Insmed Incorporated Reports Financial Results for Second Quarter and First Half of 2004
Wednesday July 28, 8:34 am ET
RICHMOND, Va.--(BUSINESS WIRE)--July 28, 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 and six months ended June 30, 2004.
1st Half 1st Half
$000's (except EPS) Q2 2004 Q2 2003 2004 2003
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Revenues 29 34 90 96
Net loss (9, 011) (3,240) (13,770) (5,449)
Net cash used in operations 10,868 5,329 15,487 5,298
Loss per share (0.23) (0.10) (0.36) (0.16)
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Discussion of Revenue and Expense Items
Revenues for the three months ending June 30, 2004 were $29,000, as compared to $34,000 for the equivalent period of 2003 and $61,000 for the first quarter of 2004. The net loss for the three months ending June 30, 2004 was $9.0 million, or $0.23 per share, compared with a net loss of $3.2 million or $0.10 per share in the corresponding period of 2003, and a net loss of $4.8 million or $0.12 per share in the first quarter of 2004.
Revenues for the six months ending June 30, 2004 were $90,000, as compared to $96,000 for the equivalent period of 2003. The net loss for the six months ending June 30, 2004 was $13.8 million, or $0.36 per share, compared with a net loss of $5.4 million or $0.16 per share in the corresponding period of 2003.
The increase in the net loss from prior periods is due primarily to the scale-up and development costs incurred to support the manufacture of our lead product, rhIGF-I/rhIGFBP-3 and the operation of our protein manufacturing facility in Boulder Colorado, which we acquired from Baxter Pharmaceuticals in April 2004. General and administrative expenditures were also higher due to increased external services support and additional personnel costs. Interest income declined as a result of reduced interest rates and a lower cash balance. The increase from prior periods in the net cash used in operations was chiefly the result of the higher net losses and a one time $3.6 million cash restriction required as part of the Boulder manufacturing facility acquisition.
Conference Call
The Company will host a conference call on July 28, 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 second quarter and the Company's current activities and expectations for the future. To participate in the conference call, dial 800-915-4836 (domestic) or 973-317-5319 (international). The call will be webcast live through Insmeds 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: 363233. 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 with unmet medical needs. For further information about Insmed and the rhIGF-I/rhIGFBP-3 complex, please visit the company's corporate website at www.insmed.com.
Statements included within this press release, which are not historical in nature, may |
