Insmed Inc (INSM)

[Do DD]

The Opt-in period in my understanding is the 90-day period after phase III enabling data. Therefore ALS is not really an issue for INSM since it would be DNA's problem to deal with CEPH if they choose to opt in on ALS. Since INSM will not market products (that's done by DNA or TRCA) they won't be liable from CEPH patent infringement. DNA or TRCA will have to get an agreement with CEPH on this one if they choose to opt-in on ALS (IF ALS pans out of course). If DNA and TRCA choose not to opt-in on ALS and ALS works CEPH will be in.

Sincerely, E.