Insmed Inc (INSM)

[floyd1]

I've been in this position since 2004. I think the uptake is going as planned. I have a real concern at this point with our cash position once again. With 35 million left after last dilution, and over 12 million burn per quarter, it looks like we're in a crunch again in 2007. The last dilution w/ warrants killed our stock price, and another dilution will hurt us further. I've always been impressed with the science, but I wonder if I'll ever get the financial benefits from this holding. I think a royalty payment to TRCA will be the outcome of the lawsuit based on preliminary 414 patent ruling. After that is out of the way, we should get favorable reports on our other indications in early 2007, along with EMEA approval. I just hope we have a partner ready to put some money on the table so we don't have to further dilute! We need another cash infusion before this company will be at cash flow positive.