Insmed Incorporated is a biopharmaceutical company focused on patients suffering with lung diseases through the development and commercialization of targeted inhalation therapies. The Company�s lead candidate ARIKACE, is engineered to deliver anti-infective directly to the site of lung infections for at least two identified patient populations: cystic fibrosis (CF) patients with Pseudomonas aeuruginosa lung infections and patients with nontuberculous mycobacteria lung infections (NTM). During the year ended December 31, 2011, the Company was focused on its ARIKACE clinical development program, which includes a phase II clinical study of ARIKACE in patients with NTM lung disease (TARGET-NTM), as well as a European and Canadian registration phase III clinical study of ARIKACE in CF patients with Pseudomonas lung infections (CLEAR-108). ARIKACE is considered a New Chemical Entity by the United States Food and Drug Administration (FDA), primarily due to its liposomal technology.