The recent Academy-award nominated documentary "Genghis Blues" brought
international attention to the art of throat singing by highlighting American
blues musician Paul Pena, who taught himself how to throat sing and eventually
traveled to Tuva to take part in a music festival.

Insmed Incorporated Reports Financial Results for First Quarter of 2005

8 million
or $0.
Burt Neuborne, the New York University Law Professor designated by the
Court to serve as lead Settlement Counsel, announced the following interim
distribution figures for the settlement fund:
"I am pleased to announce that approximately $700 million has now been
distributed from the Swiss bank settlement to Holocaust victims or their
heirs.

The trend is to eliminate
the use of derogatory, pejorative and offensive names, such as Gypsies,
and to be given proper respect by the use of the self-appelation of Roma,
or Rroma.

interacted sedentary

12) $(0.12)

Shares used in computing basic and diluted net
loss per share 44,986 38,395

INSMED INCORPORATED
Consolidated Statements of Cash Flows
(in thousands - unaudited)

Three Months Ended
March 31,
2005 2004

Operating activities
Net loss $(5,764) $(4,759)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 226 14
Changes in operating assets and liabilities:
Other assets 74 (159)
Accounts payable (1,080) 1,114
Accrued project costs (125) (907)
Payroll liabilities 224 154
Restructuring reserve (78) (76)
Asset Retirement Obligations 148 -
Interest payable 80 -
Net cash used in operating activities (6,295) (4,619)

Financing activities
Proceeds from issuance of convertible debt 35,000 -
Proceeds from issuance of common stock 87 -
Costs incurred in conjunction with
issuance of debt (2,428) -
Cash restricted to restricted letters of
credit 185 -
Net cash provided by financing activities 32,844 -

Increase (decrease) in cash and cash
equivalents 26,549 (4,619)
Cash and cash equivalents at beginning of period 9,222 29,526

Cash and cash equivalents at end of period $35,771 $24,907

Banks Agree to Release 3,100 Additional Names After Lengthy Talks;
New Bank Account Claims Due No Later than July 13, 2005

Swiss Bank Settlement Fund Reaches $690 Million in Distributions
Affecting 328,000 Persons:

$219 Million Distributed to Owners of 2,800 Holocaust-era Swiss Bank Accounts

$255 Million Distributed to 176,000 Surviving Slave Laborers

$205 Million Distributed or Firmly Committed to Social Agencies
Serving the Poorest Survivors

$11 Million Distributed to Wartime Refugees Denied Entry or Persecuted in
Switzerland

NEW YORK, On January 13, 2005, the Swiss Bank
Holocaust settlement fund will publish an additional list of 2,700 names of
potential Swiss bank account owners, and the names of 400 Power of Attorney
Holders of Swiss bank accounts.

There
is no universal culture per se, but there are attributes common to all
Roma, including: loyalty to family (extended and clan); Romaniya,
standards and norms , varying in degree from tribe to tribe; and adaptability
to changing conditions.

spoked fragmentation

S. The music of throat
singing carries over long distances, important for the rugged and mountainous
terrain of Tuva.7 million rise in Operating Expenses and a
$0. As a result of these and other risks and
uncertainties , actual results may differ materially from those described in
this press release. Swiss banking authorities declined to
permit their publication in February 2001.
In addition, the newly-published names include accounts identified by
Switzerland in 1962 as potentially owned by Holocaust victims that have been
published earlier, but that have not yet been claimed.com Potential claimants may also call
designated help centers throughout the world for information concerning the
claims process .

romani immediacy

The forward-looking statements
made in this release are made only as of the date hereof and Insmed disclaims
any intention or responsibility for updating predictions or financial guidance
contained in this release. Judge Korman
has allocated $205 million to social service agencies to assist the poorest
victims of Nazism throughout the world with food, clothing, fuel and other
necessities .

Most Roma have always referred
to themselves by their tribal names, or as Rom or Roma, meaning 'Man' or
'People.

diluted illiterate

Support for the cultural program is provided through
partnership and funding from the National Endowment for the Arts; the Open
World Leadership Center funds the administrative portion of the program. states since the program's inception in 1999.


$000's (except EPS) Q1 2005 Q1 2004 Q4 2004
Revenues 57 61 23
Net loss (5,764) (4 ,759) (5,837)
Net cash used in operations 6,295 4,619 6,452
Earnings per share $(0. Furthermore, we may not be able to afford the expense of
defending against such a claim. 2,400 of the newly- published names were identified by
an audit conducted by Paul Volcker in December, 1999, as "probably or
possibly" owned by Holocaust victims .

