014," said Timothy Whitten, President and Chief Executive Officer of Insmed. "Our focus remains on the timely generation of top-line data from our three prioritized ARIKACE® studies, the CLEAR-108 phase 3 study in cystic fibrosis patients who have pseudomonas lung infections, the TARGET-NTM phase 2 clinical trial for patients who have non-TB Mycobacteria lung infections and the nine month dog toxicity study, all of which are expected to be announced over the course of 2013 as previously outlined."
The first $10 million of the term loan was funded at closing, and is repayable in installments over forty-two months including an initial interest-only period of twelve months after closing. The interest only period is extendable to December 31, 2013, contingent upon completion of certain ARIKACE-related development milestones. Pursuant to the loan agreement, Insmed issued Hercules a warrant to purchase 329,932 shares of Insmed common stock at an exercise price of $2.94 per share. The remaining $10 million of the term loan is available at Insmed's option throughout the availability period, which ends on December 31, 2012. Further information with respect to the loan agreement with Hercules is contained in a Current Report on Form 8-K filed today by Insmed with the Securities and Exchange
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