Insmed Inc (INSM)

[Guaranteed Sceptic]

Rfoable and DoDD

I think we're all in agreement about TRCA's stats. Have you any thoughts about their other numbers, to which I'd alluded earlier.

To wit, TRCA claims 151 patients.
Assuming 27,000 $ per patient, that = $4.077 million.
Per quarter, it = $1.02 million.

Now they didn't have all of those patients for the entire quarter, so let's conservatively assume that the mean patient was enrolled for half the quarter.

Then they should have quarterly revenues along the lines of $510,000 when they report in August or so.

What gets me is that they only had revenues of $85,000 for the first quarter, despite reporting (in the most recent press release) that they had 61 patients then (which should give $206,000 revenues based on calculations above).

Is it possible that they are including patients enrolled in studies (for which I assume no revenues are received) in the total number of patients enrolled on Increlex? I don't mean to cast aspersions on their PR announcements, I just can't see any other way of getting these numbers without having huge numbers of patients enroll just before the quarter ends.

Thanks for letting me rant.

GS