Insmed Prices New Stock Issue

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Insmed 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.

The article Insmed Prices New Stock Issue originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Insmed. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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