Insmed Inc (INSM)

[Christiaan F]

Why?

It took INSM 6 months to train their sales reps in the US. Until now INSM does not have any sales reps in EU, nor do they have a partner who has a distribution network, that knows the ped-endo community.

TRCA and IPSEN are EAGER to get revenue in as soon as the MAA-application is approved (by april 2007) by CHMP and EC-approvel by July 2007.
INSM will probably gat aproval by CHMP in late january 2007 and EC approval in april 2007.

TRCA/IPSEN do have a big competitive advantage compared to INSM and that is the fact that, there are already IPSEN sales reps in EU. They only need to be trained...so what would prevent TRCA/IPSEN to do so (they probably are doing it right now) in order to get revenue in from the moment EC-approval is in?

CF