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Insmed Announces Financial Results for Third Quarter and Nine-Months Ended September 30, 2010
Date:11/3/2010

RICHMOND, Va., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a biopharmaceutical company, today reported results for the third quarter and nine-months ended September 30, 2010.

Total revenues for the third quarter ended September 30, 2010 were $1.8 million, as compared to $2.5 million for the corresponding period in 2009.  The $0.7 million decline in revenue was entirely due to lower cost recovery in the most recent quarter from our IPLEX™ Expanded Access Program ("EAP") in Italy for the treatment of Amyotrophic Lateral Sclerosis ("ALS").  In 2009, the Company ceased patient enrollment in the EAP in order to preserve inventory for existing patients.Net loss for the third quarter of 2010 was $0.3 million, break even on a per share basis, compared with a net loss of $0.1 million, also break even on a per share basis, reported in the third quarter of 2009.  The $0.2 million change in net loss was primarily due to the $0.7 million decrease in revenues, noted above, and a $0.3 million decrease in investment income, which were largely offset by an overall reduction of $0.8 million in operating expenses.

The $0.8 million decrease in total expenses resulted from a $0.3 million reduction in research and development expenses ("R&D expenses") and a $0.5 million decline in selling, general and administrative expenses ("SG&A expenses").  The lower R&D expenses resulted largely from the elimination of IPLEX™ fill-finish costs which we incurred in the third quarter of 2009, while the reduced SG&A expenses were principally due to lower external market research and consultancy fees associated with our ongoing strategic review process.

Investment income for the 2010 third quarter was $345,000, as compared to $682,000 for the same period in 2009; as overall market returns declined in the current quarter versus
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