But all groups maintain to a greater or lesser degree
the barrier between who is Roma and who is not.

The Roma ability to adapt to new environments in order to survive has been
responsible for the loss of many customs forgotten with time.

Although the Roma originated from India, they have no homeland
they can call their own; therefore they have no government that will speak
for them and protect them.

immediacy gipsies

Throat singing is a challenging musical discipline that has not been
broadly introduced in the U., Insmed Incorporated
(Nasdaq: INSM), a developer of pharmaceutical products for the treatment of
metabolic and endocrine diseases with unmet medical needs, today announced
results for the three-month period ended March 31, 2005.8 million or $0.14 per
share for the fourth quarter of 2004.
Eastern Time.

INSMED INCORPORATED
Condensed Consolidated Balance Sheets
(in thousands)

March 31, December 31,
2005 2004
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $35,771 $9,222
Restricted Cash 285 285
Other current assets 100 174
Total current assets 36,156 9,681

Long-term assets:
Restricted Cash - long term 3,118 3,303
Deferred financing costs 1,827 -
Property and equipment, net 24 27

Total assets $41,125 $13,011

Liabilities and stockholders' equity
Current liabilities:
Accounts payable $1,541 $2,621
Accrued project costs 759 884
Payroll liabilities 1,407 1,183
Interest payable 80 -
Restructuring reserve 360 360
Total current liabilities 4,147 5,048

Long-term liabilities:
Convertible Debt 35,000 -
Debt discount (16,369) -
Net convertible debt 18,631 -

Asset retirement obligation 591 443
Restructuring reserve-long-term portion 207 285

Total liabilities 23,576 5,776

Stockholders ' equity:
Common stock; $. The District Court has allocated up to $800 million for the payment
of bank account claims.

Migration from India
In Europe, Roma were either kept in slavery in the Balkans from the
14th century (officially abolished in 1864), or else moved into the rest
of the European continent, reaching every northern and western country
by about 1500.

The Romani language is of Indo-Aryan origin and has many spoken dialects,
some of which are not mutually intelligible.

clouded romani

Throat singers also mimic the sounds of the natural
world -- whistling birds, bubbling streams, howling wolves and blowing wind
are often incorporated into the music.01 par value; authorized share
500,000,000; issued and outstanding shares,
44,987,287 in 2005 and 44,893,496 in 2004 450 449
Additional capital 236,592 220,515
Accumulated deficit (219,493) (213,729)
Net stockholders' equity 17,549 7,235

Total liabilities and stockholders' equity $41,125 $13,011

INSMED INCORPORATED
Condensed Consolidated Statements of Operations
(in thousands, except per share data - unaudited)

Three Months Ended
March 31,
2005 2004

Revenues $57 $61

Operating expenses:
Research and development 4,287 3,855
General and administrative 1,293 1,041
Total operating expenses 5,580 4,896

Operating loss (5,523) (4,835)

Interest income 64 76
Interest expense (305) -

Net loss $(5,764) $ (4,759)

Basic and diluted net loss per share $(0.

U.S. District Court Announces Holocaust-Era Swiss Bank Funds Can Be Claimed Against New Published List of 3 100 Names

25 billion settlement between Holocaust survivors and
Swiss banks reached in January, 1999, in the United States District Court for
the Eastern District of New York before Chief Judge Edward R. After extensive negotiations, the
Swiss authorities have now authorized the publication of the 2,400 names.

Roma (Gypsies)


The Roma are a distinct ethnic minority whose origins began on the Indian
subcontinent over one thousand years ago.

In some places , this Egyptian identity was taken entirely seriously, and
was no doubt borrowed by the early Roma themselves.

The song 'Gelem, gelem' was selected as the Romani anthem; and April
8 was proclaimed International Romani Day.

Thanks go to Marko Courbet and Ian Hancock
for their contributions to this category description.

fragmentation maligned

3 million increase in interest expense. Sequentially operating
results for the current quarter remained consistent with the prior quarter.crt-ii.
An earlier list of approximately 21,000 accounts was similarly published
in February, 2001.
Thus far, the CRT has identified approximately 2,800 Swiss bank accounts
owned by Victims of Nazi Persecution, and has awarded approximately $219
million to bank account claimants. The CRT is continuing to process bank
account claims and anticipates awarding substantial additional funds to
claimants.
Unfortunately , all records of more than 2 million accounts have been destroyed
by the banks, making it impossible to trace their ownership.
"Great credit should go to the dedicated staff of the CRT, as well as the
extraordinary efforts of the Claims Conference and the International
Organization for Migration in Geneva, whose research, computer, and
administrative skills have made it possible to carry out the most extensive
individual claims program ever undertaken by an American class action," said
Professor Neuborne.

