Insmed Inc. (INSM) Message Board

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Biotech / Medical : Insmed Inc. (INSM)

INSM 187.36

-1.2%

9:33 AM EST

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From: mopgcw	7/31/2003 9:08:34 PM
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Insmed Inc. Conludes Private Placement Led by Wells Fargo Securities Raising $1.9 Million More Than Previously Reported Wednesday July 16, 8:20 am ET RICHMOND, Va.--(BUSINESS WIRE)--July 16, 2003--Insmed Incorporated (Nasdaq: INSM - News) announced today that it has concluded its previously announced private placement led by Wells Fargo. The Company sold approximately 5.1 million newly issued shares of common stock to a group of institutional investors at a price of $2.70, raising a total of approximately $13.9 million in gross proceeds, $1.9 million more than previously reported. The additional $1.9 million was raised as a result of stronger than expected investor interest. As part of the private placement, the Company issued warrants to purchase an additional 1.54 million shares of common stock with an exercise price of $4.10 per share. Wells Fargo Securities, LLC served as lead placement agent for the transaction

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