Insmed Incorporated Reports Financial Results for First Quarter of 2004
Wednesday May 5, 4:30 pm ET
RICHMOND, Va.--(BUSINESS WIRE)--May 5, 2004--Insmed Incorporated (Nasdaq:INSM - News), a developer of pharmaceutical products for the treatment of metabolic and endocrine diseases with unmet medical needs, today announced results for the three-month period ended March 31, 2004.
$000's (except EPS) Q1 2004 Q1 2003 Q4 2003
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Revenues 61 62 27
Net loss (4,759) (2,209) (2,451)
Net cash used in operations 4,619 2,232 2,683
Earnings per share $(0.12) $(0.07) $(0.06)
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Discussion of Revenue and Expense Items
Revenues for the three months ending March 31, 2004 were $61,000 as compared to $62,000 for the equivalent period of 2003, and $27,000 for the final quarter of 2003. The increase from the final quarter of 2003 was due to an annual royalty which is normally received in the first quarter of each year.
The net loss for the first quarter ending March 31, 2004 was $4.8 million or $0.12 per share, as compared to net losses of $2.2 million or $0.07 per share for the corresponding quarter of 2003 and $2.5 million or $0.06 per share for the fourth quarter of 2003. The increase in the net loss from prior periods is due primarily to the scale-up and development costs incurred during the first three months of 2004 to support the manufacture of our lead product, rhIGF-I/rhIGFBP-3, also known as SomatoKine®.
General and administrative expenditures were also higher due to an increase in external accounting and legal services associated with compliance efforts required by the Sarbanes-Oxley Act of 2002, and new rules and regulations enacted by the Securities and Exchange Commission and Nasdaq. Interest income declined slightly as a result of reduced interest rates and a lower cash balance.
As of March 31, 2004, the Company had total cash and cash equivalents of $24.9 million.
Conference Call
The Company will host a conference call on May 6, 2004 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Company management will conduct the call and will review the financial and operating results for the first quarter and the Company's current activities and expectations for the future. To participate in the conference call, dial 800-838-4403 (domestic) or 973-317-5319 (international). The call will be webcast live through Insmed's corporate website: www.insmed.com. A telephonic replay of the call will be available for one week at 800-428-6051 (domestic) or 973-709-2089 (international) Passcode: 353287 A web replay of the call will be available through the corporate website beginning at 1:00p.m.
About Insmed Incorporated
Insmed Incorporated is a biopharmaceutical company focused on the discovery and development of drug candidates for the treatment of metabolic diseases and endocrine disorders. For further information about Insmed and the rhIGF-I/rhIGFBP-3 complex, please visit the company's corporate website at www.insmed.com. |
