Rochester,NY 7/9/2009 12:45:54 AM
Afternoon Movers - INSM - INSMED INC Files SEC form 8-K, Change in Directors or Principal Officers - Sourced WhisperFromWallStreet.com
Insmed Incorporated
Afternoon Movers - INSM - INSMED INC Files SEC form 8-K, Change in Directors or Principal Officers - Sourced WhisperFromWallStreet.com
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Insmed Incorporated, INSM
After Hours: 0.9555 0.03 (2.74%) 1:39pm ET
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the resignation, announced on June 15, 2009, of the Company's President and CEO Dr. Geoffrey Allan due to health concerns, the Company and Mr. Allan entered into an separation agreement which is attached as Exhibit 10.1 to this Form 8-K. Under the agreement, the Company will pay Mr. Allan a lump-sum payment of $675,000, pay his health insurance premiums for up to 36 months, provide him use for 18 months of the automobile currently leased for him, and extend the exercise period for his vested options to their expiration dates.
In exchange for these separation benefits, Mr. Allan released all claims that he might have against the Company, its directors, officers, employees, and others relating to his employment. Mr. Allan also agreed to a covenant not to compete for 18 months and to comply with covenants not to compete or solicit contained in the Company's agreement with Merck & Co. In addition, Mr. Allan agreed to comply with certain confidentiality restrictions.
About
Insmed Incorporated, a development stage company, engages in the development of recombinant protein drug. The company's primary product includes IPLEX, a complex of recombinant human IGF-1 and its binding protein IGFBP-3 for use in the treatment of several serious medical conditions, as well as conducting a phase III enabling clinical trial for investigating IPLEX as a treatment for myotonic muscular dystrophy. Insmed also engages in various oncology programs, including INSM-18, an orally available small molecule tyrosine kinase inhibitor that has demonstrated selective inhibition of IGF-1 and human epidermal growth factor receptor; and rhIGFBP-3, which is in early clinical development stage for the treatment of breast, prostate, liver, ovarian, and colon cancers. The company also provides Expanded Access Program in Italy to offer IPLEX to physicians for use in their patients with amyotrophic lateral sclerosis. It has a license to Pharmacia AB's portfolio of regulatory filings pertaining to rhIGF; and an agreement with NAPO Pharmaceuticals that gives NAPO the right to develop, manufacture, and commercialize masoprocal products for various indications relating to diabetes, cardiac disease, vascular disease, metabolic disease, and syndrome X. The company was founded in 1999 and is headquartered in Richmond, Virginia.
Last Trade: 0.9313
Day's Range: 0.9011 - 0.94
52wk Range: 0.32 - 2.57
Volume: 1,803,029
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