Insmed Incorporated has announced that it is offering 10 million shares of its common stock at $20.65 per share, which it expects to generate net proceeds of about $194 million.
The company says that it will use the money for expenses related to Arikayce inhaled liposomal through commercialization, for further development of INS1009 inhaled treprostinil prodrug for the treatment of pulmonary arterial hypertension, and “other general corporate purposes, which may include the acquisition or in-license of additional compounds, product candidates, technology or businesses.”
According to Insmed, the funding will support further development of Arikayce for two indications, nontuberculous mycobacteria (NTM) lung disease and P. aeruginosa infections in cystic fibrosis patients; for regulatory and commercialization efforts, and for investment in additional third-party manufacturing capacity for a potential launch in the US and Europe. Earlier this year, the company confirmed that it had filed an MAA for Arikayce with the EMA.
Read the Insmed press release.
