Insmed raises $100.1 million in bumped-up offering

Insmed Inc. (NASDAQ:INSM) raised $100.1 million through the sale of 8.9 million shares at $11.25 in a bumped-up follow-on underwritten by Leerink; Piper Jaffray; JMP Securities; and H.C. Wainwright. Insmed proposed to raise up to $80 million in the offering on Monday, when its share price was $11.81.

Early this month, 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 also still plans to submit an MAA to EMA by year end (see BioCentury Extra, Aug. 4). ...