Insmed Incorporated, a biopharmaceutical company serving niche markets, has reported an increase in revenues to $2.3 million in the 1Q of 2008 and significantly lower losses compared to the same quarter the previous year: only $4.8 million compared to $10,3 million.

The company said that $3.9 million of the $4.9 million in lower expenses could be attributed largely to the elimination of litigation expenses following a March 2007 legal settlement and the removal of commercial expenses associated with its business restructuring plan. The increase in revenue came mostly from an increase in cost recovery revenue from a program in Italy for the treatment of Lou Gehrig's disease.

The company said it had cash on hand of $12.0 million, compared to $16.5 million on hand as of December 31, 2007.