Insmed Incorporated Reports Second Quarter Results
RICHMOND, Va.--(BW HealthWire)--July 26, 2002--Insmed Incorporated (Nasdaq: INSM - News) today announced financial results for the three- and six-month periods ended June 30, 2002.
Revenues for the three- and six-month periods ended June 30, 2002 were $70,000 and $172,000, respectively, compared with revenues of $69,000 and $169,000 for the equivalent periods in 2001. The net losses for the three- and six-month periods ended June 30, 2002 were $7.1 million or $0.21 per share and $13.2 million or $0.40 per share, respectively, compared with net losses of $8.8 million or $0.27 per share and $18.9 million or $0.58 per share for the same periods in 2001.
Research and development expenses decreased to $6.6 million and $12.3 million, respectively, for the three- and six-month periods ended June 30, 2002 from $8.2 million and $18.5 million for the comparable periods in 2001, reflecting the decrease in external, clinical trial and manufacturing costs as the Company enters the later stages of its current Phase II trials. General and administrative expenses decreased to $0.8 million and $1.5 million, respectively, for the three- and six-month periods ended June 30, 2002 from $1.5 million and $2.6 million for the same periods in 2001, due to lower investor-relations expenses and reduced support-service costs. Insmed also reported $36.3 million in cash and cash equivalents as of June 30, 2002.
Conference Call
The Company will host a conference call on Tuesday, July 30 at 9:00 a.m. Eastern Time (8 a.m. Central Time). To participate in the conference call dial 888/455-9642, password: INSMED. A live audio feed of the webcast can be accessed through the Investor Relations link on the Company's website: www.insmed.com. A telephonic replay of the call will be available for one week and can be accessed at 800/756-2729. A web replay of the call will be available through the Investor Relations website beginning at 11:00 a.m.
About Insmed Incorporated
Insmed Incorporated is a biopharmaceutical company focused on the development of drug candidates for the treatment of metabolic diseases and endocrine disorders. For more information, please visit www.insmed.com.
Statements included within this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially from those described herein. Risks and uncertainties include: product candidates may fail in the clinic or may not be successfully marketed; lack of financial resources to complete development of clinical candidates; and competing products.
INSMED INCORPORATED
Condensed Consolidated Statements of Operations
(in thousands, except per share data - unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- -------------------
2002 2001 2002 2001
--------------------- -------------------
Revenues $ 70 $ 69 $ 172 $ 169
Operating expenses:
Research and development 6,583 8,171 12,288 18,530
General and administrative 766 1,527 1,472 2,613
--------------------- -------------------
Total operating expenses 7,349 9,698 13,760 21,143
--------------------- -------------------
Operating loss (7,279) (9,629) (13,588) (20,974)
Interest income 172 836 374 2,088
--------------------- -------------------
Net loss $(7,107) $ (8,793) $(13,214) $(18,886)
===================== ===================
Basic and diluted net loss
per share $ (0.21) $ (0.27) $ (0.40) $ (0.58)
===================== ===================
Shares used in computing
basic and diluted net loss
per share 33,034 32,849 32,991 32,835
===================== ===================
INSMED INCORPORATED
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2002 2001
----------- ------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $36,265 $ 51,250
Accounts receivable and other assets 2,716 3,799
----------- ------------
Total current assets 38,981 55,049
Goodwill and other assets 16,325 16,557
----------- ------------
Total assets $55,306 $ 71,606
=========== ============
Liabilities and stockholders' equity
Current liabilities $ 7,089 $ 10,256
Deferred revenue 1,583 1,655
Stockholders' equity 46,634 59,695
----------- ------------
Total liabilities and stockholders' equity $55,306 $ 71,606
=========== ============
--------------------------------------------------------------------------------
Contact:
Insmed Incorporated
Kevin P. Tully, 804/565-3000 |
