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news.Insmed, a developer of follow-on biologics and biopharmaceuticals, has reported a net loss of $4 million, or $0.03 per share, for the fourth quarter of 2008, compared to a net loss of $3.3 million, or $0.03 per share, in the same period of 2007.
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Revenues for the fourth quarter ended December 31, 2008 were $2.9 million, up from $2.1 million for the corresponding period in 2007.
Revenues for the full-year 2008 totaled $11.7 million, up from $7.6 million for 2007. Net loss for the 12 months ended December 31, 2008 was $15.7 million, or $0.13 per share, compared to a net loss of $19.9 million, or $0.17 per share, for the 12 months ended December 31, 2007.
Geoffrey Allan, president and CEO of Insmed, said: “The sale of our follow-on biologics assets to Merck represents a watershed moment for Insmed. This agreement demonstrates Insmed’s world-class clinical capabilities, and provides us with a substantial cash infusion that positions us well for future growth.
“In addition, we intend to pursue a comprehensive and thoughtful analysis to determine the most appropriate use of the proceeds we will receive from Merck. Our objective, though, is to utilize this capital to grow our business, and create additional shareholder value, as we have done through the transaction with Merck.”