Insmed Announces $60 Mln Stock Offering

(RTTNews) - Insmed Inc. (INSM) said Monday that it is offering $60 million of its common stock in a proposed underwritten public offering.

The company said it expects to use the proceeds from the sale of the common stock to fund further clinical development of its lead product candidate, ARIKACE, to fund its efforts to obtain regulatory approvals and commercialize ARIKACE, for general research and development, to invest in third-party manufacturers and the supply chain in order to establish redundancy and commercial supply capability in advance of the launch of ARIKACE in Europe and the United States, to fund working capital and capital expenditures and for other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.