Insmed planning $80 million follow-on

Insmed Inc. (NASDAQ:INSM) proposed to raise up to $80 million in a follow-on underwritten by Leerink Partners; Piper Jaffray; JMP Securities; and H.C. Wainwright. Last Monday, Insmed fell $4.59 (27%) to $12.66 after announcing it would need to conduct an additional Phase III trial of Arikayce amikacin to treat non-tuberculous mycobacterial (NTM) lung infection before submitting an NDA to FDA. Insmed plans to begin the trial in the coming months, with initial data expected by 1H16.

The company still hopes to submit an MAA to EMA by year end for Arikayce to treat NTM lung infection in treatment-refractory patients and to treat Pseudomonas aeruginosa lung infections in cystic fibrosis (CF) patients (see BioCentury Extra, Aug. 4). ...