Insmed (NASDAQ: INSM ) will have nearly $60 million at its disposal if a new public stock offering goes as planned. The company is floating 6 million shares of its common stock in a public issue that has been priced at $10.40 per share. The gross take will be $62.4 million, which the firm said should net it around $58 million after fees and expenses.
Insmed said it plans to use those proceeds for the continued development of its ARIKACE, an antibiotic used to treat lung infections. It will also utilize the funds for working capital and for "general corporate purposes."
Leerink Swan is the sole book-runner of the issue, which is expected to close "on or about" July 22.
At the moment, Insmed has approximately 31.8 million shares outstanding, and its stock trades at $11.78 per share.