Insmed Inc. (INSM) Message Board

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Biotech / Medical : Insmed Inc. (INSM)

INSM 186.23

-1.8%

9:30 AM EST

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From: mopgcw	8/17/2004 10:39:31 AM
	of 136

Insmed Requests Halt of Trading of Its Common Stock on the Berlin-Bremen Stock Exchange Tuesday August 17, 9:22 am ET Company Also Initiates Short Selling Audit RICHMOND, Va.--(BUSINESS WIRE)--Aug. 17, 2004--Insmed Incorporated (Nasdaq: INSM - News) today announced that it has contacted the Berlin-Bremen Stock Exchange and requested an immediate halt to trading in its common stock. Insmed learned its common stock has been listed on the Berlin-Bremen Stock exchange without its prior knowledge, consent or authorization. Insmed had recently become aware that it was one of many public companies whose common stock had been listed without authorization on the Berlin-Bremen Stock Exchange, commonly referred to as the Berlin Stock Exchange. A number of other U.S. publicly traded companies have indicated that they have been listed on the Berlin exchange without their permission. These listings may be part of an effort to avoid United States Securities and Exchange Commission and National Association of Securities Dealers restrictions against "naked short selling." Such practices may allow for market manipulation by selling non-existent shares of stock in an effort to force the price down. Insmed also announced today that it has engaged the services of Morrow & Co., Inc. to conduct an in-depth shareholder audit to determine the extent of short selling (both institutional and naked) in the Company's stock. . In the event that we receive information concerning any naked short selling in our stock, we plan to alert the United States Securities and Exchange Commission and National Association of Securities Dealers of such activities. About Insmed Incorporated Insmed 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 more information, please visit www.insmed.com.

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