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Insmed Incorporated Message Board

  • fudfighter4 fudfighter4 May 25, 2013 11:35 AM Flag

    No Share Offer required until later this year

    Just to add a bit of colour to Beach's excellent "Relax people" post -

    The Company's May 7 filing reported cash and equivalent as of March 31 of $81.6 million - including working capital of $60.6 million.

    That was expected to be augmented in May by a further $11.5 million, with a further $2.2 million due in July.

    Guidance for full-year cash requirements was $45 - $55 million (including $11.3 already used in Q1) - with available cash anticipated as sufficient to fund operations into 2014.

    Insmed raised $25.6 million via a Share Offer last October, on the back of the 2012 Q2 Shelf Registration. This latest guidance suggests the Company's working capital alone at year end will be $30 - $40 million.

    Given that guidance, it's difficult to see any need for the Company to tap this year's Shelf before the share price has been able to benefit from the Phase III results due mid-year.

    That aside - to issue or to buy shares via an Offer at this juncture would be to invite a SEC investigation into a potential abuse by either the Company or the buyers (depending upon how the Phase III results turn out) of the Insider Trading regulations.

    I do have a more persuasive argument, but not one I'm willing to advance in a public forum. I'm happy to share it with anybody I know from this forum - contact me via my fud.fighter2 account if you're interested.

    At the risk of appearing to be an even lonelier old biddy than I already appear to some, it would be nice to hear from other long-time believers now that things are finally looking up. Haven't heard anything from my friend who's related to one of the Beatles for some time (and I'm NOT referring to our resident Star Clown).

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