Replies to post #1194 on Insmed Inc (INSM)

[Guaranteed Sceptic]

You see nothing negative?

The headlines on a piece that came out over AP claim that INSM's auditors doubt that the company is a going concern. That's pretty negative.

GS

[corvus]

This could be the reason -

AP
Auditor Doubts Insmed Viability
Wednesday March 22, 8:16 am ET
Insmed Auditor Raises Question Over Company's Ability to Continue As Going Concern

RICHMOND, Va. (AP) -- Biopharmaceutical firm Insmed Inc. said Wednesday its independent accounting firm has raised doubts that the company will be able to continue as a going concern.
Insmed said the statement by Ernst & Young LLP is included in its annual report filed on March 6.

In the report, Insmed stated that the conditions leading to its auditor's uncertainty were the company's net loss position, its failure to become profitable and its dependence on financing.

On March 15, Insmed said it raised $42.8 million in net proceeds from a public offering of stock. Along with current cash on hand, the company said it will be able to cover its operational expenses through the second quarter of 2007.

On March 2, the company reported its fourth-quarter net loss more than doubled to $12.9 million from a year ago as interest and other expenses rose.

Insmed develops drugs to treat metabolic and endocrine diseases.