Insmed Inc (INSM)

[Do DD]

CF,

The first paragraph you cite was NOT in the Q3 CC transcript! That paragraph is an incomplete part of the R&R presentation by Phil Young.

Again, I strongly urge you to relisten the R&R presentation to clarify your thoughts concerning what was said there. Again: if you need a transcript of R&R just let me know.

The exact verbiage from the Q&A during the Q3 CC (I'm citing from trial evidence now):

Matt Osborne - Lazard Capital Markets - Analyst
Okay, one last question and I'll jump into the queue. The timing for the next data either from severe resistant myotonic muscular dystrophy, AIDS [like] dystrophy, when can we expect to see the next data?
Phil Young - Insmed Incorporated - Chief Business Officer
We expect to see it in early '07 for everything you just mentioned.

Sincerely, E.