Insmed Incorporated Reports Financial Results for First Quarter of 2005
Tuesday May 10, 5:00 pm ET
RICHMOND, Va., May 10 /PRNewswire-FirstCall/ -- 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, 2005.
$000's (except EPS) Q1 2005 Q1 2004 Q4 2004
Revenues 57 61 23
Net loss (5,764) (4,759) (5,837)
Net cash used in operations 6,295 4,619 6,452
Earnings per share $(0.13) $(0.12) $(0.14)
Discussion of Revenue and Expense Items
Revenues for the three months ending March 31, 2004 were $57,000 as compared to $61,000 for the equivalent period of 2004, and $23,000 for the final quarter of 2004. The increase from the final quarter of 2004 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, 2005 was $5.8 million or $0.13 per share, as compared to net losses of $4.8 million or $0.12 per share for the corresponding quarter of 2004 and $5.8 million or $0.14 per share for the fourth quarter of 2004. The $1.0 million or $0.1 per share increase in the net loss for the first quarter of 2005 compared to the first quarter of 2004 arises from a $0.7 million rise in Operating Expenses and a $0.3 million increase in interest expense. The rise in operating expenses are due to a combination of additional research and development expenses and higher general and administration expenses in support of our lead product SomatoKine® in the Growth Hormone Insensitivity Syndrome indication. The $0.3 million increase in interest expense is principally due to the accounting treatment associated with the previously announced convertible debt offering which occurred during the first quarter of 2005. Sequentially operating results for the current quarter remained consistent with the prior quarter.
As of March 31, 2005, the Company had total cash and cash equivalents of $35.8 million.
Conference Call
The Company will host a conference call on May 12, 2005 at 8:30 a.m. Eastern Time. Company management will conduct the call and will review the financial and operating results for the first quarter and provide a Corporate update. To participate in the conference call, dial 877-407-2035 (domestic) or 201-689-8035 (international). The call will be webcast live through Insmed's corporate website: insmed.com and will be archived until November 12, 2005.
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 SomatoKine®, please visit the company's corporate website at insmed.com. |
