Saturday, May 05, 2007

Insmed Inc. Sells Shares

Richmond's Insmed Incorporated (NASDAQ: INSM) announced today that it has obtained agreements from investors to purchase approximately 20 million shares of its common stock at a price of $0.90 per share. Insmed Inc. is a biopharmaceutical company focused on the development and approval of drugs for the treatment of metabolic diseases with unmet medical needs. In March 2007, Insmed settled a patent litigation suit with Tercica, Inc. and Genentech, Inc.

Insmed Inc. was founded on technology licensed from pharmaceutical research performed at the University of Virginia by Dr. Joseph Larner, who was Chairman of the Department of Pharmacology, and Director of the UVA Diabetes Center. Insmed COO Ronald D. Gunn received his Masters degrees from Virginia Commonwealth University.

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