HispanicBusiness

Forward-Looking Statements

This release contains forward-looking statements that are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Words, and variations of words, such as "intend," "expect," "will," "anticipate," "believe," "continue," "propose" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that such statements in this release, including statements relating to the status, results and timing of results of preclinical studies and clinical trials and preclinical and clinical data and the anticipated benefits of Insmed's products, and to the Company's cash position and financing needs, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation, failure or delay of U.S. Food and Drug Administration and other regulatory reviews and approvals, competitive developments affecting the Company's product candidates, delays in product development or clinical trials or other studies, patent disputes and other intellectual property developments relating to the Company's product candidates, unexpected regulatory actions, delays or requests, the failure of clinical trials or other studies or results of clinical trials or other studies that do not meet expectations, inability to successfully develop the Company's product candidates or receive necessary regulatory approvals, inability to make product candidates commercially successful, changes in anticipated expenses, changes in the Company's financing requirements or ability raise additional capital, and other risks and challenges detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012. Investors are cautioned not to place undue reliance on any forward-looking statements that speak only as of the date of this news release. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances or changes in its expectations.

-Tables to Follow-

                            INSMED INCORPORATED                        Consolidated Balance Sheets         (in thousands, except par value, share and per share data)                                                   March 31,   December 31,                                                     2013          2012                                                 ------------  ------------                                                  (unaudited)AssetsCurrent assets:  Cash and cash equivalents                      $     79,434  $     90,782  Certificate of deposit                                2,173         2,153  Prepaid expenses and other current assets             1,418           643                                                 ------------  ------------    Total current assets                               83,025        93,578In-process research and development                    58,200        58,200Other assets                                              110           117Fixed assets, net                                       1,681         1,666                                                 ------------  ------------    Total assets                                 $    143,016  $    153,561                                                 ============  ============Liabilities and shareholders' equityCurrent liabilities:  Accounts payable                               $      8,184  $      7,060  Accrued expenses                                      5,329         2,933  Accrued compensation                                  1,359         2,207  Accrued lease expense, current                          298           295  Deferred rent                                           144           149  Capital lease obligations, current                       83            96  Current portion of long term debt                     4,875         3,007                                                 ------------  ------------    Total current liabilities                          20,272        15,747Accrued lease expense, long-term                          580           647Capital lease obligations, long-term                       48            64Debt, long-term                                        14,511        16,221                                                 ------------  ------------    Total liabilities                                  35,411        32,679                                                 ------------  ------------Shareholders' equity:Common stock, $0.01 par value; 500,000,000 authorized shares, 31,571,926 and 31,488,204 issued and outstanding shares at March 31, 2013 and December 31, 2012, respectively                      316           315  Additional paid-in capital                          455,725       455,325Warrant to purchase 329,932 shares of common stock for $2.94 per share at March 31, 2013 and December 31, 2012                                        790           790  Accumulated deficit                                (349,226)     (335,548)                                                 ------------  ------------Total shareholders' equity                            107,605       120,882                                                 ------------  ------------    Total liabilities and shareholders' equity   $    143,016  $    153,561                                                 ============  ============                            INSMED INCORPORATED               Consolidated Statements of Comprehensive Loss                   (in thousands, except per share data)                                                       Three Months Ended                                                            March 31,                                                        2013        2012                                                     ----------  ----------Revenues                                             $        -  $        -                                                     ----------  ----------Operating expenses:  Research and development                               10,334       4,739  General and administrative                              3,975       2,525                                                     ----------  ----------    Total operating expenses                             14,309       7,264                                                     ----------  ----------Operating loss                                          (14,309)     (7,264)Investment income                                            51         418Interest expense                                           (643)         (2)Gain on sale of assets, net                                   2           5                                                     ----------  ----------    Loss before income taxes                            (14,899)     (6,843)Provision (benefit) for income taxes                     (1,221)          2                                                     ----------  ----------Net loss                                             $  (13,678) $   (6,845)                                                     ==========  ==========Basic and diluted net loss per share                 $    (0.43) $    (0.28)                                                     ==========  ==========Weighted average basic and diluted common shares outstanding                                             31,554      24,860                                                     ==========  ==========Net loss                                             $  (13,678) $   (6,845)Comprehensive loss:  Unrealized gains on investments, net of taxes               -         216                                                     ----------  ----------Comprehensive loss                                   $  (13,678) $   (6,629)                                                     ==========  ==========