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Insmed Announces First Quarter 2011 Financial Results
Date:5/10/2011

delays in our product development or clinical trials, our product candidates may not prove to be commercially successful, our expenses may be higher than anticipated and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010.  Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release.  We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.INSMED INCORPORATEDConsolidated Balance Sheets (Unaudited)(in thousands, except share and per share data)March 31,December 31,20112010AssetsCurrent assets:  Cash and cash equivalents $
22,100$
,743  Short-term investments80,62497,306  Accounts receivable, net169471  Prepaid expenses169277Total current assets103,062108,797Certificate of deposit 2,1762,176In-process research and development77,90077,900Goodwill6,2906,290Fixed assets, net1,0421,102Total assets$
90,470$
96,265Liabilities and stockholders' equityCurrent liabilities:  Accounts payable $
3,082$
,450  Accrued expenses9151,256  Deferred rent150150  Capital lease obligations, current7281  Deferred revenue244402Total current liabilities4,4633,339Restricted stock units compensation liability132-Capital lease obligations, long-term7183Total liabilities4,6663,422Stockholders' equity:Common stock; $.01 par value; authorized shares500,000,000; issued and outstanding shares, 24,828,101 in 2011 and 15,653,734 in 20102481,565Preferred stock; $.01 par value; authorized shares200,000,000; issued and outstanding shares, zero in 2011 and 9,174,589 in 2010-918  Additional paid-in capital426,146423,877  Accumula
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