Insmed Prices New Stock Issue

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.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2542820, ~/Articles/ArticleHandler.aspx, 8/1/2014 12:16:18 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement