SCHEDULE 13G
CUSIP NO. 457669208 PAGE 1 OF 10 PAGES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
--
Insmed Incorporated
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
457669208
(CUSIP Number)
March 15, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 2 OF 10 PAGES
- ------------------------------------------------------------------------- -
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Alexandra Global Master Fund Ltd.
(No I.R.S. ID Number)
- ------------------------------------------------------------------------- -
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
- ------------------------------------------------------------------------- -
3 SEC USE ONLY
- ------------------------------------------------------------------------- -
4 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- ------------------------------------------------------------------------- -
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------------------- -
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 4,858,953 shares of Common Stock (See Item 4)
WITH: ---------------------------------------------------- -
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------- -
8 SHARED DISPOSITIVE POWER
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- ------------------------------------------------------------------------- -
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (See Item 4)
- ------------------------------------------------------------------------- -
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
- ------------------------------------------------------------------------- -
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 3 OF 10 PAGES
- ------------------------------------------------------------------------- -
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Alexandra Investment Management, LLC
13-4092583
- ------------------------------------------------------------------------- -
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
- ------------------------------------------------------------------------- -
3 SEC USE ONLY
- ------------------------------------------------------------------------- -
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------- -
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------------------- -
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 4,858,953 shares of Common Stock (See Item 4)
WITH: ---------------------------------------------------- -
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------- -
8 SHARED DISPOSITIVE POWER
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- ------------------------------------------------------------------------- -
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9%(See Item 4)
- ------------------------------------------------------------------------- -
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- ------------------------------------------------------------------------- -
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 4 OF 10 PAGES
- ------------------------------------------------------------------------- -
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Mikhail A. Filimonov
- ------------------------------------------------------------------------- -
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ] (See Item 6)
- ------------------------------------------------------------------------- -
3 SEC USE ONLY
- ------------------------------------------------------------------------- -
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- ------------------------------------------------------------------------- -
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------------------- -
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 4,858,953 shares of Common Stock (See Item 4)
WITH: ---------------------------------------------------- -
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------- -
8 SHARED DISPOSITIVE POWER
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- ------------------------------------------------------------------------- -
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (See Item 4)
- ------------------------------------------------------------------------- -
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- ------------------------------------------------------------------------- -
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 5 OF 10 PAGES
- ------------------------------------------------------------------------- -
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Dimitri Sogoloff
- ------------------------------------------------------------------------- -
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[] (See Item 6)
- ------------------------------------------------------------------------- -
3 SEC USE ONLY
- ------------------------------------------------------------------------- -
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- ------------------------------------------------------------------------- -
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------------------- -
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 4,858,953 shares of Common Stock (See Item 4)
WITH: ---------------------------------------------------- -
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------- -
8 SHARED DISPOSITIVE POWER
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,858,953 shares of Common Stock (See Item 4)
- ------------------------------------------------------------------------- -
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- ------------------------------------------------------------------------- -
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.9% (See Item 4)
- ------------------------------------------------------------------------- -
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- ------------------------------------------------------------------------- -
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 6 OF 10 PAGES
Item 1(a). Name of Issuer:
Insmed Incorporated (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
4851 Lake Brook Drive
Glen Allen, Virginia 23060
Item 2(a). Names of Persons Filing:
Alexandra Global Master Fund Ltd. ("Alexandra")
Alexandra Investment Management, LLC ("Management")
Mikhail A. Filimonov ("Filimonov")
Dimitri Sogoloff ("Sogoloff")
Item 2(b). Address of Principal Business Office:
Alexandra - Citco Building, Wickams Cay, P.O. Box 662,
Road Town, Tortola, British Virgin Islands
Management - 767 Third Avenue, 39th Floor, New York,
New York 10017
Filimonov - 767 Third Avenue, 39th Floor, New York,
New York 10017
Sogoloff - 767 Third Avenue, 39th Floor, New York,
New York 10017
Item 2(c). Place of Organization or Citizenship:
Alexandra - British Virgin Islands
Management - Delaware
Filimonov - U.S.