Why the Roma left India is clouded
in uncertainty, yet they entered southeastern Europe in the last quarter
of the 13th Century.

The recent collapse of the communist governments of Eastern Europe have
rekindled anti-Roma sentiment in Eastern and Western Europe.

interacted rroma

Famous Tuvan Throat Singing Group 'Alash' to Perform Concerts in New York City and New Haven

S. cultural and community life and to collaborate with their
American counterparts.
The Open World Program is a unique , nonpartisan initiative of the U.

For more background on Open World, please visit http:/ /www.8 million.

Statements included within this press release, which are not historical in
nature, may constitute forward-looking statements for purposes of the safe
harbor provided by the Private Securities Litigation Reform Act of 1995.
Publication of the newly available information is the result of extensive
negotiations with the Swiss banks in an effort to provide claimants with all
available information.org, and the Holocaust Victim Assets Litigation (Swiss bank
settlement ), http://www. Until now, bank account claims have been matched by
the CRT against a data base consisting of 36,000 accounts identified by the
Volcker Audit as potentially owned by Holocaust victims. We will not rest until
every claim has been carefully investigated.

They were called, among other things ,
Egyptians or Gyptians, which is where the word 'Gypsy' comes from.

' (Rom, Roma, Romani, and Romaniya should not be confused with
the country of Romania, or the city of Rome.

romanes illiterate

Open
World's Cultural Leaders Program aims to forge better understanding between
the United States and Russia by enabling emerging Russian leaders in the arts
to experience U.
Congress designed to build mutual understanding between the United States and
Russia and other participating countries.8 million or $0.insmed.com and will be archived until November
12, 2005.

About Insmed Incorporated
Insmed Incorporated is a biopharmaceutical company focused on the
discovery and development of drug candidates for the treatment of metabolic
diseases and endocrine disorders with unmet medical needs.
Publication of the information concerning the newly-published accounts on
January 13, 2005 will begin a new six-month claims period, ending on July 13,
2005, during which owners of the newly published accounts or their heirs may
file a claim to a newly-published bank account with the Claims Resolution
Tribunal (CRT), established by the District Court to administer the bank
account claims process . A complete list of the 3,100 names and all necessary
application forms are available at the websites of the CRT,
http://www.

There are many groups of Roma, including
(but not limited to) the Kalderash , Machavaya, Lovari, Churari, Romanichal,
Gitanoes, Kalo, Sinti, Rudari, Manush, Boyash, Ungaritza , Luri, Bashald,
Romungro, and Xoraxai.

The Romani people remain the least integrated and the most persecuted
people of Europe.

Almost everywhere, their fundamental civil rights are
threatened.

The affordability and immediacy
of the Internet provides a voice for the Roma, a voice that attempts to
educate the public about a misunderstood and much maligned culture.

adaptability porrajmos

Open
World is also organizing the residencies for Russian jazz musicians in
Louisville, Kentucky and Moscow, Idaho, and a group of textile artisans in
Santa Fe, New Mexico in February.

The root language of Romani
is ancient Punjabi with loan words borrowed from the many countries the
migrations of the Roma have taken them.

Today, Roma are using the Internet to display pride in culture, language
and solidarity with other Roma worldwide.

porrajmos clouded

CEC ArtsLink
is hosting the musicians during their stay in the U.0 million or $0. The
$0. The newly-published accounts are "probably or
possibly" owned by Victims of Nazi Persecution, and were open in a Swiss bank
between 1933-1945. The claims period for the February, 2001 accounts has
expired. CRT will accept new claims only in connection with the newly
published accounts. Forcing the Swiss banks to produce the additional
lists of victim's names is another step to ensure that the fiduciary
responsibilities of some of the world's most important banks be fulfilled,"
said attorney Mel Weiss of Milberg Weiss Bershad + Schulman LLP, one of the
lead attorneys in the cases that brought about the settlement.

The Nazi terror of World
War II is the most infamous and is responsible for the deaths of up to
1 .

sedentary fragmentation

Throat singers use their voices to create
multiple notes simultaneously.12 per
share for the corresponding quarter of 2004 and $5.insmed.

In other places, the Romani element was too small to maintain
its discrete identity and it was lost, while contributing to the group
into which they were absorbed.

rroma porrajmos

The publication is being made in connection with the
administration of the $1.

