Tully, Kevin P. 2. Issuer Name and Ticker or Trading Symbol
Insmed Incorporated   (INSM) 6. Relationship of Reporting Person(s) to Issuer

(Check all applicable)      

___ Director                            ___ 10% Owner
_X_ Officer (give title below)   ___ Other (specify below)

Treasurer, Controller and Principal Financial Officer 
--------------------------------------------------------------------------------
 
(Last)             (First)            (Middle)

c/o Insmed Incorporated
4851 Lake Brook Drive
P.O. Box 2400  3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary) 

 4. Statement for Month/Day/Year

03/14/2003
 
(Street) 

Glen Allen, VA 23058-2400 5. If Amendment, Date of Original (Month/Day/Year)

   7. Individual or Joint/Group Filing
(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person 
(City)             (State)             (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 
1. Title of Security
(Instr. 3)  2. Transaction Date
(Month/Day/Year) 2A. Deemed Execution
Date, if any
(Month/Day/Year) 3. Transaction
Code
(Instr. 8) 4. Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities
Beneficially Owned
Following Reported
Transactions
(Instr. 3 and 4) 6. Ownership Form:
Direct (D)
or Indirect (I)
(Instr. 4) 7. Nature of Indirect
Beneficial Ownership
(Instr. 4) 
Code V Amount (A)
or
(D) Price 
Common Stock 03/14/2003   P   56,500 A $0.54       
Common Stock 03/14/2003   P   5,500 A $0.50       
Common Stock 03/14/2003   P   4,800 A $0.51       
Common Stock 03/14/2003   P   2,100 A $0.55       
Common Stock 03/14/2003   P   100 A $0.49 82,579 D