While surfing the GNBT message board, one of the members asked another about a $75m 'shelf warrant' on INSM. This is on the heels of a 12/12/05 FDA approval of Iplex, a key growth hormone therapy. The FDA granted the medication "orphan drug" status, a label that had been uncertain. Insmed's Iplex drug treats a hormone deficiency that keeps children from growing to normal height. The Food and Drug Administration had wavered on giving the drug, Insmed's first to be approved, the lucrative orphan drug designation because of a similar product made by South San Francisco, Calif.-based Tercica Inc. Both products now carry the label, which is reserved for treatments of rare diseases and carries seven years of exclusive selling rights.

I Bought in at $2.15 - 2.35 in February 2006, figuring the shelf warrant might hold the price down a bit before the stock takes off.

Bought some more at $2.06 on 3/10/06 with my Terabeam 'winnings' (not). This was either a 'blood on the floor' move or 'averaging down', depending on your bent.

Well, on December 6th 2006, Insmed lost a key patent dispute and the stock tumbled badly. Bought a little more at $1.08 on 12/07/06. What the hell.