Integration of many Roma into gajikan
(non-Roma, or foreign) culture due to settlement has diluted many Romani
cultural values and beliefs.

Violent attacks
against Romani immigrants and refugees have been permitted to occur with
little or no restraint from government authorities.

zingari illiterate

Alash has won a number of awards at international
folk music festivals, and in 2003 won first prize at the international
symposium "Khoomei," the world's utmost competition in throat singing, held in
the Tuvan capital of Kyzyl.

Conference Call
The Company will host a conference call on May 12, 2005 at 8:30 a. Certain other names were obtained by CRT investigators
from publicly available archival sources. Finally, 400 Power of Attorney
Holders are separately listed in an effort to provide additional information
about the newly-published accounts.
"All told, the Swiss bank settlement has now touched the lives of more
than 300,000 Holocaust survivors and victims' heirs.

Despite what some
groups may believe, there is no one group that can call themselves the
one, 'true' Roma .

These names have separate,
distinct etymological origins and are not related.

) The use of Rom , Roma,
Romani, or the double 'r' spelling (Rrom, Rroma, Rromani), is preferred
in all official communications and legal documents.

interacted intelligible

Some have compared the chant-like sound to
that of a human bagpipe . Over 10,000 Open World participants
have been hosted in all 50 U.14)


Discussion of Revenue and Expense Items
Revenues for the three months ending March 31, 2004 were $57,000 as
compared to $61,000 for the equivalent period of 2004, and $23,000 for the
final quarter of 2004. The call will be webcast live through Insmed's
corporate website: http://www.1 million
accounts open during the relevant period for which any records survive.

Because they arrived in Europe from the East, they
were thought by the first Europeans to be from Turkey, Nubia or Egypt,
or any number of non-European places.

It would be invalid to generalize
and oversimplify by giving concrete rules to all Roma.

Today, the following characteristics apply to the many Roma groups and
communities around the world:


Roma may be nomadic, semi-sedentary, or sedentary;

Roma speak many dialects of Romanes, and some Roma may not speak Romanes
at all;

Roma may live in rural or urban areas;

Some Roma groups are predominately illiterate, while other groups stress
at least a minimum of literacy in their host country's language for its
community members.

The spoken Romani language is varied,
but all dialects contain some common words in use by all Roma.

Integration and assimilation into gajikane society have always
threatened the preservation of Romani customs, traditions and language.

gipsies adaptability

Open World Program Offers Rare Glimpse of Unique Musical Art

NEW YORK, Tuvan throat singing group Alash -- one
of the world's foremost practitioners of this rare musical art form -- will be
performing in the New York City area in early March. This will be an
opportunity to hear and witness a musical craft born in the remote mountains
of southern Russia and Mongolia. The remote location and Soviet -era travel limitations
restricted visitors, but also allowed Tuvans to preserve their unique musical
traditions.
The Tuvan throat singers' visit is part of a unique exchange program for
the Open World Program that focuses on cultural leaders from Russia.1 per share
increase in the net loss for the first quarter of 2005 compared to the first
quarter of 2004 arises from a $0.
As of March 31, 2005, the Company had total cash and cash equivalents of
$35. Such forward-looking statements are subject to
numerous risks and uncertainties, including the uncertainty of the outcome of
any litigation, the risk that product candidates may fail in the clinic or may
not be successfully marketed or manufactured, the company may lack financial
resources to complete development of product candidates , the FDA may interpret
the results of our studies differently than we have. Korman.

The fragmentation of the Romani population occurred on a
major scale after their arrival into Europe in the 14th century.

The Romani people have been known by many names, including Gypsies
(or
Gipsies),
Tsigani,
Tzigane, Cigano, Zigeuner, and others.

Understanding
these threats can prevent the further loss of a unique and ancient culture.

intelligible diluted

S. More than $10 million has been distributed to more than 4,000
Jewish and Roma refugees who were barred from Switzerland or mistreated there
during WW II," said Professor Neuborne.
"More than six decades after frightened Europeans tried to hide their
assets from the Nazis by trusting the vaunted Swiss bankers, the banks have
still not come forward with all the information necessary to rightfully
restore all those assets.

' What may be accepted as 'true-Roma' by one group
may be gadj to another.

romanes rroma

Throat singing was developed among Tuva's semi-nomadic sheepherders
centuries ago. It remained independent until the Soviet Union absorbed
it in 1944; it is now a part of the Russian Federation.openworld. To participate in the conference call, dial 877-407-2035 (domestic) or
201-689-8035 (international).

