RICHMOND, Va., March 18 Pursuant to NASDAQMarketplace Rule 4350(b)(1)(B) (the "NASDAQ Rule") any Company whosesecurities are listed on one of the NASDAQ stock exchanges that receives agoing concern audit opinion in one of its filings with the Securities andExchange Commission is required to disseminate this information to the public.In compliance with this NASDAQ Rule, Insmed Incorporated (Nasdaq: INSM), todayannounced that it has received a going concern audit opinion for its financialstatements dated as of December 31, 2007, and filed as part of its AnnualReport on Form 10-K with the Securities and Exchange Commission. This goingconcern audit opinion was given because the Company's ability to continue as agoing concern is dependent upon its ability to raise capital throughsecurities offerings, debt financing and partnership agreements to fundon-going operations.
Insmed Inc. is a biopharmaceutical company with unique protein processdevelopment and manufacturing experience and a proprietary protein platformaimed at niche markets with unmet medical needs. For more information, pleasevisit www.insmed.com.
This release contains forward-looking statements which are made pursuantto provisions of Section 21E of the Securities Exchange Act of 1934. Investorsare cautioned that such statements in this release, including statementsrelating to planned clinical study design, regulatory and business strategies,plans and objectives of management and growth opportunities for existing orproposed products, constitute forward-looking statements which involve risksand uncertainties that could cause actual results to differ materially fromthose anticipated by the forward-looking statements. The risks anduncertainties include, without limitation, risks that product candidates mayfail in the clinic or may not be successfully marketed or manufactured, we maylack financial resources to complete development of product candidates, theFDA may interpret the results of studies differently than us, competingproducts may be more successful, demand for new pharmaceutical products maydecrease, the biopharmaceutical industry may experience negative markettrends, our entrance into the follow on biologics market may be unsuccessful,our common stock could be delisted from the Nasdaq Capital Market and otherrisks and challenges detailed in our filings with the U.S. Securities andExchange Commission, including our Annual Report on Form 10-K for the yearended December 31, 2007. Readers are cautioned not to place undue reliance onany forward-looking statements which speak only as of the date of thisrelease. We undertake no obligation to publicly release the results of anyrevisions to these forward-looking statements that may be made to reflectevents or circumstances that occur after the date of this release or toreflect the occurrence of unanticipated events.
SOURCE Insmed Inc.