Press release
Insmed Announces Closing of Public Offering of Common Stock
BRIDGEWATER, N.J., June 26, 2019 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM) today announced the closing on June 25, 2019 of the issuance of an
About this update from Insmed Incorporated
[{"type":"text","content":"BRIDGEWATER, N.J., June 26, 2019 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM) today announced the closing on June 25, 2019 of the issuance of an additional 1,442,307 shares of common stock pursuant to the full exercise of the underwriter's overallotment option related to the previously announced public offering of its common stock. The underwriters were granted 30-day options to purchase up to an additional 1,042,307 shares of common stock from Insmed and up to 400,000 shares of common stock from William H. Lewis, the Company's Chairman and Chief Executive Officer at a public offering price of $26.00 per share. The net proceeds to the Company from the sale of the additional shares, after deducting underwriting discounts and commissions but before expenses, were approximately $25.6 million. The Company did not receive any proceeds from the sale of Mr. Lewis' shares.\nInsmed intends to use its net proceeds from this offering to continue to commercialize ARIKAYCE® (amikacin liposome inhalation suspension); conduct further trials of ARIKAYCE, including Insmed's required confirmatory trial to assess and describe the clinical benefit of ARIKAYCE in patients with Mycobacterium avium complex (MAC) lung disease; fund further clinical development of INS1007 and INS1009; invest in increased third‑party manufacturing capacity for ARIKAYCE; fund business expansion activities in Europe and Japan; fund working capital, potential debt repayment, capital expenditures, and general research and development; and for other general corporate purposes, which may include the acquisition or in‑license of additional compounds, product candidates, technology or businesses.\nMorgan Stanley & Co. LLC, SVB Leerink LLC and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering. Credit Suisse Securities (USA) LLC, Stifel, Nicolaus & Company, Incorporated and H.C. Wainwright & Co. acted as co-managers for the offering.\nA shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (SEC), as amended by Post-Effective Amendment No. 1 thereto, and became automatically effective upon filing. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is availab...