Gypsies, although offensive to most Roma, is still a proper
name, and as such, must always be capitalized.

5 million Roma in the Porrajmos (in Romani meaning the Devouring).

interacted fragmentation

Alash's visit to New Hampshire, Connecticut
and New York for three weeks of performances and collaboration with U. RICHMOND, Va. The increase from the final quarter of 2004 was due to
an annual royalty which is normally received in the first quarter of each
year.13 per share, as compared to net losses of $4. The $1.3 million increase in interest expense is principally due to the accounting
treatment associated with the previously announced convertible debt offering
which occurred during the first quarter of 2005.
Forward-looking statements in this press release include, but are not limited
to, statements regarding the expected results of litigation regarding the
validity of our patents and our future ability to conduct our business as now
conducted and as it is currently proposed to be conducted; clinical trials and
goals, our regulatory and business strategies and growth opportunities for
existing or proposed products. As a result of
extensive negotiations, the CRT is now authorized to match particularly
promising claims against larger databases consisting of up to 4.
"In addition, researchers have identified about 158,000 surviving Jewish
slave laborers, and 18,000 Roma surviving slave laborers, and have made
payments of $1,450 to each, totaling approximately $255 million.

romani spoked

S.
musicians is sponsored by the Open World Leadership Center at the Library of
Congress with funding from the National Endowment for the Arts.gov. Company management will conduct the call and will review the
financial and operating results for the first quarter and provide a Corporate
update.13) $(0.

gypsies adaptability

S.S.

13) $(0. The rise in operating expenses are
due to a combination of additional research and development expenses and
higher general and administration expenses in support of our lead product
SomatoKine (R) in the Growth Hormone Insensitivity Syndrome indication.m. For further information with respect to factors that could
cause actual results to differ from expectations, reference is made to reports
filed by the Company with the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended. The newly published
names also include accounts owned by Polish and Hungarian depositors that were
published locally in Poland and Hungary, but that have not been the subject of
worldwide publication.

Romani culture is diverse with many traditions and customs, and all
groups around the world have their own individual beliefs and tenets.

romanes gipsies

Luke's Church in lower
Manhattan on March 11th and in Middletown, CT at Wesleyan University's Crowell
Concert Hall on March 9th.
The net loss for the first quarter ending March 31, 2005 was $5.com.

In the course of time, as a result of having
interacted with various European populations, and being fragmented into
widely-separated groups, Roma have emerged as a collection of distinct
ethnic groups within the larger whole.

Roma Flag
The wheel-shaped, sixteen-spoked chakra, was adopted at the First
World Romani Congress in London in 1971 as the international Romani symbol.

There have been four World Romani
Congresses to date.

immediacy zigeuner

Tuva, a small, autonomous Russian Republic in southeastern
Siberia bordering Mongolia, was a part of China until 1921, when it became an
independent country. We can give no assurances
that we would be successful in any litigation or that such litigation would
not have a material adverse effect on our business, financial condition and
results of operation .swissbankclaims. The CRT has identified 2,800 Swiss bank accounts owned by Holocaust
victims, and has awarded approximately $219 million, with significant
additional distributions anticipated," said Professor Neuborne.

Once in
Europe, their particular ability to adjust to outside groups continued ,
and in some places, the Romani element was dominant enough to assimilate
outsiders.

Thus there are populations
of Romani who have incorporated a substantial foreign genetic element from
outside of India, but who remain in terms of their own self-perception
Roma, and who speak Romanes.

There have been many large-scale, state-sponsored persecutions, or pogroms,
against the Roma throughout European history.

The green and blue flag with a red chakra in the center was adopted as
the Romani flag, as well as the motto 'Opr Roma' (Roma Arise).

- By Harold
Joseph Fontenot, 20 June 1999.

gypsies spoked

Alash will be performing in New York City at St. Alash's artistic director,
master throat singer Kongar-Ool Ondar, helped Paul Pena to learn the technique
and was also featured in the movie.

CEC ArtsLink, through a multi -faceted program of cultural exchange, serves
to create and sustain constructive, mutually beneficial relationships in the
arts between the United States and Central Europe, Russia and Eurasia. For further
information about Insmed and SomatoKine(R), please visit the company's
corporate website at http: //www.

The Romani population has grown differently
in different places, to the point that one group may deny the legitimacy
of another group.

Not all groups have the same definition of
who and what is 'Roma.

immediacy illiterate

---

- - kjjkjk

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