Sogoloff - U.S.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share, of the Issuer (the
"Common Stock")
Item 2(e). CUSIP Number: 457669208
Item 3. This Schedule is filed pursuant to Rule 13d-1(c) by
Alexandra, Management, Filimonov and Sogoloff
Item 4. Ownership:
(a) Amount Beneficially Owned:
Alexandra: 4,858,953 shares*
Management: 4,858,953 shares*
Filimonov: 4,858,953 shares*
Sogoloff: 4,858,953 shares*
(b) Percent of Class:
Alexandra: 9.9%*
Management: 9.9%*
Filimonov: 9.9%*
Sogoloff: 9.9%*
(Based on 44,986,996 shares of Common Stock
outstanding, as of March 3, 2005, as stated by the
Issuer to Alexandra)
(c) Number of Shares as to which the Person has:
(i) sole power to vote or to direct
the vote
-0-
(ii) shared power to vote or to direct the vote:
4,858,953 shares of Common Stock*
(iii) sole power to dispose or to direct the
disposition of
-0-
(iv) shared power to dispose or to direct the
disposition of
4,858,953 shares of Common Stock*
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 7 OF 10 PAGES
*The amounts reported as beneficially owned exclude certain shares of Common
Stock. The shares of Common Stock reported as beneficially owned by Alexandra
include 360,000 shares of Common Stock that are outstanding. Certain of the
shares of Common Stock reported as beneficially owned by Alexandra are shares of
Common Stock that Alexandra has the right to acquire upon conversion of 5.5%
Senior Convertible Notes Due 2008-2010 of the Issuer (the "Notes") and upon
exercise of a common stock purchase warrant (the "Warrant") to purchase Common
Stock. The Notes and the Warrant contain limitations on the conversion or
exercise thereof which make the Notes inconvertible and the Warrant
unexercisable to the extent the holder would upon conversion or exercise,
beneficially own more than 9.9% of the Common Stock. The amount reported as
beneficially owned is based on such limitations. In the absence of such
limitations, the number of shares of Common stock which Alexandra would have the
right to acquire upon conversion of the Notes would be 5,791,506 share and the
number of shares of Common Stock that Alexandra would have the right to acquire
upon exercise of the Warrant would be 3,185,329 shares.
Management serves as investment advisor to Alexandra. By reason of such
relationship, Management may be deemed to share voting and dispositive power
over the shares of Common Stock owned by Alexandra. Management disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Alexandra or any other person reporting on this Schedule.
Filimonov serves as the Chairman, the Chief Executive Officer, a Managing Member
and the Chief Investment Officer of Management. Sogoloff serves as the
President, a Managing Member and the Chief Information Officer of Management. By
reason of such relationships, each of Filimonov and Sogoloff may be deemed to
share voting and dispositive power over the shares of Common Stock listed as
beneficially owned by Management. Filimonov and Sogoloff each disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Management or any other person reporting on this Schedule.
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 8 OF 10 PAGES
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person:
Not applicable
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not applicable
Item 8. Identification and Classification of Members of the Group:
Not applicable
Item 9. Notice of Dissolution of Group:
Not applicable
Item 10. Certification:
By signing below each signatory certifies that, to the best of its knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of March 24, 2005, by and among
Alexandra, Management, Filimonov and Sogoloff.
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 9 OF 10 PAGES
SIGNATURE
By signing below each signatory certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Dated as of March 24, 2005
ALEXANDRA GLOBAL MASTER FUND LTD.
By: ALEXANDRA INVESTMENT MANAGEMENT, LLC,
its Investment Advisor
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
ALEXANDRA INVESTMENT MANAGEMENT, LLC
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
/s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
/s/ Dimitri Sogoloff
----------------------------
Dimitri Sogoloff
SCHEDULE 13G
CUSIP NO. 457669208 PAGE 10 OF 10 PAGES
Exhibit I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the
Schedule 13G filed with the Securities and Exchange Commission on or about the
date hereof with respect to the beneficial ownership by the undersigned of the
Common Stock, $.01 par value, of Insmed Incorporated, a Virginia corporation, is
being filed, and all amendments thereto will be filed, on behalf of each of the
persons and entities named below in accordance with Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.
Dated as of March 24, 2005
ALEXANDRA GLOBAL MASTER FUND LTD.
By: ALEXANDRA INVESTMENT MANAGEMENT, LLC,
its Investment Advisor
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
ALEXANDRA INVESTMENT MANAGEMENT, LLC
By: /s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
Title: Managing Member
/s/ Mikhail A. Filimonov
----------------------------
Mikhail A. Filimonov
/s/ Dimitri Sogoloff
----------------------------
Dimitri Sogoloff