Insmed Inc (INSM)

[ED20332]

Ya baby!! Finally an upgrade!!!!!

insmed from Unterberg
by: drbio45 05/25/06 12:58 pm
Msg: 99673 of 99722

Insmed (INSM5,6,7,8,9 $1.63 intraday) Buy

First IPLEX Orders Shipped – Reiterate BUY Rating





· Insmed announced today that it has shipped its first shipment of IPLEX.



· The AWP for a 24kg patient on IPLEX therapy dosed at 1.5mg/kg will be $32,850 annually. This breaks down to the AWP per carton which includes 35 vials of 36mgs of drug to be $3,150.



· Insmed has priced IPLEX to a 10% premium to Increlex. The AWP for a 24kg patient on Increlex therapy is about $29,643 annually.



· Insmed continues to receive orders from both private as well as government payors with about 80% of orders coming from private payors.



· We believe this is an incremental positive for Insmed given that it has now fully transitioned to a commercial company. We look for more clarity on traction among patients and physicians as more orders are received.



· We will be hosting dinners with Insmed management on June 26 in Boston and on June 27 in New York.



· We reiterate our BUY rating with a $3 price target.





Andrew Fein