Insmed Shareholders Approve Conversion of Series B Conditional Convertible Preferred Stock and Reverse Stock Split
RICHMOND, Va., March 1, 2011 /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a biopharmaceutical company, announced today that Insmed's shareholders approved the proposal relating to the conversion of Insmed's Series B Conditional Convertible Preferred Stock (Series B Preferred Stock) into Insmed's Common Stock and the proposal relating to the one-for-10 reverse stock split of Insmed's Common Stock presented at the special meeting of its shareholders held today.
As a result of the approval of the conversion of the Series B Preferred Stock, the 91,745,892 shares of Series B Preferred Stock outstanding were automatically and immediately converted into 91,745,892 shares of Insmed's Common Stock. In addition, Insmed intends to effect the one-for-10 reverse stock split as of the close of business on March 2, 2011 by filing an amendment to its Articles of Incorporation with the State Corporation Commission of the Commonwealth of Virginia. At the effective time of the amendment, each share of Insmed Common Stock issued and outstanding will automatically be reclassified and convert into 0.10 (1/10th) of a share of Insmed Common Stock.
About Insmed Insmed Incorporated is a biopharmaceutical company focused on the development of innovative inhaled pharmaceuticals for the site-specific treatment of serious lung diseases, and has a proprietary protein platform aimed at niche markets with unmet medical need. Insmed's primary focus is on the development of inhaled antibiotic therapy delivered via proprietary advanced pulmonary liposome technology in areas of high unmet need in lung diseases.
For more information, please visit http://www.insmed.com.
Forward-Looking Statements This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exch